Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 04-13-2021
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With all the lack of tax knowledge going around and politicians being pushed by their parties, get your tax questions answered by Toby Mathis and Jeff Webb of Anderson Advisors. Submit your tax question to taxtuesday@andersonadvisors.

Highlights/Topics:

  • When you have a PLLC, what do you put on a personal or business credit card? If you have a business credit card that’s great, but a lot of the credit card companies are not willing to issue credit cards to new small businesses; use a personal credit card and make sure to separate personal and business expenses
  • How do you claim the solar credit on your personal residence? Use Form 5695
  • Should I file a return with my kids as dependents or should they file their own return if they are paid from the family business? If they are dependents and not supporting themselves, they are still dependents on your return; however, the children can file their own return as well and claim the standard deduction up to the amount of their earned income plus $300
  • I have a rental property in California. When I go there to work on it, can I use per diem plus mileage rather than actual receipts for housing and meals? Depends if you are self-employed or you have the rentals owned personally, you cannot use the per diem for housing but can use it for meals
  • I haven’t done taxes for 2020 and I’d like to know how to write-off bills for my emotional support animal. Can that be done with business taxes? Maybe, depends on the IRS’ primarily for and but for tests

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

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Resources:

Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis

Anderson Advisors Tax and Asset Protection Workshop (April 24)

Charitable Organizations

Capital Gains and Losses

Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics

Form 5695 – Residential Energy Credits

Entity Formation

Retirement Plans

Real Estate Professional Requirements

MileIQ

Self-Employment Tax

Home Office Deduction

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

Bonus Depreciation

Cost Segregation

Depreciation Recapture

Section 162 – Trade or Business Expenses

Step-Up in Basis

26 U.S. Code Section 168K

Kiddie Tax

Americans with Disabilities Act (ADA)

HIPAA

Small Businesses Affected by Border Closures

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Full Episode Transcript:

Toby: All right. You are watching, listening, or somehow taking in Tax Tuesday. This is Toby Mathis.

... Read Full Transcript