In this episode of Tax Tuesday, Toby Mathis, Esq. 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 29, 2020

Featured Questions

  • 16:36 – How can I file for unemployment payments if I am an independent contractor?
  • 27:43 – Can you explain loans from the new CARES bill? I heard you do not have to pay it back if you continue to pay employees.
  • 32:37 – Does the CARES Act allow me to deduct losses from W2 income with prior year accumulated passive activity losses?
  • 37:07 – Can I deduct my entire home cost since all of us are working from home?
  • 40:05 – If my losses are less than $10,000, can I still apply for the $10,000 advance loan in EIDL?
  • 45:12 – PPP is only for salaries below $100k? I’m the sole owner/employee of an S-corp and my salary was a bit over. Is there a specific way to apply?
  • 49:44 – We have a loan for new construction, which has been delayed due to the coronavirus. Does that qualify under EIDL?
  • 54:31 – What is the recommended way to file taxes for an income property that is partially rented and partially used by the owner?
  • 1:01:54 – Can I write off 100% of my losses due to the coronavirus?
  • 1:06:03 – I am a W2 physician with income over $300k. I own rentals under a single-member LLC and pay a property manager. Can I apply for the SBA loan and grant since both rental and W2 income will be affected?
  • 1:09:28 – Is it a good time to convert a traditional IRA to Roth IRA now since there is a loss in the stock market?
  • 1:14:31 – Just like everyone else, I want to know your thoughts on how we come out of this way ahead and thriving.
  • 1:19:53 – How does the stimulus affect taxes for property owners?
  • 1:22:34 – If you take a distribution from a retirement account with the intent of paying it back within three years as permitted under the new stimulus bill, do you ever have to report the distribution if it is paid back on time?
  • 1:27:37 – Suppose your traditional IRA was worth $100,000 on January 1. If its value crashed along with the market, it is now worth 17% less, or just $83,000. Are taxes on a conversion based on the account’s value at the time of the conversion? Would you go over (again) why we do not want to convert a traditional to a Roth?
  • 1:30:51 – I have a $500k IRA account with Schwab and am planning on taking a $100k distribution. With the $400k remaining, can I set up a QRP account and set up a $100k loan, also?
  • 1:31:16 – I own three LLCs. One of them was just formed in mid-2019 and has zero revenue. What operating and startup costs can I expense (to carry the losses forward) without sending up any red flags to the IRS?
  • 1:35:30 – I am inheriting my father’s investment portfolio. He died in October and we expect his financial advisor to transfer the stock out of the advisor’s firm and over to my new account. The value of the account has dropped dramatically since my dad’s death. What will be the basis of the assets when they come to me in this new account?
  • 1:38:31 – Would getting my real estate license create more benefits of being a real estate professional?
  • 1:39:25 – If I open my solo 401(k)/QRP, do I have to file a tax return for it?
  • 1:41:43 – If I Airbnb my rental property, do I qualify for some type of unemployment?
  • 1:43:25 – We have to use the NOL in reverse order? Do we have to use it against the most recent year first, or can we go back to 2014 then come forward?
  • 1:45:44 – In 2018, we put a new roof on a property In California that cost $30,000. If we sell this property in the next year or so, do we lose the depreciation?

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, a great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets.

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