Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 11-24-2020
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What’s the difference between President Donald Trump’s current tax laws versus tax policies/proposals from President-elect Joe Biden? Toby Mathis and Jeff Webb of Anderson Advisors provide only the good, bad, and painful facts—not a partisan party. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What are the differences between Trump vs. Biden tax plans? 
      • Additional payroll taxes on high-earners
      • Increased income tax on high-income individuals
      • Increased capital gains rate imposed on high-income individuals
      • Tax wealth ideas include annual wealth tax and greater estate/gift taxes
      • Increase corporate income tax rate
      • Eliminate 199A
  • What should be done in 2020/2021, if you’re worried about tax increases? 
    • Gain Harvesting
    • Roth Conversion
    • 100% AGI
    • Carryforward NOLs
    • Wait on Harvesting Losses
    • Gifting

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:

Tax Toolbox

Here’s where Biden and Trump stand on your taxes 

Tax Cuts and Jobs Act (TCJA)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Unrelated Debt-Financed Income (UDFI)

Unrelated Business Income Tax (UBIT)

Rollovers as Business Start-ups (ROBS)

Capital Gains and Losses

Real Estate Professional Requirements

1031 Exchange

Alternative/Renewable Energy Tax Credits

State and Local Tax (SALT)

Section 199A

Bob Keebler

Opportunity Zones

U.S. Government Accountability Office (GAO)

Medicare

Social Security Administration

Self-Employment Tax

Credits and Deductions

Conservation Easements

Charitable Organizations

Pease Limitation on Itemized Deductions

Affordable Care Act (ACA)

Form 1040-NR

Wills and Trusts

CARES Act

Bonus Depreciation

Paycheck Protection Program (PPP)

Home Office Deduction

26 U.S. Code Section 280A

Tax-Wise Business Ownership by Toby Mathis

Toby Mathis

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Workshop

Anderson Advisors Tax-Wise Workshop

Anderson Advisors Infinity Investing Workshop

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 Anderson’s Tax and Asset Protection Event held throughout the country. Enjoy the show.

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