C Corp or S Corp, Which do You Prefer?

by Toby Mathis

February 25, 2020

In this episode of Tax Tuesday, Toby Mathis brings tax knowledge to the masses and breaks down your tax questions LIVE! He’s joined by Jeff Webb, CPA and Tax Director at Anderson Business Advisors.

Updated September 9, 2020

Featured Questions

00:12:04.05 – What do you have to file when you have an S corporation and take a salary?
00:17:53.02 – I’m a small business owner who didn’t make any income last year. Do I have to file?
00:20:00.05 – How much of my remodel can I claim on my taxes as expenses versus improvements?
00:26:37.04 – I do a conversion of my rollover Roth IRA to my Roth every year. How do the new tax rules, “The Trio of 5-year Rules,” affect me?
00:33:01.04 – Can you claim both the home office deduction and Section 280A for the same C corp?
00:34:39.06 – How do you report real estate rental income for properties in a trust?
00:39:45.05 – How do I work with gap funding for flipping real estate when the funder lives outside the US?
00:45:05.04 – Can I claim my husband as a dependent using married filing separately status? He didn’t have income and I did.
00:50:31.02 – What determines your state residency when you live in a non-fixed location?
00:56:49.05 – I’m starting an LLC. What’s the best way to lend a start-up LLC money?
01:01:21.00 – What’s the tax liability as a dual citizen of Canada and the US who recently received an inheritance from my Canadian parents?
01:06:07.06 – Is a self-directed IRA subject to UDFI when invested in syndication that uses debt financing?
01:07:49.02 – Will UBIT or UDFI occur in my self-directed IRA if I’m passively investing in syndications where there’s a non-recourse loan?
01:12:36.03 – I lost a property to foreclosure that was a rental property before I lived in it, but I lived in it for 2 out of the last 5 years. My CPA treated it as an investment property. Should I amend that year’s tax return?
01:18:12.00 – If I have a Roth IRA, do I pay capital gains tax on the money that the Roth produces, or is that growth tax-deferred?
01:18:51.03 – I have transitioned to being a real estate professional this year. Looking at how to write expenses off on my husband’s W-2 income.
01:20:24.00 – I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a nonprofit. Any taxes owed?

Author Bio

Toby Mathis, Esq. ~ Founding Partner, Attorney, Author & Business Tax Expert.

Toby Mathis is a founding partner of Anderson Law Group and current manager of Anderson’s Las Vegas office.

He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients.

In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas “The BOSS Business Brief”.

He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first, second and third editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.