Tax Tuesdays with Toby Mathis 02-18-2020
Tax Tuesdays

 
 
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What’s the answer to all tax questions? Calculate, calculate, calculate. Fortunately, Toby Mathis and Jeff Webb of Anderson Advisors provide additional information to help you determine what makes sense from a tax standpoint. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What do you have to file when you have an S Corp and take a salary? Payroll tax forms, possible registration with state, county, and/or city for withholding
  • I’m a small business owner who didn’t make any income last year. Do I have to file? Depends on type of small business, but filing is recommended, especially for losses  
  • How much of my remodel can I claim on my taxes as expenses vs. improvements? Remodel tends to mean improvements; separate improvements from repairs
  • Can you claim both the home office deduction and the Section 280A for the same C Corp? No, for technical reasons; reimburse yourself for home office costs and corporate use of house for meetings
  • How do you report real estate rental income for properties in a trust? Depends on type of trust and how it’s taxed; may be taxable to grantor
  • What determines your state residency when you live in a non-fixed location (RV, boat, etc.)? States typically follow the 183-day primary rule, so depends on where you spent most of your nights, as well as where you’re registered to vote and your driver’s license 
  • I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a nonprofit. Any taxes owed? A large sum of money is typically a source of  adjusted gross income (AGI), which is only 60% deductible  

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:

Wills and Trusts

Employer Identification Number (EIN)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

26 US Code 280A

Real Estate Professional Requirements

UBIT

UDFI

Capital Gains Exclusion/Section 121

Form 1099-INT

Schedule K-1

Unemployment Insurance

Workers’ Comp

Professional Employer Organization (PEO)

ADP

Paychex

Patriot Software

Schedule C

Self-Employment Tax

Cost Segregation Tax Breaks!

Section 179 Tax Depreciation

Depreciation Recapture

Bonus Depreciation

MACRS Depreciation

Form 1041

Form 1040

Schedule E

Form 2553

Form 1128

Form 1040-NR

Opportunity Zones

501(c)(3)

Rollovers as Business Startups (ROBS)

1031 Exchange

SECURE Act

PayPal

Airbnb/Short-term Rentals

HELOC

Form 1099-COD

American Home Shield Warranty

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Full Episode Transcript

Toby: Hey, guys. You are listening to Tax Tuesday. This is Toby and…

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