Tax Tuesday with Toby Mathis 10-13-20
1 hr 15 min

In case you missed it, Oct. 15 was another tax deadline. However, you still have some time to decide who you want to vote for in the upcoming presidential election: Donald Trump or Joe Biden? Toby Mathis of Anderson Advisors answers your tax questions about the impact of their proposed tax plans. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

  • What are the differences between Donald Trump’s and Joe Biden’s proposed tax plans?
    • Individual Rates: Trump to lower-middle rates; Biden to increase top-bracket rates
    • Corporate Rates: Trump wants 21%; Biden wants 28%
    • Dividends: Trump wants 0, 15, 23.8%; Biden wants 0, 15, 23.8, 43.4%
    • Credits: Biden wants to increase child credits to give families more money
    • Payroll Taxes: Trump to forgive OADSI; Biden to add OADSI
    • Estate Taxes: Trump to keep TCJA; Biden to expire it with no step up
    • Itemized Deductions: Trump to remove miscellaneous itemized deductions; Biden to reset deductions and add SALT
  • What are actions that you may want to take in 2020/2021 considering Trump’s vs. Biden’s proposed tax plans?
    • Gain Harvesting
    • Roth Conversion
    • 100% AGI
    • Carryforward NOLs
    • Wait on Harvesting Losses
    • Gifting

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Resources:

Tax Toolbox (Only $595, Regularly $1,500)

http://aba.link/taxtoolbox

Tax Cuts and Jobs Act (TCJA)

https://www.irs.gov/tax-reform

Old Age and Disability Survivor’s Insurance (OADSI)

https://www.investopedia.com/terms/o/oasdi.asp

State and Local Tax (SALT) Limitation

https://www.efile.com/state-and-local-tax-deduction-salt/

Section 1231

https://www.investopedia.com/terms/s/section-1231.asp

26 U.S. Code Section 121

http://www.irs.gov/pub/irs-drop/rr-14-02.pdf

Individual Retirement Arrangements (IRAs)

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

Traditional and Roth IRAs

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

Real Estate Professional Requirements

https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

Credits and Deductions

https://www.irs.gov/credits-deductions-for-individuals

1031 Exchange

https://www.irs.gov/pub/irs-news/fs-08-18.pdf

Form W-2

https://www.irs.gov/forms-pubs/about-form-w-2

Wills and Trusts

https://andersonadvisors.com/living_trusts/

Self-Employment Tax

https://www.irs.gov/taxtopics/tc554

Charitable Organizations

https://www.irs.gov/charities-non-profits/charitable-organizations

Internal Revenue Service (IRS)

https://www.irs.gov/

1099-Misc Form

https://www.irs.gov/forms-pubs/about-form-1099-misc

Bankruptcy

https://www.uscourts.gov/services-forms/bankruptcy

Bonus Depreciation

https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act

Depreciation Recapture

https://www.investopedia.com/terms/d/depreciationrecapture.asp

Unrelated Debt-Financed Income (UDFI)

https://ira123.com/learn/understanding-udfi/

199A Deduction

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

3115 Change of Accounting Method

https://www.irs.gov/forms-pubs/about-form-3115

Cost Segregation

https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-1-introduction

Schedule A

https://www.irs.gov/forms-pubs/about-schedule-a-form-1040

Schedule E

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040

26 U.S. Code Section 280A

https://www.law.cornell.edu/uscode/text/26/280A

MileIQ

https://www.mileiq.com/

Healthcare Reform (Affordable Care Act)

https://www.healthcare.gov/

Tax-Wise by Toby Mathis

https://andersonadvisors.com/tax-wise/

Toby Mathis

http://tobymathis.com/about-toby-mathis/

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors Events

https://andersonadvisors.com/all-events/

Events@andersonadvisors.com

Anderson Advisors Tax and Asset Protection Event

https://andersonadvisors.com/asset-protection/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Anderson Advisors on Facebook

https://www.facebook.com/AndersonBusinessAdvisors/

Anderson Advisors Podcast

https://andersonadvisors.com/podcast/

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