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 August 20, 2020


Featured Questions

  • 00:10:42.09 – How do I change a single-member LLC in Texas to a multi-member?
  • 00:13:18.08 – Qualifying for real estate professional status: My wife is a physician. How will the IRS treat on-call duty hours?
  • 00:17:08.03 – Recapturing start-up costs for training with Texas LLC taxed as a C corp.
  • 00:21:32.09 – Can I hire my kids and provide employee benefits with my management company LLC and contribute to their Roth IRA?
  • 00:26:02.09 – What’s my max allowed contribution for 2019 for a Backdoor Roth and what’s my basis of taxation on after-tax dollars?
  • 00:32:31.06 – How can we structure a “Wellness Plan” so it doesn’t become taxable to our employees?
  • 00:36:34.00 – What are my options for claiming deferred losses on a rental townhouse property owned since 1990?
  • 00:39:40.02 – What portion of unpaid taxes on the sale of a single-family house am I liable for if partner and I split profits from sale without regard to federal taxes?
  • 00:43:53.08 – If I claim 50% bonus depreciation on a rental property on my federal income tax return, do I need to add that back against regular depreciation on an Illinois state return?
  • 00:44:19.04 – What’s the capital gains basis on my primary residence if I took tax depreciation for two years but later sold as a primary residence?
  • 00:47:16.01 – Is gap lending income passive or active for a 401(k)?
  • 00:48:59.02 – What’s the rule on funding my HSA health insurance plan? My business is an LLC taxed as an S corp, but I’m the only employee.
  • 00:56:19.09 – When holding a rental property in my individual name, what are my options to transfer title out of my name to an alternative entity to reduce legal exposure. Is there a way to avoid being noncompliant with covenants that prohibit the transfer of title?

As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, a great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets.

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