Tax Tuesdays with Toby Mathis 05-28-2019

Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions and provide the psychology behind it all. They help you understand why the laws are written the way they are, so you can be a better steward of your money. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

• When can I pay family members employed by my corporation - annually or regular intervals? Depends on federal and state laws, but no IRS rule regarding pay schedule
• Should an LLC or individual lease car used primarily for business; what are the tax consequences? Brings liability to business; have appropriate and adequate insurance
• What are bookkeeping and tax implications of LLC being taxed as C Corp? Bookkeeping is the same for all business structures; LLC is state designation, but doesn’t have stock
• Should I use Quicken or QuickBooks for bookkeeping? Software doesn’t always need to be purchase; go with QuickBooks or use spreadsheets
• Can I deduct my real estate training seminar costs? Depends on where you want to deduct it (if on Schedule C, then no) and if you’re already in the real estate business
• Are you a real estate professional, if you have a property management company? Possibly, if you have 750 hours of real estate professional time and material participation
• What’s the best way to utilize a 1031 exchange? Sell and buy real estate
• Can income from self-employment be offset by Tesla tax benefit/credit? Yes  

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Resources

Self-Employment Tax (Social Security and Medicare Taxes)

What business type is right for you?

Section 121

721 Exchange/upREIT

1031 Exchange

Delaware Statutory Trust (DST)

Real Estate Investment Trust (REIT)

162 Education Expense

MileIQ

Section 1244 Stock

Quicken

QuickBooks

Schedule C

Section 179

Bonus Depreciation

Using Cost Segregation in Residential Real Estate

Tesla Electric Vehicle and Solar Incentives

Schedule E

Schedule A

IRS 1099 Form

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