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!
10:12 – How can you accelerate a large capital loss carryforward instead of just offsetting from capital gains every year?
18:50 – Could you go over when it would make sense for stock/options traders to do the mark-to-market election and can you go through an example?
29:11 – Is there any additional tax benefit besides the federal solar tax credit when you install solar panels on a rental property?
36:37 – We own shares of a real estate farm syndication that will have K-1 passive income. It will have operating income and no rental income. If we have other real estate K-1 passive losses from rental property, can the K-1 income from the farm investment offset the rental loss from the other property?
42:41 – Can I convert my current single-member LLC started in 12/2019 to an S-corp. for 2021 and have the tax benefits for 2021?
48:32 – If I start a 501(c)(3), are there syndication deals that my 501(c)(3) can invest into that are geared towards qualifying investments like facilities to care for the sick, veterans, or those with disabilities? Or is it a requirement of the 501(c)(3) to purchase its own complex and turn it into a facility to help a group like veterans or the economically disadvantaged?
55:16 – If I have a SM LLC, can I still get reimbursed for costs (i.e., vehicle mileage) or do I need to have an accountable plan in an LLC taxed as an S-corp.?
58:10 – Are tuitions for professional learning deductible?
1:03:51 – What expenses are you able to write off in your first year of having an LLC? Specifically, expenses associated with establishing your business?
1:10:22 – I heard that you can turn your EIDL loan into a PPP loan and get it forgiven if under $150K. Is there a procedure to do that? Can you help us with it?
1:15:58 – Can my S-corp. pay me rent for my home office? And if so, is this considered personal income?
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.