Tax Tuesdays with Toby Mathis 09-03-2019

Ready for another fun-filled episode where Toby Mathis and Jeff Webb of Anderson Advisors talk about tax code rules to maximize your savings and keep more of what you earn. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• Can a married couple file a joint federal return, if we live in different states? Yes; federal government requires married couples to file jointly in some way
• We are paying our son’s rent while he’s in dental school. Is there a deduction we can take for that expense? No, it’s considered a gift
• Can an individual sole proprietor sponsor a 401(k) plan? Yes, but all their income is considered wages and other potentially negative factors need to be considered
• I am a realtor sales associate. My company requires me to place my broker as additional insured. Can I Roth the portion on my premiums? Yes, as an additional insured
• I purchased an investment property in another state and formed an LLC. Can the LLC reimburse me for flights, hotels, and meals incurred prior to formation? Costs incurred when establishing your business can be captured and amortized
• Can a previously established LLC be reconfigured to be taxed as an S Corp? Yes, just follow same rules as making an S election
• I have an Inc. How many LLCs can I have under it? There's no limitation
• Do you give a 1099 to an individual who helped you find a deal for a referral fee? Give them a 1099, if it's more than $600
• If you do a cost segregation, do you have to pay everything back, if you do a 1031 exchange in the future? No, you're just rolling forward the basis on your property right
• I'm licensed with Primerica. Should I create an LLC for my business? It depends on how much you're making because you're personally responsible for any liabilities incurred
• Can I submit mileage driven from my main work location to a branch office to my employer for reimbursement? Submitting it doesn't mean they're going to pay it
• Can I form an LLC to purchase a vehicle, lease it to myself, and then use an accountable plan from my C Corp to reimburse lease payments? Don't do that.

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Resources:

New Tax Laws That Give Real Estate Investors a Massive Deduction (free Webinar for Tax Tuesday listeners)

Franchise Tax Board of California v. Hyatt - SCOTUS

Real Estate Professional Requirements

529 Plan

Uniform Gifts to Minors Act (UGMA)

Section 7702

Roth IRAs

K-1

199A Deduction

Bonus Depreciation

MileIQ

Depreciation Recapture

Tax Cuts and Jobs Act (TCJA)

Section 179 Deduction

Who Pays if You’re in an Accident in a Company Car?

Schedule E

501(c)(3) Charities and Non-profit Organizations

Section 121

Form 1120

Form 1065

Form 1099

Form 3115

1031 Exchange

Types of Trusts

Opportunity Zones FAQ

Opportunity Zone Heat Map

280A Deductions

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