Tax Tuesdays with Toby Mathis 03-03-2020

Tuesday, March 3, 2020: Was it super for you? It depends on facts and circumstances. Who and what is best for you? Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions related to mental health care, short-term rentals, and retirement because life is about more than just money. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

• Are there tax rules that allow farmers to accelerate depreciation for farm equipment? Farmers can take Section 179 and bonus depreciation, but they have a slower recovery 
• How do you keep track of your reimbursable expenses before your corporation makes a profit? Make sure corporation is reimbursing you for all your expenses and report them at corporate level as loss 
• What tax rate do I have to pay on an early withdrawal from my IRA? Some exceptions, such as age and financial hardship, but marginal tax rate is about 22% plus 10% penalty
• How can we write off the tuition for our training? If already in a field or career, tuition for training should be written off to business; if not, write off as a startup expense
• My sister and I are partners in our LLC. She is now on disability. How can she receive profit from the business now? No material participation to receive passive income  

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Resources:

Wills and Trusts

Section 179 Tax Depreciation

Depreciation Recapture

Bonus Depreciation

Airbnb/Short-term Rentals

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Capital Gains Exclusion/Section 121

Cost Segregation Tax Breaks!

1031 Exchange

Opportunity Zones

501(c)(3)

Form 1099

Bitcoin

Ponzi Scheme

Tax Cuts and Jobs Act

Schedule A

Real Estate Professional Requirements

Rollovers as Business Startups (ROBS)

Form 1065

UBIT

UDFI

Health Savings Account (HSA)

Home Office Deduction

Self-Employment Tax

26 CFR 6203

26 US Code 280A

Form 1099-INT

Affordable Care Act

1 Veteran Foundation

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