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 September 9, 2020

Featured Questions

  • 00:08:52.02 – I have a short-term rental (Airbnb). What’s the best way to protect my income distributions from a lien?
  • 00:13:52.06 – Are there tax rules that allow farmers to accelerate depreciation for farm equipment?
  • 00:16:04.03 – How do I keep track of reimbursable expenses before the corporation makes a profit?
  • 00:22:38.00 – What tax rate do I have to pay on an early withdrawal from my IRA?
  • 00:26:43.02 – I moved my home, and the business that I run from my home, from Illinois to Florida in June. Can I deduct any moving expenses?
  • 00:34:28.05 – How are capital accounts handled in trusts? Specifically, do they stay with the trust when the beneficial interest is sold?
  • 00:37:04.01 – How do I write off tuition for our training?
  • 00:39:42.04 – My sister and I are partners in our LLC. She is now on disability. So, how can she receive profit from the business now?
  • 00:45:21.06 – I have a property that’s worth $141,000 and rents for $1,250. Is it worth doing a cost segregation and taking bonus depreciation?
  • 00:51:11.03 – What is the proper way to account for expenditures made to improve a warehouse building?
  • 00:54:53.01 – I’m selling a car wash, and doing a 1031 exchange. What are my options?
  • 01:05:32.03 – We are thinking of selling our owner-occupied property to a C-corp using a contract for the deed to get the $500,000 in capital gains tax-free. How do I structure the tax plan to get the max tax savings/benefit?
  • 01:09:47.02 – I am the president of a C-corporation. Can I deduct long-term care premiums for me and officers of the corporations?
  • 01:11:37.03 – Can we do a cost segregation for 2019 on a house we lived in for 3 months before making it a rental to push our income down?
  • 01:16:00.04 – As a new C-corp in which I am the sole officer, if I cannot afford to pay a reasonable salary, can I submit items to the C-corp for reimbursement?
  • 01:19:14.02 – Do you have to use the accrual method for books when you start dealing with loans for a company?
  • 01:23:44.01 – If my Corporation has a promissory note to myself, but interest is less than $600, do I have to get myself a 1099?
  • 01:25:56.05 – If someone is in a memory care facility (lockdown 24 seven), is that tax-deductible?