Main Street Business #428 Tax And Legal Strategies For Mom
On this weeks Episode of the Main Street business podcast, Matt Sorenson and Mark J. Kohler discuss various tax and legal strategies related to moms and their involvement in businesses. They suggest putting moms on the board of directors or advisors for LLCs or corporations, which can have tax perks. They also discuss tax strategies such as deducting travel expenses when visiting mom, paying mom for her services and having her open a Roth IRA, and buying mom's house and renting it back to her. They highlight the importance of seeking good tax advice and acknowledge that these strategies may not be suitable for everyone. The hosts also emphasize the value of seeking advice from parents and the life experience they can bring to business decisions.
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