In this episode of the Main Street Business podcast, host Mark J. Kohler unpacks the top 5 strategies that can change the way you think about money. Learn about IRS rules for cryptocurrency, why side hustles are more than just extra cash, and the benefits of retirement accounts like Roth IRAs and the Mega Backdoor Roth strategy.
Here are some of the highlights:
- Mark points out how the IRS received $80 billion to enforce more audits and tracking.
- Mark maps out the three ways cryptocurrency is taxed: selling for USD, trading for another crypto, using for purchases.
- The significance of side hustles and how essential they are for saving taxes and building wealth.
- Importance of choosing the right side hustle and developing a business plan.
- Determining capital needs and structuring the business (sole proprietorship or LLC).
- The top 10 write-offs for side hustles.
- Explanation of the 'backdoor Roth IRA' strategy for high-income earners.
- Introduction to self-directed IRAs and their potential for higher returns.
