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.

 

Featured Questions

  • 00:40:39 – Can I give more than 50% of my adjusted gross income since the CARES Act changed the amount of giving?
  • 00:44:48 – Can you explain the removal of the $500,000 excess loss limit for real estate losses introduced in the CARES Act?
  • 00:48:39 – Is it too late to file for 2019 to try to get the part of the stimulus?
  • 00:55:00 – My property was in my IRA under an LLC. I had to deed it into my personal name to refinance it. What can I do to not suffer the consequences?
  • 00:56:51 – What is the difference between a solo 401(k) vs EQRP? Which one is better for real estate investing?
  • 00:59:17 – With trading, are you taxed if you trade inside a ROTH IRA or 401(k)?
  • 1:00:24 – Can my C-corp borrow money from a shareholder and then use it to invest in a fund with the intent to pay the shareholder with the profits?
  • 1:03:16 – I’m an LLC taxed as C-corp. I took a HELOC to buy the business. What is the proper way to pay myself?
  • 1:06:40 – Do I have to have a profit the month in which I expense an in-home meeting?
  • 1:08:04 – What is a K-1 and how is it generated?
  • 1:09:47 – As a silent partner in an LLC, can it pay me a shareholder dividend?
  • 1:13:19 – Should you have an LLC before you start in real estate investing?
  • 1:22:15 – Can a partnership LLC be assigned directly to a living trust?
  • 1:30:28 – Are there any tax consequences when I buy to close a call or put, or roll the call/put? Can you explain?
  • 1:32:00 – If I sell 2022 SPY leaps and hold until expiration for two years, are taxes deferred until they expire and then taxed at the long-term capital gains rate?
  • 1:33:25 – Can you explain the pros and cons of HSAs?
  • 1:36:06 – I have a tax-exempt nonprofit doing monthly food distributions. Aside from gas, supplies, and signs, what can it pay for?
  • 1:37:25 – How do I separate a Roth IRA if it was mistakenly put in the same traditional IRA account as the 401(k) rollover fund?
  • 1:38:31 – How and when should I report a contract for deed sale on a small retail building?
  • 1:40:00 – Can I hire someone outside the US to do my bookkeeping? Any legal issues?
  • 1:43:33 – What are the best practices for a small business (less than $1M in income) to record and track their profit/loss and expenses?
  • 1:45:55 – If you lend money to your business, can it be interest-free? If there must be interest, then how much is required? 

 

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