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Tax Tuesdays with Toby Mathis 04-16-19

 
 
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Tax Day on April 15 has come and gone. Were you hit hard this year? Don’t give up or lose hope. According to Toby Mathis and Jeff Webb of Anderson Advisors, there’s still time, and things, you can do to recover. Do you have a tax question? Submit it to [email protected].

Highlights/Topics:

  • I am an S Corp and ordained minister. Can I take housing allowance? Minister’s housing/parsonage is excludable from gross income, but not self-employment taxes
  • Do you have to pay back home office depreciation when you sell the house? Yes, unless accountable plan is in place for reimbursement
  • To report installment income on Form 6252, do you also need to submit Form 4797? Yes, along with Schedule D
  • Are there any advantages to moving software business into designated opportunity zone? Not really, if you have an existing business
  • Did Tax Cutting Jobs Act (TCJA) help big businesses more than small businesses? Yes, it cut corporate taxes almost in half, but only gave small businesses a 20% deduction
  • What’s the difference between big and small business? Big business does at least $100 million in revenue and has multiple owners
  • Should I use my tax refund toward paying estimated quarterly taxes for 2019? If I overpay the estimate, will I have to pay taxes on future refunds? Never hurts to overpay estimates; include first-quarter payment when making extension payment
  • What’s the Rollover for Business Startups (ROBS) structure for investment property construction? Partnering with your own retirement plan has to be a C Corp; don’t use with investment property
  • Can you defer taxes on capital gains on the sale of property, if you put it toward an existing residential mortgage? No; only way to defer capital gains is via 1031 exchange
  • When I record an expense, maybe an office desk for S Corp, do I need to record the sales tax? If you buy a desk for your business, you’re paying sales tax on it
  • Can you depreciate a property used for short-term rentals, like AirBNB? No, if average rental is seven days or less; yes, if more than seven days
  • Can LLC owned by spouses be a disregarded entity? Yes, if in a community property state; both spouses can be owners, and it’s treated as a disregarded entity
  • Can we take unreimbursed accountable plan expenses, office space against W2 income? No, TCJA removed unreimbursed business expenses on Schedule A

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

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Resources

Ministers’ Compensation & Housing Allowance

Form 3115

Form 6252

Form 4797

199A Deduction

Schedule D

Tax Cutting Jobs Act (TCJA)

Opportunity Zones FAQ

Opportunity Zone Heat Map

Cost Segregation: Increased Tax Deductions for Commercial Property

Bonus Depreciation

Home Office Deduction

Net Investment Income Tax (NIIT)

Partner’s Instructions for Schedule K-1 (Form 1065)

Rollover Business Startup (ROBS)

1031 Exchange

QuickBooks

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Tax-Wise Workshop

Anderson Advisors on YouTube

Full Episode Transcript:

Toby: Hey guys, this is Toby Mathis.

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