Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 08-20-2019


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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

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