Free Tax Tips & Strategies
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!
Updated April 6, 2021
- 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?