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?