Avsnitt
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Have you ever been caught off guard by the fine print in an insurance policy? Clint Coons, Esq. and Shawn Woedl of National Real Estate Insurance Group uncover the often overlooked details of property insurance that could spell disaster or salvation for your investment portfolio. We dig into the labyrinth of insuring your LLCs and land trusts, as we scrutinize landlord insurance and why it's a whole different ballgame from your typical homeowner's policy. From accidents on vacant lots, fentanyl-related incidents, dog bites, and even snakes in the rafters, Shawn's expertise sheds light on some wild scenarios where the tailored solutions offered by National Real Estate Insurance Group will have you covered.
Shawn Woedl is the President of National Real Estate Insurance Group. He is an industry-recognized speaker and educator with an emphasis on Commercial Property and Premises Liability. He brings over 12 years of professional and personal experience in real estate, business, and insurance to NREIG’s unique, investor-oriented brand.
Highlights/Topics:How is landlord insurance different than a homeowner policy?Some common policy exclusions you may not know aboutFentanyl-related claims, toxic mold may be excludedDog bite coverages, breed exclusions, snakes in the rafters!Injuries/coverage on vacant land lotsBeyond primary liability - umbrellas and additional liability coverageCoverage for LLCs and land trusts“Subject to” property transactionsDon’t go in ‘blind’ - do your due diligence, or have NREIG do it for you!Request a coverage estimate from NREIG with the link belowResources:Request a coverage proposal NREIG
https://affiliate.nreig.com/Anderson
Shawn Woedl LinkedIn
https://www.linkedin.com/in/shawnwoedl/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=why-landlord-insurance-is-vital-for-real-estate-investors
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Podcast
https://andersonadvisors.com/podcast/
Clint Coons YouTube
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
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On today’s Tax Tuesday episode of the Anderson Business Advisors podcast, Eliot Thomas, Esq., is joined by Anderson CPA Barley Bowler. Barley and Eliot will cover some listener questions including strategies around deducting startup costs and choosing a business structure for loan eligibility, tax breaks like depreciation and claiming real estate professional status, paying taxes as a contractor on 1099 NEC forms, and when capital loss carryover deductions can be taken.Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:"I joined Anderson and Infinity Investing in 2023, I established my first real estate investment, C-corporation, in December of 2023 for an official 2024 start date. What, if any expenses, membership, fees, et cetera, do I submit for 2023? ”We started to form the company in 2023. Do I hold out to list everything including the courses, business cards, opening expenses after the fact, or do I add these expenses to 2024?" - After the date of incorporation, everything's expensed as usual. “Pre-incorporation or pre-startup” costs are allowed to be deducted as long as they don't exceed $50,000"I've heard we want a pass through real estate holding company that produces a K-1." That'd be a partnership. To enable easier lending on properties in the future. We talk about lendability. How do we get the most favorable lending criteria? Of course, it comes down to the bank, but we're certainly going to be covering that as well about bonus depreciation. We're trying to get a loan on a property. Depreciation is one of these expenses we have to pay attention to.” - in a partnership, as they mentioned here, You're allowed on the federal lending guidelines to have up to 70% of value."We got cost seg and bonus depreciation to offset. Can it offset 1099 income and your social security income?" - If we're talking about a traditional long-term rental, we first need the real estate professional status, then material participation."Hey, my tax is so high. What can I do? How can I reduce it?" - We potentially want to incorporate the business if the numbers are right, then we just look for all available deductions."Why did I have to pay employment taxes when receiving a 1099 NEC?" "I knew I'd have to pay, but it wasn't taken out during the year. I don't have a business, so why do I have to pay taxes?" - an independent contractor form, 1099 NEC, is subject to ordinary income and employment taxes."When selling an investment house like a rental property with some gains, what's the best way to protect our gain without sharing a good part of the check with the IRS?" - This is going to be your 1031 exchange, like-kind exchange."Can capital loss carryovers be chosen when to use?" "Can we pick and choose when we do our losses?" - With capital losses, you can use them up to the amount of capital gains you had plus $3000 that will go against ordinary income."Can I reduce my income tax from capital gains from selling stocks by using a loss in a real estate income or loss business? - If you have your real estate going on, some losses from there perhaps and expenses from that, there are some times where we can use that and times where we can't.I just created a business at the end of March." When is it a preferred time to contact a tax specialist and set up a meeting to ask questions, have things explained, and see if we were a good fit for this individual? - If you need some specific guidance or calculations, that's when we may push you to do a billable tax consult or tax planning. In the meantime, hop right into the Platinum knowledge room.Resources:Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-can-a-1099-contractor-reduce-taxable-income
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Welcome to another Tax Tuesday episode of the Anderson Business Advisors podcast. Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., explain tax strategies for listener-submitted questions. The conversation digs into S-Corp vs. C-Corp for property management, understanding Unrelated Business Income Tax (UBIT) for non-profits, qualifying for Real Estate Professional status, and cost segregation and bonus depreciation for rentals.Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:"Is it better to have an S-corporation or C-corporation as your property management company managing your land trust and property held in your disregarded LLC? Are you required to have payroll with the S-corporation?" - With the management corporation, S or C, I personally like the C-corporation better.“Where and when does UBIT apply to real estate investing and generally to alternative investments? - You're going to run into this when you have exempt groups or we'll call them entities, nonprofits are also exempt.Does an accountable plan have identical benefits when comparing a C-corporation versus an S-corporation for a new business?" - being a new business or not shouldn't change too much. It's just a C Corp versus S Corp."How do you know how much you can convert into a Roth IRA from a traditional one without getting pushed into a higher tax bracket when you don't know what your investment gains will be?" - we don't look at the taxable gains - whatever your tax bracket is, that's what’s going to determine.“Augusta rule. I am my own real estate broker office scene out of my home. I just hosted a large client appreciation party at my house using rooms in a garden that are not my office. Can I apply an Augusta rule to it? If yes, could applying the Augusta rule increase my chances for an audit and to what percentage? - Augusta rule is 288. You can rent out your home up to 14 times a calendar year. This is entertainment, you could maybe deduct 50%, I wouldn’t use Augusta for anything entertainment.“My question is I've never been able to take real estate professional status due to full-time employment as a W-2 employee. I took early retirement on January 2nd of 2024 of this year. I am still being paid the remainder of 2024 biweekly, but not actually working. I'm a licensed real estate broker and spend a lot and most of my time on real estate rentals, subdivision development, et cetera. With this payout biweekly for the remainder of the year, can I qualify as REP (real estate professional) status for 2024?" - The prohibition to having W2 income is if you are actually working at your W2 job. Here, we're not doing any work for that check. You're just getting paid free money for 2024. You can go out and put your time into real estate.“Given the time of the year that we're getting into with taxes being due especially in the fall, what are the first three steps in the tax planning process, and how does one approach the process differently for clients that earn less?" – Start with having excellent bookkeeping, identify where you are today, and plan where you are going in the future."What is the best way to purchase an existing business for tax purposes?" - You're going to buy the assets, you want to buy the assets because now you're going to be able to get those at your fair market value that you pay for them. We call it stepped-up basis in your assets…"If I buy a short-term rental and do a cost seg the next year, I bought it, and listed it on Airbnb, can I rent it long-term for the following year or would that interfere with the cost seg done the prior year?" –This is a common strategy, there's nothing wrong with that - you want to at least rent it once in year one as a STR."If I claim bonus depreciation on my rental property, do I need to return or reverse it when I sell the property? What happens with bonus depreciation when I sell a rental property, or I necessarily have it in current?” - It depends on the transaction. If you sell a property then you have to have gain. If you don't have gain on the sell, there is no depreciation recapture.Resources:Get Your Free Emergency Binder
https://andersonadvisors.com/emergency-binder/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=what-is-the-best-tax-efficient-way-to-purchase-an-existing-business
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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In this episode, Toby Mathis, Esq. chats with Jeffrey Cottle, Esq., Senior Attorney at Anderson Business Advisors, about the world of house flipping, with a focus on how to handle the tax implications. It emphasizes the importance of avoiding "dealer" status with the IRS and explores strategies like asset protection. Toby and Jeff discuss limitations placed on frequent flippers and analyze the pros and cons of different business structures like LLCs, C-Corps, and S-Corps. It concludes by examining the most common scenarios Jeff encounters at Anderson Advisors when working with house flippers.
Highlights/Topics:Jeff Cottle introFlipping all comes down to ‘intent’ with the IRSAvoid “dealer” status, and consider asset protection when flipping1031 exchanges, installment sales are not available to dealersFlipping risks increase with each new property you purchasePros and cons to LLCs, C-Corps, S-CorpsWhat is the “typical” scenario Jeff sees for flippers?Send us your questions and ideas for future show topics!Resources:Schedule Your FREE Strategy Session
https://andersonadvisors.com/ss/?utm_source=aba&utm_medium=podcast&utm_content=how-to-structure-your-real-estate-flipping
Jeffrey Cottle LinkedIn
https://www.linkedin.com/in/jeffrey-cottle-019a75a2/
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
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In this episode, Toby Mathis, Esq., and Eliot Thomas, Esq., bring more of their tax knowledge to the masses, answering questions on HSA contributions, employing your children in your business, and keeping your assets in a self-directed IRA. Be sure to check out our FREE virtual events happening this month. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:"For an LLC that opted to be taxed as an escort is it better to not just. the profits and let retained earnings grow on the balance sheet and invest retained earnings in stocks or other investments in the name of the LLC? - the profits are automatically going to come down to hit your return. You're going to have to pay tax on those"I am considering signing up with Anderson and contemplating having you amend the last three years as I don't think my CPAs or TurboTax gave me all the write-offs that I was eligible for as a real estate investor.I think I may qualify for a greater return, but also don't want to automatically trigger an audit. - the “triggering an audit” that's, I think, a really common scare tactic that's out there…amending is not going to create an audit."Can I continue funding an HSA account if I am no longer employed by the company that offered it but still have the account? Does it make sense to place it into a HSA investment account? - You certainly can continue with that HSA. Even if it's an employer-sponsored HSA, it is the employee's property, should they choose to leave."I have a K1 that will be late from the sale of an apartment complex in Georgia. I am a married filing separately tax payer. I will do an extension but still have to pay tax in April How do I know how much to pay without the K1? I Went through a similar sale last tax season and had to pay a late fee due to the late K-1. I'd like to avoid that again.- There is a safe harbor. If you've paid in at least 90 % of what will be due during your time period before April 15th,"What are the benefits of having children as employees? Are there education expenses eligible for payment by the company? - if kids are paid underneath the standard deduction for that particular year, then there's no federal income tax on it. There are many benefits to shifting income to your children."If we live in our rental house for two of the prior five years to avoid full taxation on capital gain, take advantage of the $500,000 exemption for married joint-filing, can the remaining amount that we, remaining amount we will pay in taxes be offset? Can the remaining amount we will pay in taxes be offset by losses in our other rental properties? Capital if we qualify as real estate professionals during the year for filing. For example, if we purchase another property, and cost seg it, can those potential deductions be used to offset the taxes paid on the primary residence sale? - As long as they're in there for two of the last five years, they are eligible for ownership and use."How long do I need to have a property in service to rent to be able to deduct bonus depreciation from a cost segregation study? - you want to be reasonable, probably a reasonable amount of time, but if it was available for rent. That's it!"My asset is in a self-directed IRA, so when you see SDR at IRA, that means self-directed. I am assuming if I sell it, the money is considered income and I'm taxed on it like any other income. Also, if I use the money from the sale of that property for the purchase of a different property, not kept in the self-directed IRA, can I avoid taxes? What is your suggestion in this type of situation? - there's a whole lot of misconception going on in this question. So no, we are not taxed on it like any other income. It's quite the opposite."Just started an ink taxes as C Corp What is an accountable plan? Is it something I need to join before I can get the benefit of it? Can any reimbursement be an expense with my personal name and get reimbursement like health dental vision cell phone, etc Do I need to have my cell phone account in the business name? - an accountable plan just means reimbursement. It's a fancy IRS term."Does the assignment of beneficial interest in a land trust count as an installment sale for tax purposes? Who's responsible for the property taxes in such a transaction? - another one with some misunderstanding here.Resources:Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=can-i-contribute-to-my-health-savings-account-after-leaving-my-employer
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Today Toby Mathis, Esq. speaks with Karim Hanafy, Esq., Anderson’s non-profit expert, about the top ten types of non-profits you can form to access tax benefits for your charitable activities. These range from familiar causes like humanitarian aid (both domestic and international) to education (including scholarships) and even combating social issues through activities and therapy animals. Research, veteran/elderly assistance, and various housing needs rank high, as well as animal welfare, environmental causes, and empowering communities. Finally, the importance of supporting other nonprofits, regardless of their specific cause, is also an option.
Highlights/Topics:Karim’s background/expertise in non-profitsTop ten types of nonprofitsHumanitarian relief - domestic/international - food, clothing, shelter, medical care, housingEducation and scholarships- trade schools etc.Activities to combat obesity, depression, and isolation - social and outdoor activities, therapeutic animalsResearch - medical and financial supportAssistance for veterans and the elderly- medical, counseling, jobs, housingHousing - this used to be number one - recovery from abuse, elderly, vets, under-resourcedAnimals - sanctuaries, animal therapy programsMiscellaneous - pollution, ministries, waste reduction, empowering the underserved, disaster reliefInternational giving - orphanages, food, clothing, shelter, animal sanctuaries, clean waterSupporting any of the above activities, or supporting other organizations that provide the previous supportResources:Email Our Team To Get Your Nonprofit Started
Schedule Your Free Strategy Session
Tax and Asset Protection Events
Anderson Advisors
Anderson Advisors Podcast
Toby Mathis YouTube
Clint Coons YouTube
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Welcome to episode #214 of the Anderson Business Advisors podcast. Today, experts Toby Mathis, Esq., and Eliot Thomas, Esq., explain tax strategies for common questions concerning how to write off business travel that includes personal days (hint: business days have to be more than 50% of your trip), how and when you can qualify as a real estate professional, investing in real estate from your investment accounts, and some of the helpful tax benefits of creating and using a Health Savings Account. Submit your tax question to [email protected]/Topics:
"Can I deduct travel expenses to rehab rent rentals that are in other states than my primary residence?" - Yes, but you have to spend more days doing work (more than 50%) than personal days."If we convert our traditional IRA to a Roth IRA with the same provider, do we have to file any forms with the tax return or otherwise? If so, what forms?" - You’ll receive a 1099R - the converted amount is taxable."Do we have to make the REPS election every year? And how do we make the election?" – That's real estate professional status. Does one spouse qualify? Is he/she spending 750+ hours on the business?"Last year we neglected to register as real estate professionals. We ended up owing a substantial amount in taxes. Can we register as real estate professionals this year and carry over the expenses that were disallowed for 2022 and 2023?" –in '23, if we make the status and we, the real estate professional status and we aggregated, we got everything done properly in return, it's not gonna help us. for those prior losses."For Augusta rule payments, what documentation is required beyond meeting minutes? Do I just write myself a check? Should Augusta rule go in the memo? Do I need to send myself an invoice? I am the owner and employee of an S-corporation?" – You always want to send an invoice. I would recommend it. You want to have that paper trail."Can investment income be used to fund a health savings account? The deductibles are so high. We are always paying out of pocket." - So you don't need any type of specific income to fund an HSA health savings account. Limits for 2023 are 7750 for a family, 3850 for an individual."I plan to buy a rental property using my 401(k). I'm 65 and set up my solo 401(k) for rollover. My question is, if I convert to a Roth 401(k) and purchase the rental, does the rental income and future equity gain become tax-free?" – Yes, it does, that's a quick answer."Should I have my rental income funneled into an LLC, business, or corporation to save money in taxes?" - how is it taxed? And it can be what we call disregarded, which means it's taxed. Could be a partnership, could be an S corp, could be a C corporation, and all those have different answers."What are the tax and legal benefits of making an owner loan to my LLC rather than capital contributions?" - just like the last question, how is that LLC taxed? We would do something different, perhaps if it was a disregarded entity or partnership versus an S -corp or a C -corp. They can all have different outcomes depending on how we do it."Can you write off 100% of your trip to Las Vegas all expenses? I'm a realtor licensed in both Nevada and California. Any other tax deductions?" - You're going to have to qualify it as business travel. That means more days of business than anything else…Resources:
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=write-off-travel-expenses
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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In this episode, Toby Mathis, Esq. chats with fellow attorney John Anderson, Esq. of Anderson Business Advisors about the pros and cons of establishing trusts in Nevada. The discussion digs into Nevada trusts' specific functions and benefits, including the "seasoning period" and the role of trustees. Toby and John explore how a third-party trustee can offer protection, methods for withdrawing funds, and the power of appointment in Nevada trusts. Additionally, they touch upon safeguarding your home with a trust, using a trust for essential expenses, and the potential risks of insolvency and bankruptcy. The conversation highlights the likelihood of lawsuits settling against a Nevada trust while acknowledging the absence of tax advantages.
Highlights/Topics:Trusts - to revocable or irrevocable?Advantages to setting up trusts in Nevada and South DakotaThe “seasoning” periodTrustees and their functions in these statesProtection through a third-party trusteeFiling taxes and withdrawing money - Nevada trustsPower of appointmentProtecting your home with a Nevada trustUsing an asset protection trust to pay for essentialsRisks of voluntary insolvency and bankruptcyMost lawsuits will choose to settle against a Nevada trustTax advantages - there aren’t manyPro-rata vs. non-pro-rataA high-profile divorce case with a Nevada trust, and the outcomeNot subject to the Corporate Transparency ActSetting up a Nevada trust, statute of limitationsResources:Email John Anderson for a consult
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors on YouTube
https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-form-a-nevada-asset-protection-trust
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
Anderson Advisors
https://andersonadvisors.com/
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Clint Coons, Esq. and Greg Helbeck from Velocity Home Buyers tear down the facade that wholesaling is a no-risk investment, exposing the legal snares and fiscal sinkholes that might just catch you off-guard. Hear about Greg's near-miss disaster when a contracted property burned to the ground, a story that underscores the need for bulletproof business strategies to safeguard your ventures against the unpredictable foibles of real estate.Lastly, we traverse the digital landscape of virtual real estate, covering the essentials for managing sales and renovations without once stepping foot on the property. There's a treasure trove of insights on direct mail marketing too, proving the worth of printed marketing in a world enamored with digital solutions. Whether you're looking to hone your marketing tactics or fine-tune your remote investment strategies, this episode is a vault of expertise for any wholesaler eager to secure a fortune in the ever-evolving real estate market.
Highlights/Topics:What is wholesaling and why is it so appealing?Greg’s hair-raising wholesale tale of woeStructuring deals through an LLCOther risks in real estate contractsWholesaling across state linesMotivation behind seller's decisionDirect mail marketing strategies for successSuccess through uncomfortable actionsResources:Greg on IG
https://www.instagram.com/grego_37/
Velocity House Buyers
https://www.velocityhousebuyers.com/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-wholesale-real-estate
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Podcast
https://andersonadvisors.com/podcast/
Clint Coons YouTube
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
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Clint Coons, Esq. speaks with Kenji and Letizia Alto, who are both MDs and founders of Semi-Retired MD. They share their journey from being high-income physicians to achieving financial freedom through real estate investing. The episode delves into the mindset shifts required to excel in the property market, overcoming common obstacles, and utilizing strategic tax benefits. The couple also introduces their new fable-like book, contrasting the financial paths of two couples. You’ll hear about building a strong investment team, identifying hidden equity, and leveraging techniques like cash-out refinancing and 1031 exchanges to maximize returns and accelerate the journey toward financial independence.
Highlights/Topics:Kenji and Leti's journey from physicians to real estate investorsMindset shifts essential for real estate success and tax reductionIntroduction to Kenji and Leti's bookOvercoming fears and hurdles in out-of-state multifamily investmentsBuilding a strong team for informed decision-making in real estateHidden equity and trusting instincts for better returnsReal estate for significant tax benefits and wealth growthProfiting from real estate through various streams like cash flow“Lazy equity” via cash-out refinancing and 1031 exchangesFast FIRE concept for accelerated financial independenceResources for high-income earners Resources:Book: Life on Your Terms
https://www.amazon.com/Life-Your-Terms-Investments-Themselves/dp/154453096X
Podcast - Rich Doc Poor Doc
https://podcasts.apple.com/us/podcast/rich-doc-poor-doc/id1506849313
Semi Retired MD FB
https://www.facebook.com/semiretiredmd/
Semi Retired YT
https://www.youtube.com/channel/UCibjmeDUNn568Egl5TppnPg
Semi Retired IG
https://www.instagram.com/semiretiredmd/?hl=en
Semi Retired Website
https://semiretiredmd.com/
Semi-Retired MD LinkedIn
https://www.linkedin.com/company/semi-retired-md/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=investing-in-cashflowing-rentals
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors Podcast
https://andersonadvisors.com/podcast/
Clint Coons YouTube
https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w
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Today, experts Toby Mathis, Esq., and Elliot Thomas, Esq., explain valuable tax strategies for real estate investors, traders, and various income earners. You’ll hear about the optimal tax classifications for short-term rentals, using retirement funds for real estate investment, and the transition from W-2 to 1099 income for tax benefits. Additionally, Eliot and Toby discuss maximizing deductions through trading partnerships, the benefits of Health Savings Accounts, vehicle write-offs, and home office deductions. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:Is short -term Airbnb and VRBO (short term rentals) under Schedule C or Schedule E? - if it’s just bare oversight management, etc. That might put it on Schedule E. Schedule C is if you have more substantive activity you're putting into it.I was told I could use my company assets of 401k to loan money to buy real estate investment. Is that true? If so, how? - its true, one is allowed to take a loan out by law, if your plan allows for it. If you don’t pay it back it becomes taxable income.How how can I position my child's college tuition as a business expense? - let's say your child's handling the bookkeeping for your corporation, and they're taking accounting classes, then you can deduct the classes related to what that child's already doing in the corporation.What percentage of gains do I need to pay tax on if I trade for it, if I trade forex and if I put money into a holding LLC? Can I minimize it? - often it's gonna be section 1256, and You get a treat 60% as a long-term capital gain, and the other 40% is gonna be short-term capital gains, which means you're at your ordinary tax bracket rates.How do I deduct expenses if I have a W2 and a 1099? - generally speaking, on a W-2, there's nothing you can deduct business-wise against. If you had expenses that you incurred in order to get your W-2 income, they took that section away with the Tax Cut and Jobs Act back in 17.I just started my small business of being a mortgage broker. I own a single family rental about an hour from my house. Can I take a tax deduction for mileage expenses if I use my vehicle for both businesses? What about taking deduction on one car for mortgage and take deductions on the other car for the rental property? - We're going to recommend your vehicles be titled in your personal name. Usually we're going to deduct that mileage.If I purchased a property to rent it and I have it as an Airbnb and I did a lot of work in 2023, can I claim all the expenses for 2023 tax year, even if the house was not rented at all in 2023 because of work is estimated to be complete in quarter one of 2024. - You can in 2024, but we can't go back to ‘23, when the expenses were incurred, because it wasn't placed in service yet.Can I make charitable contributions from my business LLC income and take it as a business tax deduction? Due to the standard deduction, I can't deduct them from my personal return. - If it's a C corporation, then the C corporation can deduct up to 10% of its net income. Used to be 25% during the CARES Act but they've moved it back to the traditional 10% of your net incomeStarted regular 15-year depreciation for capital improvement of rental property in 2021, didn't know any better. I switched to bonus depreciation and claimed the remaining amount in 2023. Are any home improvement projects tax deductible? - At its base level, no. But if you happen to have a home office, and you have a C corporation or an S corporation, then any your home improvement projects, yes, they will be deductible in the sense that if it's directly related to the officeResources:Free Emergency Estate Planning Kit
https://aba.link/nzj
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-report-income-from-a-short-term-rental-property
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Have you ever wondered how flipping the script on profit can revolutionize your business? Mike Michalowicz joins Toby Mathis, Esq., to dissect his innovative 'Profit First' formula, a game-changer for entrepreneurs swimming against the tide of traditional financial management. Mike, the sage behind several seminal business books, engages in a no-holds-barred discussion about the essentials of a prospering business—prioritizing profit, pinpointing pressing needs, and strategies for organic growth. You’ll also hear the details of Toby’s own multi-million-dollar tumble and the invaluable lessons that journey taught me, all of which dovetail with Mike's profound insights.
Highlights/Topics:Mike intro and backgroundBooks by the guest and their basic messagePast failures, “face plants,” losing millionsCompetitive advantages in today’s marketCamps in the sports industry - employers should take noteHome Depot’s employment recruiting ‘camps’Examples of offering education for recruitmentWhat is ‘collective psychological ownership’?Using these techniques as an employeeCompany culture- diversity builds communityResources:All In by Mike
https://allinbymike.com/
Mike Michalowicz Bio
https://mikemichalowicz.com/bio/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=profit-first-and-beyond
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
Anderson Advisors
https://andersonadvisors.com/
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This episode of Tax Tuesday, Toby Mathis, Esq., and Eliot Thomas, Esq., cover topics including paying your children from your business, when you can write off meals as “business” - (hint: it all comes down to ‘intent’), and how often you should meet with your CPA. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:"Does my S-corporation where I am the sole owner and sole employee have to issue a 1099 to me as an individual?" - In general, you're S-corporation, you're an employee, so you would get a W-2. It's what we call reasonable income."If my husband and I, both shareholders of our C-corp, discuss business over dinner, are we able to be reimbursed for our meals? Is there a list of reimbursable expenses for employees/owners of C-corps that is easier to read than the tax code?" - If the intent was to talk about business, then generally speaking, you can deduct it"Can I sell my solo 401(k) held property, do a 1031 into another investment, and then buy the property back with an LLC?" - first of all, we wouldn't have a 1031 going on with a solo 401(k). We don't have deductions, we just have cash in cash out with our retirement plans."How are taxes handled differently with capital assets versus repairs, maintenance, and labor of rental properties?" - Every time you lay out cash for one of these repairs or labor, that's going to be an immediate deduction for the full amount."How do I get tax benefits from paying my children for doing work in the business?" - basically you can just pay them out whatever entity you have."Are the costs of education specifically related to starting a business deductible, specifically paid webinars or courses taken online. I've read that they are, but apparently many say they are not. Is there some special way to categorize them so that they are deductible?" – If its in a C-corporation or an LLC taxed as a C-corp, we're allowed to deduct the training as training our employees, which you would be an employee of."I recently purchased a small camper trailer to rent out, my camper rental side hustle per se. "Does this type of rental count as an STR, short term rental, as far as taxes are concerned? Some suggest filing Schedule C while others say Schedule E might be more appropriate. We are not going to use this camper personally. It is for rentals." - If you rent it for 14 days or less, you don't have to report it. It's covered under 280A subsection G2. If you rent it for more than 14 days, it is an investment property."If I put my rental properties into an LLC, do I have to file both personal taxes and business taxes?" - how is that LLC taxed? It can be a sole proprietorship. It can be a partnership if we had another member, two or more members. It could be an S-corp, could be a C-corp. All those make a difference."How often should I be meeting with my CPA a year?" - I'm going to really recommend having quarterly meetings with your CPA just to make sure everything's on track."Can I file my taxes for my LLC as a corporation to get a lower tax percentage? I run short term rentals. I host short term rentals for other owners. I also run short term rentals in the properties I own. I have an S-corp with my husband and I work from home. My accountant said, I cannot deduct my home office expens - we never want to put appreciable real estate into a corporation, S or C, if we're holding onto it for a long time."Can someone file their taxes through your company?" - Yes, you can. You have to be a tax clientResources:Request a Free Cost Segregation Study
https://andersonadvisors.com/CSA/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=are-educational-courses-tax-deductible
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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This episode of Tax Tuesday with Toby and Eliot is brimming with strategies to supercharge your financial savvy. From unlocking the mysteries of deductions and depreciation to turning real estate activities into a tax-saving powerhouse, we dissect the fine print of the tax code and transform it into actionable advice. The episode covers various topics including handling missed 1099 deadlines, gifting to clients and its tax implications, maximizing deductions, the benefits of cost segregation studies, combining short and long-term rentals for tax advantages, and the intricacies of aircraft depreciation for a flight instructing business. Remember, knowledge is power, especially when it comes to dealing with Uncle Sam. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:Do I have to get a 1099 to every sub who worked on a single family home we are rehabbing? Do I have to send a 1099 to them? And if we do have to get 1099s to parties, I'm assuming we have to get a W-9 from them first? - the duty to send a 1099 is when you pay $600 or more to a contractor.Hi, I am new to setting up a business for real estate investing. My taxes will be startup and training fees. At what percent can I expect there to be write-offs to the business? – If it's a business expense, you'll be able to deduct 100% of that expense.I hadn't claimed depreciation in earlier years, thinking that I wouldn't have to have my basis reduced in the future sale. Is there a way to claim those earlier years that it hadn't been taken, or did my 27 years just begin when I started taking it? - form 3115 can catch all that depreciation back up.Is it too late to do a tax seg on a previously purchased rental property for tax year 2023? And what would be the advantages of doing it for 2023 versus 2024? - It can be done all the way up to the time your return is due the next year with extension.How can I use real estate profits to pay for kids’ college without paying taxes? - If it's in an entity, an LLC, just pay them directly from that business.Are gifts to clients, vendors, employees, and members tax deductible,” “If yes, what is the threshold that we can spend on gifts? - it's such a horrible rule. People really don't believe me when I say it's a $25 limit, and yet that's what it is.My tax preparer died a few years ago." "I have not been able to find someone to help me with my taxes. Can I file 2023 before I file 2021 and 2022? Or do I have to file their tax returns in order? - There's no rule out there that you have to do this return or that return.Can you aggregate short-term rentals and long-term rentals together in your portfolio to meet material participation requirements for REPS? - as they are, no, they're two different things. A short-term rental is a different type of business. It's actually not a rental activity, it's just a trade or business.Our LLC installed a $84,000 solar system on a rental property in 2023. Can we take the 30% energy tax credit and deduct the entire 59,976 basis? 84,000 minus 50% of the 30% in 2023 using bonus depreciation. - Quick answer, yes. I did check, $25,200 is correct at 30%Started a small flight instructing business in 2023 and purchased a plane in 1223 Finance. What depreciation options are there, and what would be the best approach if the income stream will not begin until 6/24? - It'd be a 2023 asset, and you can do the bonus depreciation we've talked about.Resources:Request a Free Cost Segregation Study
https://andersonadvisors.com/CSA/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=are-gifts-to-clients-and-employees-tax-deductible
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Welcome back to another engaging session of Tax Tuesday from Anderson Business Advisors, where your pressing tax queries meet expert insights! In this episode, host Toby Mathis, Esq., welcomes regular guest Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors. This week, we explore the benefits of strategic corporate partnerships in investments, the allure of residential assisted living businesses, and the unique tax considerations for collectibles like wine. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
If I purchase a vehicle in 2023, primarily for my business, is there a percentage I have to use for business versus per personal to deduct the amount I paid for I paid cash. and how will that affect other depreciation and such for my business? I guess I'm asking what is the best way to deduct this? -the better solution for our clients is often using just a standard mileage reimbursement and that or deduction in the case of a sole proprietorship.With bonus depreciation being reduced to 40% next year and 20% the year after that, then ending in 2027, what are the alternatives for investors who have been using bonus depreciation through real estate purchases to reduce taxable income? - the first step before you get there is you're doing cost segregation.I have an LLC C Corp with an accountable plan including medical reimbursements good. I have a high deductible insurance plan and an HSA better. Would it make sense to use the medical reimbursement from the C Corp for uncovered medical expenses instead of paying With the HSA, letting the HSA continue to grow? - So the simple, direct answer is yes and yes, you can do that. You can have the medical reimbursement and an HSA.I have owned a residence for 10 years. I lived in it for the first year and then rented it out. We have recently moved back into it and want to live there for at least two years so as not to pay tax when we sell it. I will potentially profit about 350,000 and am married. Is this a wise action of 76 years old? I plan on moving into our other rental at that time and perhaps selling it after two years there. - Remember you did rent it out for nine years. You had depreciation and if you didn't take depreciation you will be treated by the tax code as if you did.I am a real estate professional and bought many real estate homes the rental homes from 2018 to 2022. My account and encouraged me not to use my real estate professional status to depreciate faster. Now I regret it. Should I just do amended returns? I paid a lot of taxes that I could have avoided in those years. - There's a form 3115 and that has to be done on a timely file original return. So we can't amend and go back and do that. But what we can do is go back and look at the related cost segregationsI have a partnership set up with my stock trading management company. Does it still make sense to distribute income to my trading management company, structured as a C-corp, for taxes if most of my trading gains this year will actually be long-term capital gains and therefore would actually be taxed at a lower rate than the corporate rate? - we don't know specifically with your situation, but more than likely there's still benefit to doing so.How do you determine the best structure for a residential assisted living business that will be located in Florida and Georgia, buying the home and running it to the business? –if we had the business and it owned the home, you always run the risk of having someone like me being in that business and I sue you and I take the whole thing. I take the house and the business. So we separate.What are the tax implications of investing in wine? This is for clint. Yeah, that's going to say it doesn't count if you drink at all. Right, all right. For example, like using a platform like vino vest, I made 20-something percent last year in my whiskey, yes, and I don't even drink much. Is One able to write off losses from the sale of wine or offset these losses against taxes owed? Any sort of tax loss harvesting way interesting. - this is a 28% bracket and it's called collectibles. This is gonna be your art, your fine alcohols and things like that, and so there actually is a unique category of capital gains for this…Is there a difference between filing taxes with an October deadline Versus an April deadline? If yes, what are the advantages or disadvantages of each? -we are always gonna recommend that you extend, and that would extend your April deadline out to October. Gives you more time to clearly see what's going on and it gives you more time to get all things properly put into place.Resources:
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-structure-a-residential-assisted-living-business
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons YouTube
https://www.youtube.com/@ClintCoons
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Join Toby Mathis, Esq., as he speaks with international tax expert Jimmy Sexton, LLM., the Founder & CEO of Esquire Group, about unraveling the enigma of offshore banking and its impact on US taxpayers. Despite popular belief, Jimmy reveals that the era of offshore banking providing substantial tax benefits is over, with the true perks lying elsewhere such as asset protection and market access. We navigate through the murky waters of tax evasion myths and scrutinize how various income structures, including disregarded and taxable entities, bear on one's tax obligations. Moreover, Jimmy illuminates the effects of the GILTI and Subpart F tax regimes on foreign company profits, stressing the importance of understanding the intricate US tax code to avoid hefty penalties and ensure compliance.
Highlights/Topics:Offshore banking myths vs. reality for US taxpayersTax advantages from asset protection, not tax savingsMisconceptions about offshore tax evasionImplications of GILTI and Subpart F tax regimesComplexities of international business operationsBenefits of Foreign-Derived Intangible Income (FDII)Major corporations adapting to tax law changes- Google and AmazonTax reforms encourage repatriation and competitivenessSevere penalties for non-compliance with FBAR regulationsCompliance demands of offshore structures versus domesticCorporate Transparency Act and international standardsResources:Esquire Group
http://www.esquiregroup.com/
Email the Esquire Group
Call the Esquire Team: UAE: +971 4 517 8458 | US: +1 480 525 4829
Learn Next Level Passive Income Strategies Through Real Estate Investing
https://infinityinvesting.com/infinity-investing-workshops/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-do-offshore-corporations-and-trusts-work-in-the-us
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
Anderson Advisors
https://andersonadvisors.com/
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Ever wonder how cryptocurrencies and real estate investments play together in the sandbox of taxation? Or how to pay your family members through your business in a way that could benefit everyone's wallet? We've got answers to these questions and more. Welcome to another episode of Tax Tuesday, where tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, and CFO of Anderson Business Advisors share their expert advice. This episode delves into the nuances of crypto transactions and the impact on your tax bill, along with a deep dive into payroll complexities that could save you a headache—or better yet, a hefty fine. Plus, we discuss why paying children through your business isn't just a clever maneuver; it's a strategic move that could pave the way to a tax-free goldmine.
Submit your tax question to taxtuesday@andersonadvisors, and check out our new “knowledge room” available to Platinum members, from 9a-2p daily.
Highlights/Topics: I owned a condo for the last 28 years and depreciated it down to zero. In January this year I sold the condo to the renter and installment sale. For the next 10 years, I'll receive monthly payments, with a balloon payment at the end of 10 years. My question is as follows Do I have to recapture the depreciation and pay tax on it? Am I too late to do a 1031 exchange at this time? - If you’ve already sold it, it’s too late. 1031s do not work well with installment plans.What would be the best way to sell a small business and limit as much as possible the tax implications? - a stock sale is best, but almost no one will go for that….When are crypto earnings taxed?- When you sell it, you pay capital gains tax on the difference between your buy and sell.What activities classify for the 750 hours? Does training, traveling, searching for properties? - It's going to be real estate activities in your real estate business. Training, traveling, and searching for properties is “investor” activityI self-manage a single short-term rental that I own. I want to pay my kid, who is 16 years old, for doing legit work for the Airbnb at a reasonable rate. Do I just write them a check every month based on the hours they log, or do I have to hire a payroll company to issue them a check? I do not have any other employees. If I don't hire a payroll company, how do I issue them a W2 form? - you really should hire a payroll company, if you 1099 them, they will have to pay tax.I'm planning to start lending money to real estate investors. Other private money lenders I know do their lending businesses through an S-Corp. I currently don't have an LLC or an S-Corp for lending. I have a Wyoming Hold LLC that I opened to use for real estate investing. Which would you advise is best for private money lender an LLC, an S-Corp, any other, and why? - Do not do it through your Wyoming LLC. I like the S corporation rather than the LLC…I have a 50-50 partnership with a friend and we own two short-term rentals together. Each of us is maturely participating in one short-term rental each. Is there a way to take full cost-seg advantage against our respective W-2s or can we only take 50% of one property against your W-2 and the other person? It will go to the passive bucket and vice versa for the other property. - Couldn't we both get that deduction? Yeah, you probably could if we go back to the aspect that it's a trade or businessI am a W-2 earner. Can I save taxes if I buy a long-term rental? - Probably not. Probably not at this time. Unless you’re a real estate agent.I'm getting a lot of pushback against cost segregation from my accountants. They say that it could trigger personal property issues in Maryland and that the cost of the study is prohibitive. - So what? The personal property taxes and most states is based on The Advalorium they call it. It's based on the current value. They usually have depreciation schedules of their own and it's not that much property tax.Resources:Infinity Investing
https://infinityinvesting.com/
Email us at Tax Tuesday
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=when-are-crypto-earnings-taxed
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons Youtube
https://www.youtube.com/@ClintCoons
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In this episode, Toby Mathis, Esq, of Anderson Business Advisors welcomes Jen and Stacy Conkey, the founders of Remote Multifamily Investing Academy.As the visionaries behind the Remote Multifamily Investing Academy™, Jen and Stacy have disrupted the status quo. They've developed the #1 Multifamily Academy for scaling in multifamily real estate, emphasizing the underestimated power of joint ventures before diving into larger syndications. With Jen & Stacy, you're not just getting advice; you're getting a transformative experience. They're not just knowledgeable; they're relatable, enthusiastic, and ready to make a real impact.
Highlights/Topics:Three important roles to make a teamFinding the role that appeals to you, joining a teamThe state of multi-family right nowInterest rates and the economyWhat to look for when underwritingCash flow and property valuesSeller financingOvercoming mental blockages- the arrow-breaking experienceFavorite success storiesBuild your wealth in multifamily first!Resources:Remote MultiFamily Investing Academy
https://rmfiacademy.com/training-library/
RMFIA Training Library
https://rmfiacademy.com/training-library/
RMFIA Before you book
https://www.remfia.com/before-you-book-a-call
RMFIA Classes
https://bit.ly/jenandstacy
Learn Next Level Passive Income Strategies Through Real Estate Investing
https://infinityinvesting.com/infinity-investing-workshops/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=10-ways-to-reap-huge-benefits-from-a%20-501(c)(3)
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
Anderson Advisors
https://andersonadvisors.com/
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Welcome to our last Tax Tuesday for 2023, where tax experts Eliot Thomas, Esq., Manager of Tax Advisors at Anderson, and returning guest Jeff Webb, CPA, CFO of Anderson Business Advisors share their expert advice on topics like crypto taxes, reimbursement for moving expenses if you’re in the military, and investing in real estate with your IRA. You’ll hear how to protect yourself when flipping houses, by creating the right kind of entity to hold those properties. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:"How can training costs including travel be tax deductible? If we got some costs regarding starting up our corporation, maybe some education or something like that, can we deduct it? If so, how?" - training costs can be deductible in certain cases."We've been engaged two years. I want to get married in July of 2024. I make $85,000 a year, and he makes $120,000 with W-2 jobs. I'm wanting to become a real estate professional next year and make income from my for-rentals. Am I able to keep more of his income if we file jointly after we're married? What type of strategy would help him keep more of his money?" - There’s a lot that can be done here - retirement plans, S-corp, hiring your spouse, etc."Once the purchase of a property is finalized, should cost seg study process be started immediately after? And can you double dip the cost segregation process, meaning before and after upgrades/repairs?" - If I am not a real estate professional. If I do a cost seg, I might just be creating a giant passive loss that I can't use…"Does depreciation taken from a syndication have to be paid back when the property is sold?" - You will receive a K-1 from the partnership that is a syndication, and it will show your gain on the property. Yes, you’re going to have to recapture."Are there advantages of investing in trading securities, stocks, bonds, commodities, futures, et cetera, in an entity account rather than in an individual account? Any kind of benefits, maybe setting up certain structures for that?" – There is, and it primarily comes from income shifting."How do we do real estate investing if we have an IRA fund?" - You can invest, but you cannot be involved in any way in the running of that property"When are crypto earnings taxed?" - It depends on where the income is coming from."As a member of the armed forces, are my travel expenses from overseas location back to my property location stateside tax deductible? If we're doing some traveling there, we're in the armed forces, what can we do as far as any deductions if possible?" - If you have overseas travel on a change station, make sure you're seeing an accountant to do your taxes that knows what the heck he's talking about and what you're doing."Is it better to have a separate entity for flipping, such as an LLC or corporation, or should I report it as an individual?" - do not flip in your own name. There’s plenty that can go wrong…"I am a new real estate agent. Does the time I spend searching for a property in my local market, including travel time, and my family count towards the 750 hours needed to qualify for rep status, even if we end up not buying the property this year?" - first of all, we can't use travel time usually as far as rep status."Is it possible, feasible, or legal to incorporate yourself and transfer all your assets to the new company while also deducting expenses used to support the new business, in other words, yourself?" - No, you can't make your personal expenses into business expenses. The real answer is just a flat-out no.Resources:Infinity Investing
https://infinityinvesting.com/
Email us at Tax Tuesday
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-select-the-best-entity-for-flipping-houses
Anderson Advisors
https://andersonadvisors.com/
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Clint Coons Youtube
https://www.youtube.com/@ClintCoons
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In this episode, Toby Mathis, Esq, of Anderson Business Advisors welcomes Karim Hanafy, Esq., head of Anderson Business Advisors’ Non-Profit Division. Karim and Toby will go over ten benefits of either donating to, or setting up your own 501(c)(3). From donor-advised funds to public vs. private foundations, Toby and Karim explain all the pros and cons.
Karim is a nonprofit attorney with over 20 years of experience forming nonprofit organizations, obtaining 501(c)(3) tax-exempt status, advising with ongoing compliance, and assisting with annual tax reporting. Karim previously worked in the Tax Exempt Division at the IRS, and he uses his IRS experience to advise nonprofit organizations on the application process and ongoing compliance.
Highlights/Topics:End-of-year tax reductions by donating to charitiesSetting up your own 501(c)(3) can be your legacyGiving through a donor-advised fund with Vanguard, Schwab, Fidelity, etc.Tax benefits of donating to a public charityCash, appreciated assets, public and private foundationsTax deductible items, time, travel, and expenses paid on behalf of a non-profitGoFundMe donations and tax deductibilityManaging and controlling the spending of your own 501(c)(3)Timing of tax benefits for contributionsPublic charity vs. private foundationContact Anderson Business Advisors or come to our Non-Profit WorkshopsResources:Karim Hanafy LinkedIn
https://www.linkedin.com/in/karim-hanafy-3561b71b0/
Start Your Non-Profit in 45 Minutes with Anderson Business Advisors
https://andersonadvisors.com/nonprofit-501c3/
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=10-ways-to-reap-huge-benefits-from-a%20-501(c)(3)
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
Anderson Advisors
https://andersonadvisors.com/
- Visa fler
