Do You Need to Know About Form 1065?

by Toby Mathis

March 24, 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 16, 2020

Featured Questions

00:01:46 – Updates on the tax impact of COVID-19
00:14:39 – In Florida, series LLCs are not recognized for real estate investments. Do you have any suggestions for an alternate entity organization?
00:24:38 – If I get married while owning a property in an LLC, will my new spouse also be protected under the same LLC?
00:26:56 – If I purchase a business from someone, how does the entity transfer over? What actions would I need to take, if any, to do this?
00:34:22 – Can I submit a Form 1065 for my small business myself? The business started in 2019 and we don’t really have money for a CPA.
00:42:35 – I have a C-corp with multiple LLCs that has only filed one tax return. Can it pierce the corporate veil if we must give the corporate return to the lender for LLC credit applications?
00:47:16 – Do you need separate banks accounts for series LLCs in IL?
00:49:17 – Can I deduct expenses for start-up costs and education for a 501c3 that I created in 2019 as a charitable donation?
00:51:50 – Can a realtor write off realtor fees and classes that must be taken?
00:56:55 – How do you record the money due between companies on the companies’ books?
1:00:20 – I have two LLCs and a parent LLC (taxed as a C-corp) that owns them. How do I roll up the income and expenses for each LLC to the 1120?
1:03:05 – If I hire a property management company to collect funds from my tenants and they disperse rents to me, are they required to send me a 1099?
1:07:35 – Can independent contractors have the same deductions as an LLC? Or is it better to create an entity? I’m a fitness trainer.
1:09:01 – Do contract labor and whole materials (such as cabinets, vanities, lighting, and tile) go into COGS on Form 1065?
1:11:27 – If I sell a house for profit, can I put that profit into another rental without paying taxes?

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.