Main Street Business #443 Tax Strategies and Business Structures: Open Forum
In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen address a range of listener questions on various financial topics.
They discuss in detail the concept of Safe Harbor 401K for small business owners and the benefits it provides for tax saving and investing. They also delve into the strategy of setting up separate LLCs for owning and operating businesses, explaining how it can offer tax advantages through self-rental.
The hosts also address a common strategy known as the backdoor workaround switch, often used by high-earning professionals like doctors and dentists for their retirement savings. They also respond to individual queries about gifting money, the tax benefits of purchasing an RV, and the ideal structure for construction companies.
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