Free Tax Tips & Strategies
In this episode of Tax Tuesday, tax attorney Toby Mathis, Esq. and CPA & Tax Director at Finance Business Advisors, Jeff Webb, bring tax knowledge to the masses and answer your tax questions LIVE!
Featured Questions
- If we received a PPP loan in our business, then were approved for forgiveness, will we still be able to deduct the rents and utilities we applied the PPP to?
- I recently read that Elon Musk was moving his private foundation from California to Texas. Is there a tax advantage in moving a private foundation or nonprofit from California to Texas?
- Do you have to be married in order to create an entity that allows you to hire your children? How does one set this up?
- Can we add a minor to title and still able to retain the step-up benefit?
- Do I file my business taxes with my personal taxes since I didn't make any money this year, just paid out a lot?
- How long after the sale of a primary residence do you have to apply the proceeds to a new home purchase to avoid taxation?
- I'm 70 years old and haven't made a deposit to my Roth in 10 years. Am I free to withdraw all my account with no penalty or am I limited by my cost basis?
- I have an LLC taxed as a sole prop, but the first year has $0 income. Can I deduct my home office up to 300 sq. ft. and auto mileage?
- Are there any case studies on deducting groceries as a business expense?
- I know that forgiven PPP loans are not taxable. What about grants received under the CARES Act? Are government grants to relieve financial duress received by a medical practice under the CARES Act considered taxable income?
- As a real estate salesperson, is it advantageous to have an LLC or just file a 1099?
- What is the best way to write off a cruise?
- I am devastated by Prop. 19 in CA. Is there any legal way to leave a home to the owners' children so they can still get the parents' tax basis?
- In 2020, I bought a lot for $16K, then went under contract with a contractor for $110K in escrow for draws. The house is a SFH and is currently under construction. Do I claim the purchases of $16K and $110K as first-year expenses? It will generate rent in 2021.
- If my S-corp. makes profit beyond my salary and distributions, I have to claim all that as income on my personal taxes still too, right?
As always, take advantage of our and every other Tuesday we have , a great educational series. Our answers your questions about how to structure your business entities to protect you and your assets. One of my favorites as well is our .
Additional Resources:
Finance Advisor
Finance & Trading Writer
3 min read
Free Tax Tips & Strategies
In this episode of Tax Tuesday, tax attorney Toby Mathis, Esq. and CPA & Tax Director at Finance Business Advisors, Jeff Webb, bring tax knowledge to the masses and answer your tax questions LIVE!
Featured Questions
– If we received a PPP loan in our business, then were approved for forgiveness, will we still be able to deduct the rents and utilities we applied the PPP to?
– I recently read that Elon Musk was moving his private foundation from California to Texas. Is there a tax advantage in moving a private foundation or nonprofit from California to Texas?
– Do you have to be married in order to create an entity that allows you to hire your children? How does one set this up?
– Can we add a minor to title and still able to retain the step-up benefit?
– Do I file my business taxes with my personal taxes since I didn’t make any money this year, just paid out a lot?
– How long after the sale of a primary residence do you have to apply the proceeds to a new home purchase to avoid taxation?
– I’m 70 years old and haven’t made a deposit to my Roth in 10 years. Am I free to withdraw all my account with no penalty or am I limited by my cost basis?
– I have an LLC taxed as a sole prop, but the first year has $0 income. Can I deduct my home office up to 300 sq. ft. and auto mileage?
– Are there any case studies on deducting groceries as a business expense?
– I know that forgiven PPP loans are not taxable. What about grants received under the CARES Act? Are government grants to relieve financial duress received by a medical practice under the CARES Act considered taxable income?
– As a real estate salesperson, is it advantageous to have an LLC or just file a 1099?
– What is the best way to write off a cruise?
– I am devastated by Prop. 19 in CA. Is there any legal way to leave a home to the owners’ children so they can still get the parents’ tax basis?
– In 2020, I bought a lot for $16K, then went under contract with a contractor for $110K in escrow for draws. The house is a SFH and is currently under construction. Do I claim the purchases of $16K and $110K as first-year expenses? It will generate rent in 2021.
– If my S-corp. makes profit beyond my salary and distributions, I have to claim all that as income on my personal taxes still too, right?
As always, take advantage of our and every other Tuesday we have , a great educational series. Our answers your questions about how to structure your business entities to protect you and your assets. One of my favorites as well is our . Additional Resources:
