In this episode of Tax Tuesday, Toby Mathis brings tax knowledge to the masses and breaks down your tax questions LIVE! He’s joined by Jeff Webb, CPA and Tax Director at Anderson Business Advisors.

Updated March 30, 2021

08:25.01 – If you have an S-Corp, do you have to take an annual salary or can you put all the profits back in the company?

09:10.02 – I’m 75 years old with considerable medical expenses. I operate my business as an S-Corp.What do I have to do to take care of the reimbursement tax treatment?

11:16.09 – We don’t own HUD Section 8 buildings but we do rent to Section 8 tenants, apartments and single-family homes. For example, in one of our four-unit apartments, three of the four units are Section 8 tenants. We listened to your HUD/Section and would like to know – are there any tax benefits that we can take advantage of?

18:44.01 – I have a corporation that I have but it does not earn income. Do you still need to file a return, and if so, by what date?

23:02.01 – I’m buying a commercial building via a limited partnership. The tenant is going to perform a large tenant improvement on the building once we sign the lease and close on the deal. If I do cost segregation on the building as-is right before the tenant does the improvement, can I then do another cost segregation on their tenant improvement portion the next year? This is a NNN lease and the tenant is a third party.

29:21.08 – I have a C-Corporation and purchase a fix-and-flip. After renovation, I am unable to sell the property. If I refinance it and pay a business credit card off as part of the refinancing, can I transfer it to my Holding LLC as a personal rental? What, if any, would be the tax liability and how do I do it to make sure it is done legally?

42:46.03 – On a newly purchased rental property (owned by an LLC), performing the cost segregation study will create a large depreciation for the first year. How is this loss recorded on the income taxes?

44:24.04 – So if I’m self-employed or own a small business, are the health insurance premiums tax deductible?

48:37.01 – What is the difference between a Solo 401(k), QRP and cash balance pension? Also, if my portfolio is just passive income and I only take cash distributions, is there a workaround to establish a 401(k)?

51:55.03 – How do I sell a husband and wife-owned C-Corp to reduce taxes?

55:56.02 – How is a series LLC and operating LLC reported on a personal tax return?

57:26.02 – How can you determine the comparable square footage used for the meeting room when soliciting rental costs for the 280A 14-day rule?

59:11.00 – I expect to receive $35k-$45k capital gain from real estate soon. I want to keep my AGI down and am thinking about investing in an Opportunity Zone deal that has a minimum investment of $50k. I will need to sell some stock to have the gain that will make up the difference. Can I mix the two types of gain (real estate and stock) for this single investment? What documents will I need to make sure I properly document the transaction for current and future tax returns?

01:01:48.05 – I own an online business and I am out of the country most of the year. I can qualify for Foreign Earned Income Exclusion. Is there a strategy where I can still contribute to my IRA or 401k?

01:03:58.08 – I have three kids. Can I pay them a modeling fee for multiple companies that I own for modeling? For example, if I have five companies, can all three kids be paid modeling fees from all five companies if they were truly models for that company and it was customary in the business?

01:06:25.04 – If I have multiple companies and would like to have board meetings or meetings for the companies for 14 days, can I rent out a room and then pay each company the market equivalent of 14 days of rental income for the same exact 14 days?

01:08:19.08 – If I want to reimburse myself on a per diem basis for corporate travel rather than using expense reimbursement how do I go about it?

01:10:13.00 – I have eight units in my own name. Will I save on taxes if I transfer them under my LLC?

01:12:16.02 – I recently retired from my job and had a direct rollover into a Traditional IRA to self-direct the account in buying real estate properties. Is it better to convert the account now to a Roth IRA for tax purposes since I am anticipating expanding my real estate venture in the future? Which will benefit me more in terms of taxes when I sell the properties?

01:18:19.01 – I have my personal home and rural land in my personal name. I want to be able to isolate it from future ventures as well as be able to pass it over to my sons when the time comes. I live in Colorado I have an LLC that was established a year ago without any holdings. It is registered here in Colorado. Do I use this existing LLC on the ranch or go with a trust and use the LLC for a future real estate move?

Watch now as Toby Mathis, Esq., and Jeff Webb, CPA, break down complicated tax laws to make them easier to understand, helping you save your hard-earned money.

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