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Main Street Business

#471 Open Forum - Tax Strategies That Save You THOUSANDS

Dec 26, 2023
The Main Street Business podcast covers a range of interesting topics including tax strategies for small businesses, the benefits of converting a side hustle to an S Corp, and the importance of a board of advisors. They provide detailed explanations on self-rental and equity grants for startups, debunk common misconceptions about managing taxes, and discuss the tax implications of infusing capital into your business. They emphasize the importance of professional advice and offer expert insights on managing small business taxes effectively.
37:41

Podcast summary created with Snipd AI

Quick takeaways

  • Roll retirement funds to an IRA or new 401k when leaving an employer to avoid penalties or limitations on investments.
  • Avoid putting mortgage interest deduction in an LLC to prevent complications in personal tax filings and potential sales tax liabilities.

Deep dives

Importance of Rolling Retirement Funds

When leaving an employer, it's important to roll retirement funds to an IRA or a new 401k in the new small business to avoid penalties or limitations on investment options.

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