Tax Tuesday with Toni Covey 08-18-2020
Tax Tuesdays

 
Play/Pause Episode
00:00 /
Rewind 30 Seconds
1X

As COVID-19 and tax-related relief questions continue, Toni Covey and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • Due to the AB5 Law, my clients can no longer hire me as an independent contractor. Instead, they are hiring out-of-state contractors. Do I need to switch to an S Corp or move my company out of California? It depends and offers various options, such as a worker must be customarily engaged in an independently established trade occupation
  • For a preschool that received Coronavirus relief, will the PPP loan forgiveness amount, the grants, and the EIDL advance be taxable as income? PPP loan and grants are not considered taxable income, however, an EIDL of $10,000 will not be forgiven or tax deductible from PPP
  • I have solely owned a second home long-term in New York. Do I need to file taxes separately from my wage-earning wife to minimize my capital gains tax considering my present income is limited to Social Security? No, but it primarily depends on how much the wife is earning
  • My wife and I own several rental properties and manage/maintain them mostly ourselves with no other employees. Does setting up a corporation to manage the rental properties (each on their own LLC) make sense from a tax standpoint? Consider a corporation to manage the rental properties or manage the LLCs that hold the rental properties   

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:

Uniform Transfers to Minors Act (UTMA)

Economic Injury Disaster Loan (EIDL)

Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP) Flexibility Act

Small Business Administration (SBA)

Internal Revenue Service (IRS)

Wills and Trusts

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Self-Employment Tax

Unrelated Business Income Tax (UBIT)

Unrelated Debt-Financed Income (UDFI) 

California Assembly Bill 5 (AB5)

Franchise Tax Board (FTB)

Capital Gains Exclusion/Section 121

Charitable Organizations

Real Estate Professional Requirements

Form 1065: Schedule K-1

Form 8805

1040NR

Passive Activity Losses (PALs)

Schedule A

Schedule C

Section 105

Tax Cuts and Jobs Act (TCJA)

26 U.S. Code Section 280A

Bonus Depreciation

Depreciation Recapture

Healthcare Reform (Affordable Care Act) 

Credits and Deductions

Anderson Advisors

Anderson Advisors Events

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Anderson Advisors on YouTube

Anderson Advisors on Facebook

Anderson Advisors Podcast

Full Episode Transcript:

Toni: Hello, everyone. Welcome to Tax Tuesday. A little bit of a change from the norm. My name is Toni Covey. I’m an EA and Director of Professional Services here with Anderson. Also, your new host, bringing tax knowledge to the masses. We’ve also got Jeff here.

... Read Full Transcript