#563 Open Forum - HSA's, Picking a CPA, Venmo & More

Feb 11, 2025

Dive into the world of tax strategies and investment insights! Learn how to choose the right tax advisor without falling for high fees. Discover the benefits of Health Savings Accounts and how to maximize their contributions. Get the scoop on upcoming changes in payment app reporting that you need to watch out for. Plus, explore the complexities of crypto IRAs and effective retirement portfolio management. With practical tips for small business owners, this discussion is both informative and engaging!

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ADVICE

HSA Contributions

Lynette asks how to contribute to an HSA account, especially as a small business owner.
Matt Sorensen clarifies that HSA-qualified plans and accounts are different, and contributions can be made until April 15th.

ADVICE

Maximizing HSA

Contribute the maximum to your HSA, even splitting between years.
Consider the "last month rule" for first-time HSA contributions.

ADVICE

Choosing a Tax Advisor

When choosing a tax advisor, don't be afraid of higher fees if they provide valuable services and have credentials.
Seek advisors who understand tax strategies relevant to your business.

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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen answer your top tax and legal questions. From choosing the right tax advisor (without overpaying for empty credentials) to navigating HSAs, S corp taxation, and solo 401(k) limitations—this episode is packed with practical strategies to keep your business and investments in top shape. Plus, they break down how their Crypto IRA can help you leverage cryptocurrency in your retirement portfolio.

Here are some of the highlights:

Mark discusses the importance of choosing a good tax advisor and the potential pitfalls of high fees without proper credentials.
Mat clarifies the difference between an HSA account and an HSA-qualifying insurance plan, emphasizing that the account can be set up anywhere, including with Direct IRA.
Mark and Mat cover the benefits of self-directing an HSA account, including the ability to invest in various assets like crypto, real estate, and private companies.
Upcoming changes in 2025 regarding 1099-K forms for payment apps like Cash App and Venmo.
A workaround involving picking up FICA wages on a Schedule C and ensuring proper documentation on the 1120-S form.
The challenges of setting up an IRA LLC for buying crypto and recommends using the Crypto IRA product instead.
The process of transferring funds from a retirement account to a Gemini account for buying and selling crypto.
Mark and Mat encourage listeners to invest time in finding the right professional team for their business, including accountants and lawyers.

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