Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 02-02-2021
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Tax season is near. Toby Mathis and Jeff Webb of Anderson Advisors answer your bookkeeping, real estate, and other tax-related questions. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • What happens when you donate a business vehicle that you used Section 179 on in 2019 and 2020 and then you donate it to a non-profit organization in 2021? If you take Section 179 before five years of ownership, you will need to recapture the gain
  • I have a rental in Phoenix, Arizona, that I am installing solar on. I’ve seen that I would qualify for the 26% federal tax credit as well as take the depreciation for the remaining amount that is being financed. Is this accurate? You can take a 26% credit for personal solar, but a deduction lowers your income; for business purposes, you can take 26% plus depreciation
  • If I invested in an Opportunity Zone last year with capital gains, I understand the taxes are deferred until 2026. Are those taxed at 2020 rates or 2026 tax rates? The 2026 rates because the income, not the taxes on that income, is being deferred until 2026
  • I’m selling a house that I inherited. I am on Social Security disability. Will the sale of the house affect my status? A sale of a home or any property has no affect on your Social Security; only early retirement income impacts your disability status

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

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Resources:

Tax and Asset Protection Workshop (Free 1-Day Virtual Event on Feb. 27)

Section 179

Charitable Organizations

Kars4Kids

Form 940

Form 941

Schedule A

Schedule C

Solar Investment Tax Credit (ITC)

Section 38

Section 48

Bonus Depreciation

Depreciation Recapture

Capital Gains and Losses

Opportunity Zones

Wills and Trusts

Homestead Exemption

CARES Act

Retirement Plans

Real Estate Professional Requirements

1031 Exchange

Form 1099

Self-employment Tax

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

Entity Formation

Section 754 Election

MileIQ

Cost Segregation

Tax Cuts and Jobs Act (TCJA)

Section 121 Exclusion

Toby Mathis

Anderson Advisors

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Full Episode Transcript:

Toby: You’re at Tax Tuesday. If you’re looking to hear some stuff about taxes, you’re in the right place. If you want to hear about GameStop, not so much. We got people from all over the place, you got to tell me where you are. Put in where you’re from, we do hear about GME and AMC. Do you want to learn about a short squeeze? We could talk about short squeezes today. Although everybody’s an expert in it now. We got people from all over the place. We usually have a pretty good showing on Tax Tuesdays. I know it’s not tax season, but we still have people showing up.

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