Main Street Business

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 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.

BOIs on Hold Again - 5th Circuit Reverses Itself on 12/27/24. A big win for small businesses in this court saga. Going live to get into what this means for you! This case has been moving fast so if you haven't filed your BOIs for your LLCs or corporations make sure your subscribed and catching the latest updates to stay in compliance. If you need help completing your BOI report (and are done with the Court theatrics) my company Main Street Business Services can help you! Find them at https://www.mainstreetbusiness.com/contact Subscribe to my Youtube Channel to keep up with BOI updates! https://www.youtube.com/@MatSorensen 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 dives into the financial benefits of transitioning to an S corp. He highlights the importance of splitting income into payroll and draws, shares his foolproof 50/50 strategy, and explains why it’s a safe and effective approach. With practical advice on avoiding IRS scrutiny and optimizing your business structure, this episode is a must-listen for entrepreneurs and small business owners.Here are some of the highlights:Mark introduces the topic of transitioning from an LLC to an S corp, emphasizing the importance of how one pays themselves.Mark splits life into operations and assets, explaining that operations could include a day job or a side hustle, while assets could include rental properties, brokerage accounts, and retirement accounts.Emphasizes the importance of treating the S corp as a real business, including having a bank account, tax ID number, corporate book, and annual board meetings.Explanation of the drawbacks of paying self-employment tax on an LLC, which is 15.3% on all profits.The importance of properly allocating draws on paper and issuing a W-2 report to achieve tax savings.How an LLC pays self-employment tax and state tax, while an S corp allows for splitting income into payroll and K-1 distributions to reduce tax liability.Implementing a payroll matrix to help business owners determine the appropriate payroll percentage based on their profit.The cost of converting to an S corp is justified by the significant tax savings achieved. 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!

The department of justice has filed an emergency appeal to reverse the recent court ruling on the FinCEN Beneficial Ownership Information (BOI) requirement. In this episode, Mat breaks down what this appeal means for small business owners, the potential implications for compliance, and what steps you should consider taking in the meantime.  If you’re a small business owner wondering whether you need to file a BOI or how this ruling impacts your LLC or corporation, this is a must-watch (or listen). Stay informed and ahead of the curve as this legal battle unfolds.   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 host another open forum and break down key retirement planning strategies, including the mega backdoor Roth IRA, and discuss the benefits and pitfalls of partnership structures. They also explore the potential implications of the Corporate Transparency Act following its recent unconstitutional ruling, with actionable tips for trust management and entity cleanup.Here are some of the highlights:Mark and Mat clarify the difference between mega Roth 401(k) and backdoor Roth IRA.Mark expresses concerns about the partnership structure and the potential for inequitable distribution of responsibilities and benefits.Mat emphasizes the importance of understanding partnership structures to avoid getting a bad deal.Explanation of the backdoor Roth IRA strategy and the pro-rata rule for traditional IRA contributions.How the corporate Transparency Act has been ruled unconstitutional, affecting the BOI reporting requirement.Recent ruling in Texas that the Corporate Transparency Act is unconstitutional.Speculation on the future of the Corporate Transparency Act under the Trump administration.Encourages listeners to review their tax and legal situations for year-end planning. 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!