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Tax Tuesdays
Tax Tuesdays Episode 117: Write Offs

Is it time for a fun and educational drinking game? It depends. Do you need clarification on different options in the CARES Act? You’re not alone, so does the Internal Revenue Service (IRS) and U.S. Department of the Treasury. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.


  • How do I go about researching business tax strategies? Where can I find a list of strategies? Get a free copy of Toby Mathis’s book, Tax-Wise Business Ownership 
  • With COVID-19, will the IRS grant forgiveness with arrears on payroll taxes? No
  • Can I take the 10K advance from the Economic Injury Disaster Loan (EIDL), deny the loan, and roll it into the CARES Paycheck Protection Program (PPP)? An up to $10,000 advance is a grant that doesn’t need to be paid back and isn’t rolled into PPP
  • As a flipper in VA, is it worth incorporating to avoid dealer status and is avoiding such actually possible? Yes, if you have the intent to rehab and sell a property, not rent/invest
  • What are the basic benefits of the S-Corp? Limited liability, income not subject to self-employment income, and accountable plan 
  • If I haven’t yet filed a tax return for my corporation, can I still qualify for EIDL or PPP, as the sole owner/operator? Yes, you’ll qualify for EIDL, if in business on Feb. 15  

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. 


Tax-Wise Business Ownership by Toby Mathis (Promo Code for free copy/shipping: TUESDAY) 

Infinity Investing Workshop 

1 Veteran Foundation


Internal Revenue Service (IRS)

U.S. Department of the Treasury

Paycheck Protection Program (PPP)

Economic Injury Disaster Loan (EIDL)

Real Estate Professional Requirements


Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Cost Segregation

Depreciation Recapture

Bonus Depreciation

Section 179

CoreVest Finance


Dun and Bradstreet


Coronavirus Tax Relief

Families First Coronavirus Response Act 

Tax Code 7702

1031 Exchange

Self-Employment Tax

Schedule E

26 U.S. Code 1231

Wills and Trusts

Tax Cuts and Jobs Act (TCJA)

Unrelated Business Income Tax (UBIT) 

Unrelated Business Taxable Income (UBTI)

Franchise Tax Board

Capital Gains Exclusion/Section 121

Form 1023 Application

Form 1099-R

Trader Tax Status



Toby Mathis

Anderson Advisors

Anderson Advisors Events

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, another great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets. One of my favorites as well is our Infinity Investing Workshop.

Additional Resources:

Anderson Advisors Podcast

Full Episode Transcript:

Toby: Hey, guys. This is Toby Mathis.

... Read Full Transcript