In this episode of Tax Tuesday, tax attorney Toby Mathis, Esq. and CPA & Tax Director at Anderson Business Advisors, Jeff Webb, bring tax knowledge to the masses and answer your tax questions LIVE!
6:04 – If a new C-corp. is started and the owner is the only employee during the initial years, does the owner-employee still need to draw a salary even if the C-corp. is not profitable for the first few years?
11:42 – I earn bonuses on a quarterly basis (as I work in a sales organization). Since the bonus is treated as supplemental income by the IRS, it’s subject to a higher tax. How do I reduce the tax hit on my bonus? What is a strategy to keep or protect that bonus income?
24:53 – How can I live in a home owned by my LLC that is not producing income?
32:21 – Real estate investor start-up expenses on education, classes, materials — can I write all that off my taxes once my LLC is formed?
41:05 – I am a physician and work for a university hospital. During the pandemic, I have been working from home. Can I get a deduction for rent?
46:39 – I used the HELOC of my primary residence to purchase an investment property. Any tax deduction/advantage I can take?
1:01:07 – I have insurance policies in India and would like to bring the money once they are matured. Do I need to pay taxes on this money?
1:12:05 – If I buy office supplies and inventory for my business with my personal credit card, can that be the owner’s equity?
1:18:35 – Could I take out $100,000 from my current 401(k) according to the CARES Act and roll it to a different QRP without tax consequences?
1:22:00 – If I used a credit card to purchase stock, can I write off the interest I’m paying on the credit card if I incur losses?
1:27:39 – If Biden gets in, how far back can they go with tax changes?
1:29:58 – What happens for tax purposes if I want to sell a property that was in an LLC (do I need to transfer it back to myself)?
1:32:05 – Do capital losses offset capital gains in a 1:1 ratio no matter what your earned income level? Would $1 of capital loss offset $1 of capital gain in the same ratio regardless of gain being short- or long-term?
1:36:55 – My son and I both have solo 401(k)s. How can we partner in a buy-and-hold real estate investment without violating disqualified parties rules?
1:39:48 – I have an HSA account from my employer. The IRS maximum contribution amount for 2019 was $3,500 and my employer contributed $1,500. The IRS maximum contribution amount for 2020 is $3,550 and my employer will contribute $1,500. Am I allowed to contribute this November for both 2019 and 2020 tax years, the remaining $2,000 and $2,050, respectively?
Toby MathisToby Mathis, is a founding partner of Anderson Law Group and current manager of Anderson's Las Vegas office. He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients. In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas "The BOSS Business Brief". He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first and second editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.