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!
11:01 – If we received a PPP loan in our business, then were approved for forgiveness, will we still be able to deduct the rents and utilities we applied the PPP to?
11:16 – I recently read that Elon Musk was moving his private foundation from California to Texas. Is there a tax advantage in moving a private foundation or nonprofit from California to Texas?
20:58 – Do you have to be married in order to create an entity that allows you to hire your children? How does one set this up?
28:43 – Can we add a minor to title and still able to retain the step-up benefit?
33:21 – Do I file my business taxes with my personal taxes since I didn’t make any money this year, just paid out a lot?
36:17 – How long after the sale of a primary residence do you have to apply the proceeds to a new home purchase to avoid taxation?
47:31 – I’m 70 years old and haven’t made a deposit to my Roth in 10 years. Am I free to withdraw all my account with no penalty or am I limited by my cost basis?
51:38 – I have an LLC taxed as a sole prop, but the first year has $0 income. Can I deduct my home office up to 300 sq. ft. and auto mileage?
57:48 – Are there any case studies on deducting groceries as a business expense?
59:40 – I know that forgiven PPP loans are not taxable. What about grants received under the CARES Act? Are government grants to relieve financial duress received by a medical practice under the CARES Act considered taxable income?
1:03:21 – As a real estate salesperson, is it advantageous to have an LLC or just file a 1099?
1:08:14 – What is the best way to write off a cruise?
1:12:03 – I am devastated by Prop. 19 in CA. Is there any legal way to leave a home to the owners’ children so they can still get the parents’ tax basis?
1:18:11 – In 2020, I bought a lot for $16K, then went under contract with a contractor for $110K in escrow for draws. The house is a SFH and is currently under construction. Do I claim the purchases of $16K and $110K as first-year expenses? It will generate rent in 2021.
1:19:58 – If my S-corp. makes profit beyond my salary and distributions, I have to claim all that as income on my personal taxes still too, right?
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.