In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain FinCEN’s BOI requirement and what it means for LLCs and corporations. With compliance deadlines approaching fast, they provide expert guidance on how to file properly and avoid costly fines.Here are some of the highlights:Mark and Mat discuss the recent developments, including the overturning of a previous injunction and the reinstatement of BOI enforcement by FinCEN.Mat provides the new deadline for filing the BOI in 2025.Mat details the information required for the BOI, including the name of the business, tax ID, EIN, and the names and home addresses of owners and those with substantial control.Importance of listing all owners, including those who own 25% or more and those with control through trusts or other entities.Context of the policy behind the BOI, aiming to prevent money laundering and other illegal activities by requiring transparency in business ownership.The process of filing the BOI through the FinCEN website or using their law firm's services, which can help simplify the process.Discussion on the exceptions to filing the BOI, including entities with more than 25 employees or $5 million in revenue.Mark and Mat strongly urge filing even if the entity has not been active, as non-use does not exempt the requirement. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

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!

In this episode of the Main Street Business Podcast, Mark J. Kohler explains how to successfully transition out of your business while maximizing value. From setting up a seamless family succession plan to making your business more appealing for a third-party sale, he shares practical steps to ensure a smooth and profitable exit. Tune in for expert strategies that will help you plan your next move with confidence!Here are some of the highlights:Mark outlines four strategies that wealthy individuals use when exiting their businesses.Emphasizes the importance of deciding who will buy the business, whether it's family or a third party.The complexities of family succession, including the need for succession planning and business consultants.Introduction to the concept of systemization, developing people, and understanding EBITDA for third-party sales.Real-world examples of clients who initially wanted to sell but later decided against it due to the success of their systemized business.The potential for staying on with the new buyer for a transition period, which could increase the sale price.Mark urges caution when considering elaborate tax structures and emphasizes the need for second and third opinions.Mark warns against high-risk, high-cost tax strategies and the potential for IRS audit risks. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Unlock the secrets of tax efficiency with insights on bookkeeping and deductions. Discover why transitioning from an LLC to an S corp can maximize your savings. Learn about the importance of keeping two sets of books and the concept of phantom income. Strategies to minimize your tax bill are revealed, including managing reinvested income. Dive into why pass-through entities are often the best choice for small businesses. Plus, track every expense to capitalize on significant tax write-offs!

Unlock the secrets to maximizing tax benefits with family board meetings! Discover how to legally write off travel, meals, and payments to family members while ensuring compliance. Learn the importance of maintaining proper documentation for asset protection and how to structure meetings for effective business planning. Find out why these gatherings should happen at least once a year and how they can enhance both family involvement and your business's financial security.

In this episode of the Main Street Business Podcast, Mark J. Kohler shares expert tax and legal strategies designed for life coaches who want to build a thriving business. Discover why starting with an LLC is crucial, how to track expenses effectively, and smart ways to involve your family for tax benefits. With actionable insights and real-world advice, Mark helps life coaches take control of their finances and set the foundation for long-term success.Here are some of the highlights:Mark emphasizes the importance of mindset, stating that being a life coach is a business and should be treated as such.Encourages life coaches to think of their business as a gateway to the American dream, offering tax write-offs and financial benefits.Advises life coaches to be cautious about where they get their tax and legal information, stressing the importance of credible sources.Mark strongly urges tracking expenses from the beginning, even before making the first dollar, using tools like Excel or QuickBooks.Involve family members in the business to take advantage of tax write-offs for their contributions.Tax advantages of an S corporation, including reducing self-employment tax by splitting income into W-2 salary and pass-through income.How family members can be put on payroll for tasks like stuffing envelopes, cleaning the office, or helping with business projects.Mark encourages life coaches to plan for this transition in advance to avoid future tax burdens. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen share powerful insights on why converting your LLC to an S corporation is a game-changer for tax savings. They discuss the crucial tax advantages, the importance of structuring income properly, and walk you through the filing process. Find out how you could potentially save $7,000 or more with this strategic business move.Here are some of the highlights:Mark emphasizes how LLCs do not save taxes and explains the process of turning an LLC into an S corp.Discussion on the difference in tax rates between LLCs and S corps, with S corps allowing for lower self-employment tax.Mat and Mark cover the importance of allocating income to FICA wages and the potential savings.Mark outlines the three-step process for making a late S corporation election, including filling out form 2553 and referencing revenue procedure 2013-30.Mark explains the workaround for the first year, including claiming compensation on both the 1120s and Schedule C.The benefits of the S corporation strategy for business owners and the potential annual savings.Need for proper health insurance premium write-offs and the overall benefits of the S corporation strategy.Why S Corps should avoid taking the Qualified Business Income (QBI) deduction when filing taxes. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Discover how to craft a one-year action plan linked to a transformative ten-year vision. Learn the SMART goals framework to boost sales and productivity. Delve into the significance of involving your leadership team for accountability. Understand the interplay between personal issues and business performance. Embrace self-reflection to acknowledge achievements and adapt strategies. Uncover the role of mindset in executing a successful strategic plan while keeping flexibility at the forefront.

In this episode of the Main Street Business Podcast, Mark J. Kohler tackles the top challenges facing accountants today, from the disconnect with business owners to the need to shift from compliance to advisory roles. Learn actionable strategies to elevate your practice and thrive in the evolving tax industry.Here are some of the highlights:Mark begins by acknowledging the frustration of business owners and practitioners in the accounting industry.The disconnect between business owners and accountants, leading to frustration and apathy.Mark outlines the five major pain points for accountants: not charging enough, lack of practical strategies, inconsistent income, etc.The importance of charging fair rates and creating a relationship that values time and expertise.Issues of training new employees and the constant need for retraining due to high turnover.A break down of all the features and benefits of being a Main Street Certified Tax AdvisorEncourages accountants to check out the program and take advantage of the resources available to them.Mark discusses the skepticism among accountants about the feasibility of advisory services. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Josh Jalinski, a seasoned financial advisor and host of the Financial Quarterback podcast, shares vital insights for business owners seeking financial stability. He highlights the importance of annual life insurance reviews and proactive financial planning, especially during busy seasons. Josh emphasizes cash value life insurance as a wealth-building tool and discusses the significance of diversifying investments. Personal stories illustrate how strategic planning can lead to significant wealth, while he stresses the need for ongoing communication with advisors.