Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Tax Tuesday with Toby Mathis 12-08-2020
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How are you doing, really? Just don’t watch or listen to the news because it’s tough living in paradise—whether it’s California, Hawaii, or Iceland. However, Toby Mathis and Jeff Webb of Anderson Advisors are still here to offer answers to your tax questions with a side of awesome sauce. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • How much can you give to charity and receive a full credit, even if filing a standard deduction? Choose between taking a standard deduction or an itemized deduction on Schedule A to give a cash donation to charity and write-off 100 percent of it against your adjusted gross income (AGI)
  • What is Section 1202? Can a corporation managing real estate qualify for 26 U.S. Code Section 1202? Section 1202 refers to partial exclusion(s) for gain from certain small business stock and designed to get people to invest in manufacturing-type companies
  • The recently passed California Proposition 19 will allow California to reassess any non-primary residence properties transferred to heirs at market rate? Yes, starting Feb. 16, 2021; for more information, visit the state’s Board of Equalization
  • I’m trying to meet my goal of $50K for Infinity investing. I have about $30K that I could use to buy stocks, ETF, etc. Could I use all $30K to purchase stocks without violating the annual $6,000 contribution limit? Learn how to be a stock market landlord, buy assets, settle liabilities, and systematically make passive income to not work again

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

Real Estate Professional Requirements

Capital Gains and Losses

Charitable Organizations

Form 1023 – Application for Recognition of Exemption

Form 1024 – Application for Recognition of Exemption

Schedule A

Schedule C

Schedule D

Schedule E

Internal Revenue Code Section 1202

California State Board of Equalization – Proposition 19

California Proposition 13

Wills and Trusts

Lifetime Gifts – Form 709

Medicare

Social Security Administration

Individual Retirement Arrangements (IRAs)

Traditional and Roth IRAs

Self-Employment Tax

Community Property with Right of Survivorship

1031 Exchange

Bonus Depreciation

Opportunity Zones

HUD

Kiddie Tax

State and Local Tax (SALT)

Schedule K-1 (Form 1065)

Form 5498

Conservation Easements

Alternative/Renewable Energy Tax Credits

Unrelated Debt-Financed Income (UDFI)

CARES Act

Tax Cuts and Jobs Act (TCJA)

Erik Dodds

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

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Full Episode Transcript:

Toby: Hey, guys. This is Toby Mathis.

... Read Full Transcript