Tax Tuesday with Michael Bowman 08-04-2020
Tax Tuesdays

 
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Knowledge is power when talking about taxes. The more you know, the more tools you have to be successful. While Toby Mathis is taking some much needed rest and relaxation after Tax Day on July 15, Michael Bowman and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • Does it make sense to use an LLC as the property manager for self-managed rentals? Separate and isolate rentals to protect assets; consider Inc. instead of LLC 
  • If I put my property in a land trust, will it be difficult to sell? Land trust is basically a revocable trust with a grantor; land trust should sell the property but not via turn of title
  • What is the best entity to do wholesaling? Disregarded LLC down to a corporation
  • Property Aggregation: What is it and what are the reasons to do it or not? Primarily used with real estate professionals for material participation to combine multiple properties
  • What’s the difference between a tax deduction and a tax credit? Tax deduction reduces your taxable income; tax credit reduces your actual tax 

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Go to iTunes to leave a review of the Tax Tuesday podcast. 

Resources:

Anderson Advisors Tax and Asset Protection 1-day Event

Healthcare Reform (Affordable Care Act) 

Wills and Trusts

TurboTax

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Self-Employment Tax

Capital Gains Exclusion/Section 121

Bonus Depreciation

Depreciation Recapture

529 Plans

Internal Revenue Service (IRS)

Schedule C

Publication 520

1031 Exchange

Real Estate Professional Requirements

Cost Segregation

Form 5500

Form 1065: Schedule K-1

Franchise and Excise Tax

Credits and Deductions

Section 105(b) Deduction

Charitable Organizations

Michael Bowman

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Anderson Advisors on YouTube

Anderson Advisors on Facebook

Anderson Advisors Podcast

Full Episode Transcript:

Michael: Welcome everybody. My name is Michael Bowman, I’m one of the partners here in Anderson Business Advisors and I’m filling in for Toby Mathis. He is taking some much needed R&R. I’m here with Jeff Webb, the director of our tax department. Hey Jeff.

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