Tax Tuesdays with Toby Mathis 11-12-2019

Taxes can be fun. Just ask those who attended the recent Tax-Wise Workshop and Tax Tuesdays hosted by Toby Mathis and Jeff Webb of Anderson Advisors. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• I have a corporation, but it does not earn income. Do I still need to file a return? Yes, you’re required to file a return every year of its existence
• If I am self-employed, or own a small business, are the health insurance premiums tax deductible? Yes, health insurance premiums, but you can’t write-off other costs 
• What are the differences between a Solo 401(k), Qualified Retirement Plan (QRP), and Cash Balance Pension? Most 401(k)s and QRPs are defined contribution and/or profit sharing plans; Cash Balance Pension is a defined benefit plan
• How do I sell a husband-and-wife owned C Corp to reduce taxes? Whenever selling a business, try to sell the company’s shares for long-term capital gains
• Can I offset gains from rents with depreciation? Yes
• I have eight units in my own name. Will I save on taxes this year, if I transfer them under my LLC? No, it doesn’t make any difference; there’s no real benefit to doing it that way

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

Go to iTunes to leave a review of the Tax Tuesday podcast. 

Resources:

HUD/Section 8 Housing

Cost Segregation Tax Breaks!

401(k)

Solo 401(k)

Qualified Retirement Plan (QRP)

Cash Balance Pension

280A

Opportunity Zones FAQ

Opportunity Zone Heat Map

Foreign Earned Income Exclusion

Roth IRAs

501(c)(3)

K-1

Participation Loan Agreement

Real Estate Professional Requirements

Passive Activity Losses - Section 469

Depreciation Recapture

Bonus Depreciation

Capital Gains Exclusion/Section 121

Section 105 Health Plan Reimbursement

Self-Employment Tax

Schedule E

Section 1244 Stock Loss

Kiddie Tax

Types of Trusts

Unrelated Business Income Tax (UBIT)

Toby Mathis

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