Anderson Business Advisors Podcast

In this episode, Anderson Business Advisors host Clint Coons, Esq., sits down with Brian Hanson, co-founder of Real Advisors and AI for Business, to explore how artificial intelligence is revolutionizing real estate investing. Brian, who has been teaching business owners and investors about AI and marketing for several years, shares how investors can use AI to crunch massive amounts of data in seconds to identify the most predictable houses likely to sell — something that used to cost $20,000+ from data scientists. They discuss using humanized chatbots and voice bots that can have thousands of personalized conversations simultaneously without sounding robotic, automating follow-up sequences that never miss opportunities, and building custom apps in under five minutes without any coding knowledge. Brian reveals specific tools like Rest Bag for analyzing repair costs at 10 cents per photo, Yellow Pages Scraper for building 20,000-person cash buyer lists for just $80, and browser-use.com for creating custom APIs by simply showing the system what you do manually. As Brian explains, "I just don't think that most people really realize what's possible out there." The conversation covers everything from data mining and lead generation to creating high-converting marketing campaigns using competitive intelligence, virtual staging, and automation tools like Lovable, Google's AI Studio, Air DNA, House Canary, and Semrush. Tune in to discover how AI is the ultimate force multiplier for real estate investors looking to scale their businesses efficiently! Brian Hanson is the co-founder of Real Advisors and AI for Business. He got his start in real estate in his early 20s working with renowned real estate educator Ron LeGrand, where he developed a passion for marketing. Over the years, Brian has become obsessed with finding smarter, faster ways to grow businesses, and when AI emerged, he immediately recognized its transformative potential. Brian now teaches business owners and investors how to leverage AI to dramatically scale their operations, reduce costs, and increase output. He hosts the AI for Business podcast and regularly conducts three-day intensive training events where he shares cutting-edge AI strategies and tools. Brian's approach focuses on practical implementation—helping entrepreneurs automate processes, eliminate roadblocks, and achieve results they never thought possible. Highlights/Topics: (00:00) - Brian Hanson and the AI Opportunity (05:23) - Finding Off-Market Deals: Data Crunching and Lead Generation (11:35) - Automating Follow-Up and Conversations with AI (17:24) - Property Analysis, Contracts, and What AI Can't Replace (25:19) - Building Custom Apps in Minutes Without Coding (30:13) - AI-Powered Marketing and Competitive Intelligence (33:17) - Where to Learn More and Final Thoughts   Resources: https://podcasts.apple.com/ke/podcast/ai-for-business-podcast/id1821570230 https://www.linkedin.com/in/brian-hanson-1548797 https://www.facebook.com/brian.hanson1?mibextid=LQQJ4d https://events.aiforbusiness.com/ Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=ai-for-real-estate-investing&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=ai-for-real-estate-investing&utm_medium=podcast  Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Podcast https://andersonadvisors.com/podcast/ Clint Coons YouTube https://www.youtube.com/channel/UC5GX-U6VbvMkhSM1ONBiW8w Anderson Advisors Tax Planning Appointment https://andersonadvisors.com/ss/  

In this episode, Toby Mathis, Esq., of Anderson Business Advisors, interviews Ryan and Tait, hosts of the Passive Income Pilots Podcast and seasoned real estate investors. Ryan has built a $750 million self-storage portfolio while Tait continues flying for a major commercial airline. They share how pilots can build tax-free income while traveling the world through strategic real estate investing, syndications, and debt funds. The conversation covers the biggest mistakes new pilots make with retirement accounts, powerful Roth conversion strategies during probationary years, and how to leverage real estate professional status to offset W-2 income. Tyler and Tait explain how they legally pay almost no federal income tax on nearly $1 million in combined annual income using accelerated depreciation, cost segregation, and oil and gas investments. You'll also hear about whole life insurance strategies, airplane leasebacks for depreciation benefits, and why pilots' largest expense is actually taxes—not housing. Tune in for expert insights on building multiple income streams and achieving financial freedom! Ryan Gibson is the President, Chief Investment Officer, and Co-Founder of SIG. He has organized over $450M of private equity for Spartan’s projects. Ryan has experience managing the development of SIGs projects in challenging markets. For SIG, Ryan is responsible for investor relations and capital raises for projects. Ryan is also a highly experienced commercial airline pilot. Ryan graduated from Mercyhurst University with a bachelor’s degree in Business, with concentrations in Marketing, Management, and Advertising. Tait Duryea is the Founder and Chief Executive Officer of Turbine Capital. As an experienced airline captain and third-generation aviator, Tait combines deep industry knowledge with more than a decade of real estate investing experience across single-family, multifamily, self-storage, industrial, mobile home parks, and short-term rentals. Highlights/Topics: Best pilot-friendly passive income models: syndications, debt funds, and strategic real estate investing Biggest mistakes new pilots make: rolling old 401(k)s too quickly and missing Roth conversion opportunities during probationary year Tax-advantaged real estate: using accelerated depreciation and cost segregation to offset high W-2 income Real estate professional status: How Tait and his wife legally pay almost no federal income tax on nearly $1 million annual income Stacking strategies: combining low-income year Roth conversions with discounted LP valuations for maximum tax savings How one Southwest pilot saved $100,000 in taxes by following podcast education and implementing strategies Lifestyle creep: Converting purchases into time to make smarter financial decisions and avoid overspending What separates financially free pilots from those who aren't: continuous education, networking, and disciplined saving Share this with business owners you know Resources: Listen To The Passive Income Pilots Podcast https://passiveincomepilots.com/ Learn more about Ryan Gibson and Spartan-Investors https://spartan-investors.com/ Learn more about Tait Duryea and Turbine Capital https://www.turbinecap.com/ Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=how-pilots-build-tax-free-income-while-traveling-the-world&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons  

In this Tax Tuesday episode, Anderson Advisors’ Barley Bowler, CPA, and Eliot Thomas, Esq., tackle a wide range of listener questions covering everything from business structures to retirement planning. They discuss the pitfalls of investing in movie production under Section 1801, explain why commuting expenses aren't tax-deductible even for long-distance work arrangements, and clarify the new 1099-NEC reporting thresholds and the upcoming 1099-DA requirements for digital assets. Barley and Eliot break down Section 179 vehicle deductions and the advantages of heavy SUVs over luxury vehicles, explain the reasonable wage requirements and distribution strategies for S corporations, and provide guidance on structuring spec house construction businesses to minimize employment taxes. They also cover mark-to-market elections for traders, the tax consequences of below-market rent to friends or family, and the complications of placing a personal residence in an LLC. Tune in for expert advice on these topics and more! Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics:   "Any thoughts about investing in movie production for high-income earners?" - Section 1801 expires 2025, creates passive losses, not recommended for most. "I work for a local government agency in Cochise County, Arizona and live in Maricopa County, Arizona, approximately 215 miles apart. I commute in on Monday, stay in a hotel and leave on Thursday. I've been doing this every week since December of 2024. Is there a tax break deduction for this?" - No deduction available; this is considered commuting, not business travel. "Is the new 1099-NEC now starting after $2,500?" - Still $600 for 2025; increases to $2,000 in 2026 only. "Who needs to file this new 1099-DA digital asset form?" - Brokers must send to clients by February 15, 2026. "I'm a sole proprietor and would like to buy a BMW X7 to save the tax based on section 179. Is it covered?" - Yes, if over 6,000 pounds; 100% write-off available first year. "I'd like to know the proper ratio of distribution payments to salary within an S corporation." - One-third to 60% of net income is typical rule of thumb. "Can I pay myself quarterly out of my S corporation LLC?" - Yes, quarterly W-2 payments are acceptable and help avoid penalties. "What's the best way to structure a business to minimize taxes when building spec houses? I do the majority of the work on the houses, so it looks like a lot of profit on my labor, which is not good. I'm currently structured as a pass through LLC and purchase the house lots in a different LLC from my construction LLC." - Use S corporation for labor; sell land separately at capital gains rate. "Is it too late for a mark to market election for 2026?" - No, must file on 2025 return by April 15, 2026. "Is mark to market a good tax deduction?" - Only if trader status qualifies; creates ordinary losses on unrealized gains. "I'm renting to a friend for $300 a month. Fair market rent would be over $1,500. Any tax consequences?" - Deductions limited to income received; cannot create rental loss at all. "How can I have an LLC for my personal residence if the house is the residence of both my son and I as joint tenants?" - Possible but risks losing section 121 exclusion and homestead exemption. Resources: Schedule Your Free Consultation https://andersonadvisors.com/strategy-session/?utm_source=how-to-structure-multiple-llcs-for-spec-home-building-and-lower-taxes&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=how-to-structure-multiple-llcs-for-spec-home-building-and-lower-taxes&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons

In this episode, Toby Mathis, Esq., interviews Chris Streit, a tax incentive and cost segregation expert, about four major changes for real estate investors under Trump's One Big Beautiful Bill. Chris explains how energy tax credits like 45L (residential) and 179D (commercial) are sunsetting on June 30, 2026, offering up to $5,000 per door for qualifying new construction. They discuss the brand new Qualified Production Property (QPP) provision that allows manufacturers to expense up to 70% of facility costs with zero recapture if held for 10 years—a game-changing opportunity for production facilities. The conversation covers the return of 100% bonus depreciation for properties acquired and placed into service after January 19, 2025, and how this creates immediate tax benefits for residential and commercial real estate investors. Chris and Toby also explore how investors who purchased properties before January 19th can still benefit from 100% bonus on improvements made after that date. Tune in for expert insights on maximizing these tax strategies before key provisions expire! Chris Streit is the Chief Executive Officer of CSA Partners, a firm specializing in tax services like cost segregation, known for leading with operational excellence, customer-centricity, and driving significant growth in areas like tax incentives for real estate. He's a seasoned executive with decades of experience in finance, investment, and leadership, having previously worked at major firms like Merrill Lynch and Bridgewater Associates. Highlights/Topics: Energy tax credits 45L and 179D are sunsetting June 30, 2026—builders can still get up to $5,000 per door for new construction meeting Energy Star requirements 179D commercial energy deduction offers $5.80 per square foot for properties with construction starting before January 2023, exempt from prevailing wage requirements Qualified Production Property (QPP) allows manufacturers to expense up to 70% of facility costs with zero recapture if held 10 years—a permanent tax reduction 100% bonus depreciation is back for properties acquired and placed into service after January 19, 2025, creating immediate first-year tax benefits Properties purchased before January 19th still eligible for 100% bonus on improvements made after that date, though original purchase uses old rates One client discovered $30 million in overlooked 179D benefits on a 5.1 million square foot property that started in 2021 QPP creates new manufacturing incentives by expensing facility costs without recapture, making production facilities extremely attractive for investors Cost segregation studies paired with bonus depreciation can generate immediate tax savings worth 7-10x the cost of the study Share this with business owners you know Resources: Request a FREE Cost Segregation Benefit Analysis  https://aba.link/ka3 Learn more about CSA Partnershttps://csap.com/ Stop Overpaying Depreciation Recapture: The §1245 Move They Skip https://youtu.be/DBbT2jVG3Js Real Estate’s Biggest Tax Loophole: Cost Seg + 1245 Exchange Explained https://youtu.be/JYKo34_n8yU Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=4-big-changes-for-real-estate-investors-under-trumps-big-beautiful-bill&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=4-big-changes-for-real-estate-investors-under-trumps-big-beautiful-bill&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons

In this episode, Anderson CPA Barley Bowler and attorney Eliot Thomas, Esq., tackle year-end tax planning strategies and answer listener questions on a variety of critical topics. They explain the new rules for research and development cost deductions following recent legislation, including the choice between immediate 100% deduction or five-year amortization for domestic R&D. Barley and Eliot cover the 72T procedure for penalty-free early IRA withdrawals, the strategic benefits of qualified opportunity zone investments for deferring capital gains, and how to use IRA funds without penalty for first-time home purchases. They discuss the complex rules for deducting expenses on mixed-use vacation homes, calculating tax-free administrative office reimbursements, and essential year-end action items including payroll, bonus depreciation, solo 401K contributions, and charitable giving strategies. Tune in for expert advice on maximizing deductions before December 31st! Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "What are research and development costs? How are they deducted?" - Domestic R&D costs can now be 100% deducted immediately. "What expenses that I incur on behalf of my employer can I deduct on my personal 1040 tax return?" - Very limited options exist; reimbursement from employer is best approach. "Can you please explain what a 72T procedure is?" - Take equal IRA distributions before 59.5 without 10% penalty. "I am considering investing in an opportunity zone fund to defer capital gains. What are some top items I should be thinking about?" - Consider fund structure, compliance requirements, and ten-year holding period benefits. [33:35] Title Question "How can I be exempt from paying the IRS the penalty of using my retirement money to buy a condo?" - First-time homebuyers can withdraw $10,000 from IRA penalty-free. "Are expenses such as real estate property taxes and home improvements deductible on vacation homes that are used both for personal and rental purposes?" - Personal use over 14 days limits deductions to rental income. "I'm attempting to calculate the reimbursements for our administrative office. How do I calculate, how much can I reimburse myself for tax-free every year?" - Calculate square footage percentage times home expenses for reimbursement amount. Resources: Schedule Your Free Consultation https://andersonadvisors.com/strategy-session/?utm_source=can-you-use-retirement-money-for-a-condo-without-the-penalty&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=can-you-use-retirement-money-for-a-condo-without-the-penalty&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons  

In this episode, Anderson Advisors Barley Bowler, CPA, and Eliot Thomas, Esq., tackle listener questions on critical tax strategies. They cover the differences between Section 179 expense deductions and bonus depreciation, including how to combine them effectively and avoid creating excessive losses. Barley and Eliot discuss the timing of equipment purchases for tax planning purposes and explain the complexities of equipment leasing investments, emphasizing the importance of material participation tests. They address the mark-to-market election for active traders and explain why Anderson doesn't recommend this strategy due to audit risks. The attorneys clarify that qualified charitable distributions can only be made from IRAs, not Solo 401(k)s, and explore strategies for using IRA withdrawals to purchase rental properties while offsetting taxes through cost segregation studies. They also explain excess business loss limitations, the interaction between cost segregation studies and qualified opportunity zone funds, and why 1031 exchanges cannot be used to avoid capital gains tax deferrals ending in December 2026. Tune in for expert guidance on these advanced tax topics! Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "How can I take advantage of tax code 179, Section 179?" - Section 179 allows immediate deduction of qualifying business equipment expenses. "If I have more business items to buy like a desk, should I buy them before the end of the year? Or maybe I wait to the new year? When do I buy these things?" - Purchase timing depends on which year needs the deduction more. "If one invest in an equipment leasing investment in 2025, and it's active, and writes off 100% of the equipment cost in 2025, but then in 2026 no longer active, does the income revert to passive income or is it still active for 2026?" - Active losses remain locked in; only future income becomes passive. "Can I still take the IRS mark-to-market election for the tax year starting January 1st 2026?" - Election must be made on 2025 return by April 15th. "I have a Solo 401(k). First of all, how does this work? And can I make qualified charitable distributions from my Solo 401(k)? Plus do these tax-free distributions go on my 1040 as a deduction?" -QCDs only work from IRAs, not Solo 401(k) retirement plans. "Is there a cap on how much money I can withdraw per year from my traditional IRA to purchase an income-producing rental property? What are the things I need to consider before making this decision? I'm 55 years old and I am aware of the 10% penalty." - No cap exists; expect regular income tax plus 10% penalty. "Is there an annual cap on bonus depreciation? Is there a limit on how much bonus depreciation we can take?" - Excess business loss limitation caps deductions at $313,000 single, $626,000 married. (44:44) Title question "Can I do a cost segregation study on a property that's in a qualified opportunity zone fund? How does this impact the capital gains tax deferral that ends in December of 2026?" - Yes; cost seg helps operations but doesn't offset deferred gains. "Can I do a 1031 exchange and avoid the tax due when the deferred tax comes due in 2026?" - No; cannot use 1031 to avoid QOZ deferred capital gains. Resources: Schedule Your Free Consultation https://andersonadvisors.com/strategy-session/?utm_source=can-you-do-a-cost-segregation-study-on-property-in-a-qualified-opportunity-zone-fund&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=can-you-do-a-cost-segregation-study-on-property-in-a-qualified-opportunity-zone-fund&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons  

In this Tax Tuesday episode, Anderson attorneys Amanda Wynalda, Esq., and Eliot Thomas, Esq., tackle listener questions on choosing the right business structure and maximizing tax savings. They explore when to switch from sole proprietor to S-corporation status, explaining the sweet spot for making the transition and the significant tax benefits available through S-corps versus Schedule C filing. Amanda and Eliot dive deep into house flipping strategies using C-corporations to avoid dealer status and self-employment tax while maximizing deductions through accountable plans and bonus depreciation. They clarify the complexities of 1031 exchanges, especially when properties are held in partnerships, and introduce the "lazy 1031" strategy for offsetting capital gains using passive activity losses. The duo also addresses managing multiple LLCs without creating excessive tax filing burdens, deductions available for nonprofit volunteer work, and creative ways to fund retirement accounts through trading partnerships. Whether you're a truck driver looking to reduce your tax burden or an investor navigating 1031 exchange rules, this episode delivers expert guidance on structuring your business for maximum tax efficiency! Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "I have a trading partnership with 40% C-corporation and 60% myself for ownership. The partnership makes around $20,000 in ordinary staking income." We're going to be talking about Bitcoin. "Can the C-corp use its $8000 in income to fund a 401(k) owned by the corporation since this is ordinary income?" - Yes, use solo 401(k) or tax-free reimbursement strategies instead. "What kind of deductions can I use as a C-corporation to offset capital gains from a house flipping?" - House flipping creates ordinary income, not capital gains, offset accordingly. "If I have multiple LLCs, do I have to file multiple tax returns?" - It depends on entity type and how they're connected. "I am a sole proprietor, independent truck driver, and I feel I'm paying very high taxes. What can I do?" - Consider switching to S-corp for self-employment tax savings at scale. "My tax preparer says, don't switch to an S-corp. Make an S-election until your revenue hits a hundred thousand dollars. Why is that? And how will an S-corp help me?" - S-corps save self-employment tax but add compliance costs and complexity. "If a property purchased via 1031 exchange is held in an LLC partnership, can it be converted to personal use like a personal residence after two years? If so, what are the tax implications?" - Extremely complicated; partnership ownership creates significant tax issues and barriers. "How may I pay no capital gain without a 1031 exchange?" - Use the lazy 1031 strategy releasing suspended passive losses. "If I volunteer my work or my time at a nonprofit agency, are there any tax deductions that I can take?" - Personal time isn't deductible, but mileage and expenses are. Resources: Schedule Your Free Consultation https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=s-corp-vs-sole-proprietor-when-should-you-switch-to-an-s-corp&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=s-corp-vs-sole-proprietor-when-should-you-switch-to-an-s-corp&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube  

In this special episode, tax attorney Toby Mathis, Esq., shifts focus from financial health to physical health by welcoming William Donovan from the Pritikin Longevity Center to discuss America's number one killer: cardiovascular disease. William shares his personal story of reversing heart disease and eliminating the need for bypass surgery through lifestyle changes at Pritikin, explaining how their medically supervised program has helped thousands achieve remarkable health transformations. The conversation covers the alarming statistics showing that 50% of heart attack victims had normal cholesterol levels, the critical role of endothelial function and arterial plaque, and why traditional risk factors don't tell the whole story. William explains the Pritikin Program's three-pillar approach, combining a whole-food, plant-based diet low in calorie density, daily exercise routines including resistance training, and comprehensive lifestyle education. They discuss how participants typically see dramatic improvements in just two weeks - lowering cholesterol by 23%, reducing blood pressure, eliminating medications, and reversing diabetes. With insights on inflammation, the dangers of processed foods and added oils, and the importance of getting professional medical guidance, this episode provides actionable strategies for anyone concerned about heart health, especially business owners and investors who need to protect their most valuable asset: their health. Highlights/Topics: 0:00 Heart Disease Statistics and Personal Story 3:40 What Pritikin Does and Nathan Pritikin's Story 12:45 Opening the Center and 60 Minutes Validation 19:40 What Happens in One to Two Weeks at Pritikin 30:20 The Challenge of Getting Healthy in Modern Society 36:45 Inspiring Success Stories 39:20 GLP-1s vs Lifestyle Change 42:50 Three Big Myths About Heart Disease Share this with business owners you know Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=the-number-1-killer-in-america&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=the-number-1-killer-in-america&utm_medium=podcast  Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons

In this episode of Tax Tuesday, Anderson advisors Barley Bowler, CPA, and Eliot Thomas, Esq., address listener questions on tax topics ranging from basic bookkeeping to advanced ESOP strategies. They cover essential bookkeeping practices for first-time rental property owners and the tax implications of transferring a fully depreciated truck from an S corporation to personal use. Barley and Eliot explain how to catch up on missed depreciation from prior years, the tax benefits of inheriting property versus receiving it as a gift, and how independent contractors should handle federal income and employment taxes. Other topics include choosing the best filing structure for single-member LLCs, tax reduction strategies for Schedule C solopreneurs earning over $100K, deferring traditional IRA distributions using Qualified Longevity Annuity Contracts (QLACs), and the little-known 1042 fund strategy for deferring taxes on ESOP distributions. Tune in for practical tax advice and strategies to keep more of what you earn! Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "What's the most efficient way to get my books ready for filing taxes? I'm filing taxes for my first time rental business. I just acquired them this year. I'm a first time landlord without bookkeeping experience." A: Use bookkeeping software and categorize expenses properly throughout the year. "My S corporation owns a fully depreciated truck. Can I transfer the truck to my personal name and start taking mileage reimbursement instead? What are the tax implications?" A: Yes, but you'll recognize income equal to fair market value. "For the eight years now, my prior taxpayer never took depreciation for any of my rental properties or my property assets for the building, along with the components like the water heater. What do I do now?" A: File Form 3115 for a change in accounting method. "I'm considering moving into my parents' home while they're still living there. I'm curious about the best way to either transfer the house into my name or should I stay there and wait until they pass because they intend to leave the house to me anyway." A: Wait for inheritance to receive stepped-up basis and avoid gift taxes. "How do I pay federal income and employment taxes working as an independent contractor receiving a 1099?" A: Pay quarterly estimated taxes using Form 1040-ES throughout the year. "What tax filing structure do you recommend for a single-owner LLC wanting to not be a disregarded entity? Why? Pros and cons of the options." A: Consider S corporation for self-employment tax savings if income supports it. "I'm a Schedule C solopreneur looking for ways to avoid being overtaxed. I made over $100K this year and I'm the only breadwinner in my family of four with two kids under 18. We're in Florida. What do you recommend for ways to lower my taxable income?" A: Establish S corp, maximize retirement contributions, and utilize business deductions. "Is there any way to defer for tax reporting a distribution from my traditional IRA? I recently heard someone talking about this and was not sure if they were referring to a Qualified Longevity Annuity Contract (QLAC)." A: Yes, QLACs allow deferring up to $200K until age 85. "How does a 1042 fund work? I've never heard of that." A: It defers ESOP distribution taxes by reinvesting in qualified replacement stock. Resources: Live Event in Dallas Dec 4-6 2025 Schedule Your Free Consultation Tax and Asset Protection Events Anderson Advisors Toby Mathis YouTube Toby Mathis TikTok Clint Coons YouTube

In this episode, tax attorney Toby Mathis, Esq., welcomes Tom Chittum, former ATF Deputy Director and firearms law expert, to discuss the critical intersection of firearms ownership and estate planning. They explore what families need to know when inheriting firearms, from identifying contraband weapons to navigating complex federal regulations. Tom explains the biggest mistakes executors make, including informal transfers and failing to determine whether firearms, such as machine guns, are properly registered under the National Firearms Act of 1934. The conversation covers the distinction between regular firearms and NFA weapons (machine guns, silencers, short-barreled shotguns), the severe criminal penalties for unlawful possession, and the importance of working with federal firearms licensees for transfers. Tom provides practical guidance on securing firearms, maintaining proper inventories, using gun trusts to simplify inheritance, and understanding both actual and constructive possession. With insights from decades of ATF experience, Tom offers actionable steps gun owners can take today to protect their families from legal headaches and ensure valuable firearms or family heirlooms don't become government-destroyed contraband due to simple mistakes. Highlights/Topics: 0:00 Why Listen to Tom Chittum 2:58 Biggest Mistakes with Firearm Inheritance 6:20 History of Federal Gun Laws 8:36 Legal Possession and Registration Requirements 11:30 Prohibited Persons and Transfer Restrictions 12:59 How to Transfer Firearms to Heirs 15:30 NFA Firearms and Special Requirements 18:35 Gun Trusts and Estate Planning 22:29 Executor Rights and Possession 24:31 Securing Firearms in Estates 25:51 Handling Contraband Firearms 28:50 Weekend Action Steps for Gun Owners 31:00 Outro Share this with business owners you know Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=guns-and-estate-planning-what-every-family-needs-to-know&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=guns-and-estate-planning-what-every-family-needs-to-know&utm_medium=podcast  Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons