Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 01-05-2021
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It’s the first Tax Tuesday of the year. This time, you’re not only listening but watching Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • If we received PPP in our business, then get approved for forgiveness, will we still be able to deduct the rents and utilities we applied for the PPP to? Any loan forgiveness is not taxable, anything paid for with PPP is fully deductible, and any PPP loan forgiveness gives you basis
  • I recently read that Elon Musk is moving his private foundation from California to Texas. Is there a tax advantage for moving a private foundation or a nonprofit from California to Texas? No tax advantage, but both states highly regulate nonprofits
  • Do you have to be married to create an entity that allows you to hire your children? No, as long as they are your children
  • How long after the sale of a primary residence do you have to apply the proceeds to a new home purchase to avoid taxation? No law ceased to exist, refer to Section 121 Exclusion and 1031 Exchange
  • I’m 70 years old and haven’t made a deposit to my Roth in 10 years. Am I free to withdraw all my account without penalty, or am I limited by cost basis? Once you have the Roth for at least five years and over 59.5 years old; you can take it all out, but then you have no protected active income stream

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

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Resources:

Post-Pandemic Real Estate Investing Class with Toby Mathis and Aaron Addams

Paycheck Protection Program (PPP)

Charitable Organizations

California State Board of Equalization – Proposition 19

California Proposition 13

Community Property with Right of Survivorship

Kiddie Tax

Individual Retirement Arrangements (IRAs)

Traditional and Roth IRAs

Home Office Deduction

MileIQ

CARES Act

Real Estate Professional Requirements

Form 1099

Wills and Trusts

Small Business Administration (SBA)

Labor Laws

Self-Employment Tax

Capital Gains and Losses

Hobby Loss Rule

26 U.S. Code Section 121 Exclusion

1031 Exchange

Bonus Depreciation

Opportunity Zones

1244 Election

Economic Injury Disaster Loan (EIDL)

Old-Age, Survivors, and Disability Insurance (OASDI)

Tax-Wise Business Ownership by Toby Mathis

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

Anderson Advisors Tax-Wise Workshop

Anderson Advisors Infinity Investing Workshop

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Anderson Advisors Podcast

Full Episode Transcript:

Toby: Hey, guys. This is Toby Mathis. 

... Read Full Transcript