Anderson Business Advisors Podcast AndersonAdvisors.com

In this episode of Tax Tuesday, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, Esq., CFO of Anderson Business Advisors discuss various tax strategies for real estate, stocks, and nonprofits. Online we have Ander, Dutch, Sergei, Ross, Jared, Elliot, Troy, and all kinds of staff to help answer all your Tax Tuesday questions.
Toby and Jeff cover topics such as 1031 and 721 exchanges, the Section 121 Exclusion, employee stock options, and the tax implications of short-term rentals and Health Savings Accounts (HSAs). They also discuss best practices for reimbursing personal contributions to a business. Submit your tax question to taxtuesday@andersonadvisors.
Highlights/Topics:
"Section 721 and 1031 differences” - It has the same effect as 1031 but you don't pay tax on the sale, But you're not exchanging one property for another…it's a tax-free exchange, but it's a one-and-done.
"Tax benefits of a foundation versus a nonprofit organization?” - The easiest way is - a nonprofit (public charity) DOES stuff, a foundation funds stuff…
"I have two houses I'm selling this year and or at the same time, both were residences for two years at the last five years consecutive. I have just lived in the latest house for the last two years and I've been preparing both to sell. Will I have a problem claiming both of them as residences two of the last five years and I'm selling them at the same time.” - So of the last 60 months, 24 of them you had to have lived in it as your primary residence. That met, then you can exclude, if you're single, $250,000 of capital gain. If you're married, you could exclude up to $500,000 of capital gain. DO NOT SELL AT THE SAME TIME.
“How are stock options taxed?” - Tax treatment varies depending on the type of stock option (ISO, NSO, RSU), time held, and exercise/sale timing.
"LLC taxed as S-Corp with brokerage account….anything similar to trader status?” - I have not seen anything that says any entity can make a mark to market section 475 election. If you're making a mark-to-market election because you're losing so much money in the market, get out of the market and go do something else.
"Does California's 571L form business property tax apply to short-term rentals? - Yes, as short-term rentals are considered active trader businesses and subject to tax.
“Who can qualify for an HSA?” - Eligible individuals must have a high deductible health plan (HDHP) and not be covered by another non-HDHP plan. Can I open an additional HSA with my LLC business? - No, you can only have one HSA per individual, but your LLC can contribute to your existing HSA.
"Anderson made me a C-Corp, I put money in from my personal account to pay expenses. I have to take out the initial $7K … How do I legally and ‘tax-friendly’ take the $7,000 back that I need for my personal reimbursement? - If the initial $7,000 was a loan, you can withdraw it tax-free as repayment; if a capital contribution, the process is different.
Send us your questions, and we do about 50 events a year - check out the event schedule listed in the notes.
Resources:
Infinity Investing
https://infinityinvesting.com/
Email us at Tax Tuesday
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
Anderson Advisors
https://andersonadvisors.com/
Anderson Advisors on YouTube
https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
 
 

Are you struggling to manage your money like the rich? If so, you're not alone! In this episode, we’ll hear from Tom Ferry and Toby Mathis, Esq., to help you learn the proper way to manage your money for success. From investing basics to budgeting for the long term, these tips will help you get your financial life under control.
Tom Ferry is the #1 ranked Real Estate Educator by Swanepoel Power 200 and the best-selling author of "Life! By Design" and "Mindset, Model and Marketing!"
Toby Mathis, Esq. is a partner here at Anderson Business Advisors with years of knowledge and has helped countless clients navigate the complex world of taxation and asset protection allowing them to secure their financial goals. We will teach you how to budget, invest, and live a prosperous life with a well-thought-out plan. This video is a must-watch if you want to learn how to manage your money and reach your financial goals properly!
Highlights/Topics:
0:00 - Intro
2:33 - Change Your Mindset
10:20 - Tom's Discovery About the Wealthy
14:18 - 3 Types of Money Managers
20:36 - What Are You Doing with Your Money?
24:48 - Tom's Wealthiest Mentors
34:28 - Investing in Real Estate and Dividends
43:53 - How Do You Make Money?
53:18 - Create Goals
58:38 - Outro
Resources:
Tom Ferry IG
https://www.instagram.com/tomferry/
Learn How to Manage Your Money with Tom Ferry
https://aba.link/TFYTTAP
Free Strategy Session with Tom Ferry
https://aba.link/TFYTSS
Book: The Growth Mindset
https://www.amazon.com/Mindset-Psychology-Carol-S-Dweck/dp/0345472322
Andrew Huberman
https://profiles.stanford.edu/andrew-huberman
Anderson Advisors
https://andersonadvisors.com/
Anderson Business Advisors LinkedIn
https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
 

In this episode of Anderson Business Advisors, Toby Mathis, Esq, speaks with Sherri and Frank Candelario, real estate investors who have turned the shady addiction recovery housing industry on its ear. Sherri and Frank became involved in the industry after their adopted daughter Kate developed substance abuse issues.
Frank and Sherri started Kate’s House Foundation, and have trained 1000s of people to duplicate the Kate’s House Model of Level II Medically Assisted Treatment homes in great neighborhoods like theirs in the Seattle area.
We’ve discussed opportunities like this in other episodes - this is a niche segment of real estate investing that can be both profitable and an incredible way to help individuals who are struggling get back on their feet.
Highlights/Topics:
An adopted daughter from Russia with substance abuse issues
The shady underbelly of the addiction recovery industry
Bucking the 50-year system of shared housing
Discovering value in the people society has discarded
Government grants funneled to the Candelarias for their excellent housing
Becoming Federal contractors
Medication and shared housing
Preventing young adults from going to prison
Being able to buy real estate after you obtain a government contract
Focusing on recovery housing and drug courts
Amazing non-profit donations to the Kate’s House Foundation
A goal of housing in every state in the country
February 2024 bus tour of their homes
Reach out to Sherri and Frank and take their course to learn how to do what they do
Resources:
Frank and Sherri Candelaria
https://frankandsherri.com/
Kate’s House Foundation
https://kateshousefoundation.org/our-story/
Anderson Advisors
https://andersonadvisors.com/
Anderson Business Advisors LinkedIn
https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
 

In this episode, Toby Mathis, Esq, speaks with Carl Zoellner, Esq. Managing Attorney at Anderson, to debunk the myth of quitting your job as a means to achieving financial success. They discuss the importance of maintaining a consistent lifestyle and leveraging a good-paying job in order to invest in passive income. The conversation also touches on the potential dangers of following ‘guru’ advice and how to find your passion while focusing on its economic benefits.
Carl and Toby emphasize the significance of channeling your energy into something that can eventually replace your current income while still enjoying the perks of a stable job. They also discuss the concept of tax breaks and how they can play a crucial role in your financial planning journey. Tune in for an insightful conversation on leveraging your employment for long-term financial stability and building a solid financial foundation without quitting your job.
Highlights/Topics:
Debunking guru advice to quit jobs for a better lifestyle
Importance of maintaining a consistent, comfortable lifestyle
Dangers of following unproven investment advice
Leveraging a good paying job to invest in passive income
Understanding hype versus logic in investing
Emphasizing the role of passion in financial success
Importance of living below one's means
Transitioning from active to passive income sources
Creative financing deals in real estate
Staying the course with investment fundamentals
Balancing passion, skill, and economic benefit
Importance of patience in investing
Resources:
Carl's Youtube
https://www.youtube.com/@coffeewithcarlaba
Anderson Advisors
https://andersonadvisors.com/
Anderson Business Advisors LinkedIn
https://www.linkedin.com/company/anderson-advisors/?originalSubdomain=fr
Toby Mathis YouTube
https://www.youtube.com/@TobyMathis
Toby Mathis TikTok
https://www.tiktok.com/@tobymathisesq
Anderson Advisors
https://andersonadvisors.com/
 

Welcome to another episode of the Tax Tuesday show. Host Eliot Thomas, Esq., Manager of Tax Advisors at Anderson Business Advisors, welcomes Kurt Bergfjord, CPA for Entrepreneurial Business Services at Mazars, to help answer your questions. We send a big thank you to all our people online answering your questions today including Dutch, Sergei, Jared, Kurt, and many others.
On today’s episode, experienced tax advisor Kurt Bergford and Eliot discuss the three capital gain tax brackets, tax tips for real estate investors, S-Corps and LLCs, and financial planning strategies for families.
If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors.
Highlights/Topics:
Is it true that you don't pay capital gains or dividend taxes if you make less than $40,000? If your total combined income is under 40K, there are no such taxes.
I've been contributing to an HSA for several years. Can I withdraw funds from an HSA for prior medical expenses without a penalty? If so, how far can I go back? - as long as you have receipts, hold on to them and get the reimbursement in later years.
Filing out state taxes. What are the pitfalls? Do we have to submit a whole state return if you have an investment in that state? - Your ‘resident state’ will tax your income from other states. You may have to file a non-resident income tax return in other states.
Our LLCs, taxes of Partnership sold five long-term rental properties and it acquired one new rental property in a 1031, light, kind exchange. The original LLC still owns additional properties. How soon can we move the newly acquired property into a new LLC to be taxed as an S corporation? - Its not so much about the time frame but moving from one taxpayer to another ..it may disqualify your 1031
We decided to be treated as an S corp. I've heard that we need to determine our W-2 salary based on our level of engagement each of the members have in the business. How can we determine our percentages? - To determine the percentage of ownership in an S Corporation, consider factors such as comparable technical knowledge, experience, and the average wage for the role.
I'm thinking of transferring my primary residency into an LLC that I own and turning it into a rental. Can you explain how I should make the transfer so that I can get the 121 exclusion and have higher basis for the property in the LLC? - The 121 exclusion can be utilized by selling the primary residence to an LLC taxed as an S-corp, allowing for rental property depreciation.
Can you speak about how options are taxed… would I pay capital gains on the spread or the total I received? Is it a capital loss? Is the cost basis lowered? Brokerage displays a lower cost-basis…This is difficult and complex…the credit spread occurs when you sell at one strike price, and buy another at different strike price…
Do you recommend putting a flip into an LLC, If we buy and hold, later decide to sell, how does one change the LLCs, and how important to have the same address on the LLC… Living Trusts- should every property be included? Would you add homes if you’re only going to have them for 6 months. – Yes, if you’re flipping, don’t put it in your name. We want liability to stay in the LLC. You can use the same name but we don’t recommend it.
Filing my 2022 as an S-Corp, my CPA recommended a profit-sharing plan, can I put it into a SEP-IRA, which do you recommend? - You need earned income from the business.
I heard I can pay my kids without tax implications, what can I pay them? - Great strategy, put them to work, it's a tax deduction to your business. They need to do actual work. In 2023 it should be lower than their standard deduction of $13,800.
Rapid-fire chat questions answered at the end of the show
Resources:
Kurt Bergfjord LinkedIn
https://www.linkedin.com/in/kurt-bergfjord-cpa-08873053/
Email us at Tax Tuesday
taxtuesday@andersonadvisors.com
Tax and Asset Protection Events
https://andersonadvisors.com/rea

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 nine benefits of establishing a family foundation, the various tax benefits, and show you how you can get started today.
Karim Hanafy 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:
Karim’s background, the IRS, and journey to Anderson
Legacy planning and asset protection
Non-profits are not just for the wealthy
The list of benefits
Annual donation limits - public vs private, cash vs. stock
Growing assets ‘tax efficiently’
Family can serve as board members
Control is maintained by the family
Payout requirements - private vs public
Working for a foundation after retirement
Deferring your salary from a non-profit
Avoiding estate taxes
Next steps to starting a non-profit
Public charity or private foundation?
File with the IRS - Karim has been getting approved with lightning speed- 100% of Anderson’s filings are approved
Funding the non-profit
Contact Anderson Business Advisors or come to our Non-Profit Workshops
Resources:
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/
Sign Up for Anderson’s Non-Profit Workshop
https://andersonadvisors.com/how-to-start-a-nonprofit-workshop/
Toby Mathis on YouTube
https://www.youtube.com/c/tobymathisesq
Anderson Advisors
https://andersonadvisors.com/