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What Bookkeeping Knowledge do You Need for Your Business?

by Toby Mathis

February 11, 2020

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

Updated September 3, 2020

Featured Questions

00:14:05.09 – How can I get out of fees associated with a timeshare I may be inheriting?
00:18:17.01 – How do I transfer ownership of a property, used as a rental that was in my husband’s name, to an LLC under my real estate C-Corp? Is it possible to refinance a property, then transfer the title?
00:24:04.09 – Can I deduct the full amount of a RAM pickup on my taxes? I have two S-corporations.
00:28:42.00 – Are all the legal costs to start a business tax-deductible, and will we get a refund on what we put into starting our business?
00:32:20.09 – What is the best way to fund an Airbnb if money is no object: cash or a mortgage?
00:36:54.03 – What is the best way to fund a new small business based mainly on one piece of equipment and one staff member?
00:46:33.00 – What’s the rule of thumb on whether to capitalize or expense expenditures made to renovate a property?
00:57:42.08 – I’m a resident of Oregon carrying notes on several houses I’ve sold. If I move to another state, would I have to pay state taxes to Oregon?
01:03:40.02 – Where should a property management business be formed if I live in Wyoming? Should I use a C-corp, S-corp, LLC, or disregarded entity?
01:08:48.00 – Can you have both a private foundation and a public foundation, with the private foundation’s 5% donation going to the public foundation?
01:13:28.01 – Is it too late to rent out your house for 14 days under the Tax Code?
01:18:38.09 – I’ll be 70 in April 2020. Do I need to take the RMD this year since the new law allows people to take the first required minimum distribution at 72?
01:25:05.04 – What is the IRS’s requirement to qualify as a real estate professional?
01:30:41.00 – What is included in calculating gain/loss on the sale of a single-family rental?
01:33:44.09 – Must all revenue from a partnership be declared as income by the partners, even if some revenue is left inside the company?

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.