Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 01-19-2021
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Practicing social distancing to avoid getting sick and livin’ la vida loca to experience the calm before the storm of tax season, 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:

  • How can you accelerate a large capital loss carryforward instead of just offsetting from capital gains every year? To get rid of large capital loss carryforwards, there must be capital gains to offset them
  • When would it make sense for stock/options traders to do the mark-to-market election? If you’re a trader, you should do 750+ trades per year and expect no time off or W-2 income; you need to do the mark-to-market election sooner than later (by April 15) and if you’re going to lose lots of money
  • Is there any additional tax benefit besides the federal solar tax credit when you install the solar on a rental property? Yes, the current tax credit is 26 percent for 2020 through 2022, and 87 percent of the solar installation cost can be depreciated

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

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Resources:

Anderson Advisors Tax and Asset Protection Workshop on Jan. 30, 2021

Real Estate Professional Requirements

Capital Gains and Losses

Schedule K-1

Charitable Organizations

MileIQ

CARES Act

Small Business Administration (SBA)

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

Home Office Deduction

Solar Investment Tax Credit (ITC)

Bonus Depreciation

Depreciation Recapture

Mark-to-Market Election

Tax Cuts and Jobs Act (TCJA)

Form 1065

Form 2553

Form 8332

1031 Exchange

Cost Segregation

State and Local Tax (SALT) Deduction

Toby Mathis

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Full Episode Transcript: 

Welcome to the Anderson Business Advisors Podcast, the nationally recognized, preferred provider for asset protection and tax planning in the nation. This show is for investors and business owners looking to save on taxes and build long term wealth with Toby Mathis, an attorney, author, business owner, and a featured instructor at Andersons’s Tax and Asset Protection event held throughout the country. Enjoy this show!

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