In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen discuss various topics related to business, taxes, and legal structures. They answer questions from listeners about tax benefits for small businesses, the benefits of S corporations, and strategies for real estate investing.
Here's what you can look forward to:
- A detailed explanation of how an EV vehicle can be written off, even if you receive the EV credit for the vehicle.
- An insight into the process of converting a professional limited liability company (PLLC) to an S corporation and how this can help save on self-employment tax.
- A discussion on the implications of having multiple businesses owned by an S corporation holding company.
- Advice on using an LLC to protect assets, with a particular focus on holding liquid assets.
- Tips on managing business expenses for meals and how these can be claimed as business deductions.
- The episode concludes with guidance on how to diversify investments into real estate, specifically short-term rentals in different states.
This episode is a must-listen for small business owners, side hustlers, and anyone interested in understanding the complexities of tax law, the potential benefits of different legal structures, and strategies for protecting assets and diversifying investments.
