Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 08-20-2019


Listen Later

Taxes are confusing and challenging for most people. By answering your tax questions, Toby Mathis and Jeff Webb of Anderson Advisors give and get what you deserve. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What are advantages/disadvantages to lease purchase of vehicle via C Corp? Depreciation and percentage of use restrictions; better option is to reimburse mileage 
  • What’s the best tax strategy for a vacation/short-term rental that I own and sometimes use? Can’t deduct certain expenses for personal use; only ⅔ of expenses/depreciation 
  • What’s the best state to form an LLC for charging order protection? Wyoming or Nevada
  • What are two types of liability for a business? Inside and outside
  • For tax purposes, should I pull all my 401k money at one time for real estate investing? Depends on several factors, including income and losses 
  • Can I put rental payments in my personal bank account, or in property’s LLC bank account? Run it through LLC; respect your LLCs for courts to do the same
  • Are charitable contributions deductible to a C Corp? Yes, but restricted to 10% of taxable net income; offer sponsorship to make it an expense, rather than a contribution 
  • I provide gas, food, and lodging to an unrelated person. Is any of that deductible on my personal return? No; it’s considered a gift, if $15,000 or less each year  
  • For all questions/answers discussed, sign up to be a Platinum member to view the replay!

    Go to iTunes to leave a review of the Tax Tuesday podcast. 

    Resources:

    1031 Exchange

    Bonus Depreciation

    MileIQ

    Depreciation Recapture

    Tax Cuts and Jobs Act (TCJA)

    Cost Segregation ([email protected])

    Section 121

    Using Cost Segregation in Residential Real Estate

    Schedule C

    Schedule E

    Form 1099-A

    Employer Identification Number (EIN)

    Doing Business As (DBA)

    2018 IRS Data Book

    QuickBooks

    CCH Axcess

    Notary Fees

    Airbnb

    Types of Trusts

    Unrelated Business Income Tax (UBIT)

    Modified Accelerated Cost Recovery System (MACRS)

    Toby Mathis

    Anderson Advisors

    Anderson Advisors Tax and Asset Protection Event

    Tax-Wise Workshop

    Tax-Wise 2019 3-in-1 Offer/2-for-Tuesday Bulletproof

    Infinity Investing Workshop (use code: FREETAX)

    Anderson Advisors on YouTube

    Anderson Advisors on Facebook

    Anderson Advisors Podcast

    ...more
    View all episodesView all episodes
    Download on the App Store

    Anderson Business Advisors PodcastBy AndersonAdvisors.com

    • 4.8
    • 4.8
    • 4.8
    • 4.8
    • 4.8

    4.8

    79 ratings


    More shows like Anderson Business Advisors Podcast

    View all
    BiggerPockets Real Estate Podcast by BiggerPockets

    BiggerPockets Real Estate Podcast

    16,776 Listeners

    The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action by The Real Estate Guys

    The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action

    710 Listeners

    The Best Ever CRE Show by Joe Fairless

    The Best Ever CRE Show

    991 Listeners

    Main Street Business by Mark J Kohler and Mat Sorensen

    Main Street Business

    586 Listeners

    Passive Real Estate Investing by Real Estate Investing with Marco Santarelli, Investor and Entrepreneur.

    Passive Real Estate Investing

    971 Listeners

    Lifetime Cash Flow Through Real Estate Investing by Rod Khleif

    Lifetime Cash Flow Through Real Estate Investing

    1,406 Listeners

    Real Wealth Show: Real Estate Investing Podcast by Kathy Fettke / RealWealth

    Real Wealth Show: Real Estate Investing Podcast

    414 Listeners

    Tax Smart Real Estate Investors Podcast by Hall CPA

    Tax Smart Real Estate Investors Podcast

    422 Listeners

    The WealthAbility Show with Tom Wheelwright, CPA by The Rich Dad Media Network

    The WealthAbility Show with Tom Wheelwright, CPA

    517 Listeners

    Real Estate Investing with Coach Carson by Chad Coach Carson

    Real Estate Investing with Coach Carson

    616 Listeners

    Ken McElroy Show by Ken McElroy

    Ken McElroy Show

    720 Listeners

    Real Estate Rookie by BiggerPockets

    Real Estate Rookie

    1,840 Listeners

    BiggerPockets Daily by BiggerPockets

    BiggerPockets Daily

    327 Listeners

    PassivePockets: The Passive Real Estate Investing Show by PassivePockets, Jim Pfeifer, and Left Field Investors

    PassivePockets: The Passive Real Estate Investing Show

    129 Listeners

    On The Market by BiggerPockets

    On The Market

    901 Listeners