Can you talk about writing off a new truck purchase for use exclusively for my business? 52:25

Thank you for joining us for another Tax Tuesday. In this installment, we have Anderson's experts Toby Mathis, Esq. and Jeff Webb, CPA here to answer the communities questions. Join us next time. https://aba.link/oyg

0:00 Intro

9:13 I have an LLC. Do I need one for each of my properties that are Short-Term Rentals (STR)?

16:16 I have an investment property (a house) that it is paid off and I would like to transfer it to my son who is currently living in it with his family. What is the best way of doing this to eliminate the tax consequences to him and I? I am 67 and my son is 33 years old.

23:09 How many years can you go back to look/audit your tax returns? We had a significant loss of business but still owed taxes for 3 years.

28:03 I started a roofing business in 2020. I only did one roof for $7800. I paid the roofer $6300 and $1200 for supplies. I was told that if you make under $100k you would not have to file. I started the LLC in January of 2020. What late fees do I have to file for 2020?

31:46 Currently trading options in normal non-tax advantage brokerage accounts. Currently paying $1500-3000/mo on trading commissions/fees.

45:17 I started a business last year, setting it up as a C-corps. I invested approx. $180K as the franchise fees, equity injection, etc.

48:57 I bought a rental property on December 8, 2021. The renter signed the lease on December 24, 2021.

52:25 Can you talk about writing off a new truck purchase for use exclusively for my business?

1:00:20 When my WY holding LLC owns another domestic LLC of mine that has active income (both single-member LLCs) as a licensed insurance agent, do both LLCs have to file a tax return? If so, will the active one "flow into" the holding one, which then "flows into" my personal?

1:03:27 How do you do a cost segregation analysis? On the IRS website, they talk about construction blueprints, construction engineers, and construction budget?

1:06:20 I operate my business out of my home and want to rent the home to my entity so I can write off the mortgage/rental expense as a business expense, and use a primary residence loan to purchase a new home. Can I achieve this by writing a lease to my business?
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
https://aba.link/subscribe

~~~~

FREE REAL ESTATE INVESTMENT STRATEGY SESSION

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 https://aba.link/hjd

FREE TAX & ASSET PROTECTION WORKSHOP

Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Livestream from 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: Save Your Seat: https://aba.link/twb

TAX TUESDAY LIVE

Toby Mathis, Esq. and Jeff Webb, CPA will answer ALL your questions LIVE on Tax Tuesdays every other Tues 👉 https://aba.link/oyg

OTHER ANDERSON ADVISOR EVENTS

Learn a rich selection of subjects like tax and asset protection, business, investing, and much more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
https://aba.link/tobyevents

~~~~

FINANCIAL PLANNING & TAX RESOURCES

📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 https://aba.link/IIWbook

Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 https://aba.link/tobyaba

~~~~

FOLLOW US:

Instagram: https://aba.link/instagram
Facebook: https://aba.link/facebook
Twitter: https://aba.link/twitter
LinkedIn: https://aba.link/linkedin
TikTok:   / tobymathisesq  

~~~~

CONTACT US
Phone: 800.706.4741
Email: [email protected]
Fax: 702.664.0545

ABOUT TOBY MATHIS

Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba

---------------------------------------------------------------------------------------------------------
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#taxtuesday #writeoff