In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen give their 25-year-end tips for saving BIG on taxes. Mark and Mat reveal the complex realm of legal entities, discuss the imminent changes brought about by the Corporate Transparency Act, and much more!
Here's what you can expect:
- The common missteps when setting up a multitude of legal entities such as LLCs, trusts, and corporations.
- The new mandate requires business owners to register every LLC with FinCEN to avoid hefty penalties of $500 daily fine and potential imprisonment.
- How to choose between an LLC or an S Corp, and how these entities can be used for asset protection and maintaining privacy.
- An insightful discussion about the usage of C Corporations, cautioning small business owners about the potential tax implications.
- The importance of business owners getting an annual review with a proficient tax lawyer.
- The need to properly dissolve unused entities in light of the new Corporate Transparency Act, to steer clear of hefty penalties and potential legal complications.
Listen to this episode to stay updated and navigate your business through these legal changes with ease!
