Tax Tuesday with Toby Mathis 10-13-20
Tax Tuesdays

 
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In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?
    • Individual Rates: Trump to lower middle rates; Biden to increase top-bracket rates
    • Corporate Rates: Trump wants 21%; Biden wants 28%
    • Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%
    • Credits: Biden wants to increase child credits to give families more money
    • Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI
    • Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up
    • Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT
  • What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?
    • Gain Harvesting
    • Roth Conversion
    • 100% AGI
    • Carryforward NOLs
    • Wait on Harvesting Losses
    • Gifting

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Resources:

Tax Toolbox (Only $595, Regularly $1,500)

Tax Cuts and Jobs Act (TCJA)

Old Age and Disability Survivor’s Insurance (OADSI)

State and Local Tax (SALT) Limitation

Section 1231

26 U.S. Code Section 121

Individual Retirement Arrangements (IRAs)

Traditional and Roth IRAs

Real Estate Professional Requirements

Credits and Deductions

1031 Exchange

Form W-2

Wills and Trusts

Self-Employment Tax

Charitable Organizations

Internal Revenue Service (IRS)

1099-Misc Form

Bankruptcy

Bonus Depreciation

Depreciation Recapture

Unrelated Debt-Financed Income (UDFI)

199A Deduction

3115 Change of Accounting Method

Cost Segregation

Schedule A

Schedule E

26 U.S. Code Section 280A

MileIQ

Healthcare Reform (Affordable Care Act)

Tax-Wise by Toby Mathis

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:

Hey, guys. This is Toby Mathis. You can see my buddy Jeff there; he’s not doing so good. He’s up against the tax deadline, so I’m just trying to give you guys the visual depiction of what he looks like right now. Looks like not so good. Actually, this isn’t entirely accurate. I got to give him a little bit of drool. This is what happens to all the accountants around tax time.

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