In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen address a variety of questions from their listeners. The topics range from the tax implications of self-rental and equity grants for startups, to the benefits of converting a side hustle to an S Corp, and the complexities of managing taxes for partnerships and LLCs.
Here's what you can anticipate:
- Detailed explanations on various tax and legal strategies like self-rental of an office condo to an S Corp, equity grants for startups, and the tax treatment of mortgage interest.
- The hosts debunk common misconceptions about managing taxes for small businesses and provide strategies for maximizing tax savings.
- A discussion on the importance and role of a board of advisors in a business, including insights into how they can contribute to tax savings and overall business growth.
- The hosts also discuss the tax implications of infusing more capital into your business and how to handle 'phantom income'.
- The hosts emphasize the importance of getting professional advice before making tax and legal decisions, highlighting the complexity of these issues and the potential for costly mistakes.
Tune in to this episode for expert insights on managing your small business taxes effectively, understanding complex tax strategies, and optimizing your tax savings!
