Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
Tax Tuesdays Episode 98: Charging Order Protection
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Taxes are confusing and challenging for most people. By answering your tax questions, Toby Mathis and Jeff Webb of Anderson Advisors give and get what you deserve. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • What are advantages/disadvantages to lease purchase of vehicle via C Corp? Depreciation and percentage of use restrictions; a better option is to reimburse mileage 
  • What’s the best tax strategy for a vacation/short-term rental that I own and sometimes use? Can’t deduct certain expenses for personal use; only ⅔ of expenses/depreciation 
  • What’s the best state to form an LLC for charging order protection? Wyoming or Nevada
  • What are two types of liability for a business? Inside and outside
  • For tax purposes, should I pull all my 401k money at one time for real estate investing? Depends on several factors, including income and losses 
  • Can I put rental payments in my personal bank account, or in property’s LLC bank account? Run it through LLC; respect your LLCs for courts to do the same
  • Are charitable contributions deductible to a C Corp? Yes, but restricted to 10% of taxable net income; offer sponsorship to make it an expense, rather than a contribution 
  • I provide gas, food, and lodging to an unrelated person. Is any of that deductible on my personal return? No; it’s considered a gift, if $15,000 or less each year  

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:

1031 Exchange

Bonus Depreciation

MileIQ

Depreciation Recapture

Tax Cuts and Jobs Act (TCJA)

Cost Segregation (erik@costsegauthority.com)

Section 121

Using Cost Segregation in Residential Real Estate

Schedule C

Schedule E

Form 1099-A

Employer Identification Number (EIN)

Doing Business As (DBA)

QuickBooks

CCH Axcess

Notary Fees

Airbnb

Types of Trusts

Unrelated Business Income Tax (UBIT)

Modified Accelerated Cost Recovery System (MACRS)

Toby Mathis

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.

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