Tax Tuesday with Toby Mathis 09-29-2020
Tax Tuesdays

 
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Are you ready for the debates and upcoming election? In the meantime, Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions about Donald Trump’s and Joe Biden’s tax returns. Maybe you, too, can become a multimillionaire. William H. Rehnquist once stated, “There is nothing wrong with a strategy to avoid the payment of taxes. The Internal Revenue Code doesn’t prevent that.” Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • Can you withdraw some earnings from a Roth IRA, if you held it for five years or more and you are not older than 59.5 years old? Yes, you can take out earnings without being penalized or forced with required distributions
  • If I live in one state and use my home office for a tax deduction, but have rented an apartment in another state for business purposes, can I use the apartment and utilities for a business deduction? Apartment in another state probably needs to be rented by entity or business; don’t do a home office, but an administrative office in your home
  • What are the laws for purchasing a vehicle for business to use as a deduction? If a business buys a vehicle, track mileage and don’t fall below 50%; if you buy it, track miles and get reimbursement (55 to 58 cents per mile)
  • Is there a way to get around being taxed from the gains/profit from doing flips? Find other expenses to run against that income
  • If you rent out a condo and take depreciation on it, and then the following year, decide to live in the condo yourself, what do you do about the depreciation? Depreciation stays where it’s at until you decide to sell the property

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

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

Resources:

Infinity Investing Workshop

Tax-Wise by Toby Mathis

Donald Trump’s Taxes (New York Times)

Mar-a-Lago

William H. Rehnquist

26 U.S. Code Section 7213

26 U.S. Code Section 469(c)(7)

26 U.S. Code Section 480A

26 U.S. Code Section 280A

26 U.S. Code Section 121

Wills and Trusts

Individual Retirement Arrangements (IRAs)

Traditional and Roth IRAs

Tax Cuts and Jobs Act (TCJA)

Capital Gains Exclusion/Section 121

Bonus Depreciation

Depreciation Recapture

MileIQ

Real Estate Professional Requirements

Credits and Deductions

Charitable Organizations

CARES Act

Healthcare Reform (Affordable Care Act)

Schedule A

Schedule E

Schedule K-1/Form 1065

Self-Employment Tax

Form W-2

1031 Exchange

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

Anderson Advisors on YouTube

Anderson Advisors on Facebook

Anderson Advisors Podcast

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 Tax and Asset Protection event held throughout the country. Enjoy the show!

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