What’s the answer to all tax questions? Calculate, calculate, calculate. Fortunately, Toby Mathis and Jeff Webb of Anderson Advisors provide additional information to help you determine what makes sense from a tax standpoint. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.
- What do you have to file when you have an S Corp and take a salary? Payroll tax forms, possible registration with state, county, and/or city for withholding
- I’m a small business owner who didn’t make any income last year. Do I have to file? Depends on type of small business, but filing is recommended, especially for losses
- How much of my remodel can I claim on my taxes as expenses vs. improvements? Remodel tends to mean improvements; separate improvements from repairs
- Can you claim both the home office deduction and the Section 280A for the same C Corp? No, for technical reasons; reimburse yourself for home office costs and corporate use of house for meetings
- How do you report real estate rental income for properties in a trust? Depends on type of trust and how it’s taxed; may be taxable to grantor
- What determines your state residency when you live in a non-fixed location (RV, boat, etc.)? States typically follow the 183-day primary rule, so depends on where you spent most of your nights, as well as where you’re registered to vote and your driver’s license
- I have a family limited partnership that is going to get a large sum of money. I plan to put it all into a nonprofit. Any taxes owed? A large sum of money is typically a source of adjusted gross income (AGI), which is only 60% deductible
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Wills and Trusts
Employer Identification Number (EIN)
Individual Retirement Arrangements (IRAs)
Traditional and Roth IRAs
26 US Code 280A
Real Estate Professional Requirements
Capital Gains Exclusion/Section 121
Professional Employer Organization (PEO)
Cost Segregation Tax Breaks!
Section 179 Tax Depreciation
Rollovers as Business Startups (ROBS)
American Home Shield Warranty
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