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How You Can Mitigate Taxes on Crypto and More in this Episode.

by Toby Mathis

June 1, 2021

Free Tax Tips & Strategies

In this episode of Tax Tuesday, Eliot Thomas, Esq. along with Jeff Webb, CPA, answer your tax questions LIVE bringing tax knowledge to the masses.

5:44 – If you experience a one-time large capital gain from exercising stock options, is it absolutely imperative that you figure out quarterly payments to avoid penalties, and if so, what if you missed April?

9:24 – What is the best way to take advantage of Section 179 for new vehicles over 6000 pounds?

14:53 – How are cryptocurrencies taxed, and what’s the best way to legally, morally, and ethically not pay taxes?

21:19 – I have two LLCs right now — one holding real estate, the other one being a farming business — as single-member LLCs that seem to have some tax benefits. My question is: could I move the equipment into another entity and then lease it to a custom operating company, thus creating some additional deductions?

26:12 – I am rolling out of an employer DB plan (where I had employees in the past) and want to set up a solo 401(k). Is there a restriction or 3-year waiting period to do this? My administrator says there is.

30:57 – If I currently have a 12-unit apartment building with a mortgage, and I sell an SFH rental property, can I use the proceeds from the sale of the SFH rental property to pay off the mortgage of the 12-unit apartment building to avoid capital gains tax?

36:00 – What will happen if you opened an LLC with corp. status but you missed the deadline? What should you do?

39:28 – How do you depreciate rental property after one of the owners dies?

45:20 – How do I set up my company in Nevada when I will be conducting business in Texas?

48:51 – Does tax on depreciation recapture, like capital gains, go away when a property is inherited?

51:26 – Do I have to report a home I lived in and sold even though I purchased a new home?

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, another great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets. One of my favorites as well is our Infinity Investing Workshop.

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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.