How to Set up a LLC for your Home Office | Tax Tuesday #150



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How do you set up a LLC or Corporation for Home Office?
7:45

Toby Mathis, Esq. answers these questions along with Jeff Webb, CPA and more during this episode of Tax Tuesday, a bi-weekly FREE LIVE webinar event.

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7:45 – How do you set up a LLC or Corporation for Home Office?

13:36 – What should I do now after I made the mistake of starting an LLC in California?

19:19 – Is it advisable to have the house you live in under an LLC?

24:40 – What are the requirements to count visiting out-of-state properties that I own as a deduction? Such as airplane tickets, car rental, hotel, meals, etc. What are the minimum requirements to account it as a tax deduction and not a personal expense?

30:17 – What’s the best way to set up a JV partnership when I already own 100% of the LLC used to get the property under contract?

35:40 – How can I become anonymous in my LLC after the fact? I started my own LLC with my name all over it, and 1 year later I am interested in enhancing the corporate shield and getting my name off the record. Is that possible? I have worked hard to build the business credit with the existing entity and would like it to continue.

40:47 – In 2021, we sold my husband’s dental practice and will owe substantial capital gains taxes. Is there any possible way to avoid these taxes through real estate investing or?

52:37 – When do I switch from wholesaling under my name to wholesaling as a corporation?

54:30 – How do I then get credit approvals under the business entity?

1:00:00 – Is it more advantageous from a tax savings standpoint to make charitable contributions directly from our corporation, or to pay ourselves and then make the donation from our personal account?

1:06:55 – Can I do a 1031 exchange when I sell an investment home that I have never lived in nor rented out? Is there any other way to avoid capital gains tax other than renting it out? I don’t want to keep the house.

1:10:00 – Who handles the paperwork for a 1031 exchange? The lawyer, the realtor or my tax advisor? How far in advance do I have to plan to undertake an exchange?

1:18:25 – A Florida LLC with members consisting of my wife and 3 of my children made a profit of $65k on a residential flip in March. My wife does not have any taxable income. Would the profit be protected from tax if it was paid out in full to my wife?

1:21:09 – What is more beneficial to claim or to employ dependents? What are the requirements for employing dependents?

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Disclaimer

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.

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1 Response

  1. Darryl Brown says:

    Sharing assets taxs required

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