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!

Featured Questions

  • 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?