In this latest episode of the Main Street Business Podcast, Mark J. Kohler explores the benefits and processes involved in converting to an S Corporation. Learn how making the switch can save your clients money, the critical timelines for filing, and how the Kohler Payroll Matrix can guide setting reasonable compensation. Here are some of the highlights:Mark recommends converting to S Corporations when net income reaches $40,000-$50,000.Mark advises and breaks down how to convert an LLC to S Corp using Forms 8832 and 2553.How tax professionals can present the S Corporation strategy as a new tax-saving opportunity to clients.The significance of implementing payroll before year-end for retroactive elections.How to use the Kohler Payroll Matrix as a tool for determining reasonable compensation.Using retroactive S election with Rev. Rule 2013-30 for mid-year conversionsAfter-the-fact quarterly payroll recommended for flexibility. 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!

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024.Here are some of the highlights:Mark and Mat stress the importance of properly setting up and maintaining LLCs and S CorpsMark and Mat advise opening separate bank accounts for entities.Use entity names on contracts, agreements, and property titles.How BOI applies to most small businesses, exemptions for large companies.Mark and Mat debate the crucial effectiveness of BOI reporting.The severity of penalties for non-compliance.The significance of maintaining accurate bookkeeping. 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 latest episode of the Main Street Business Podcast, host Mark J. Kohler explains the strategic benefits and mechanics of Health Savings Accounts (HSAs). Unpack the tax advantages, flexible contributions, and the array of investment opportunities available through HSAs. From cryptocurrencies to real estate, learn how to maximize your HSA for both health and wealth.Here are some of the highlights:Mark explains how an HSA is portable and can be set up with any employer or as an entrepreneur.Mark breaks down the 2024 contribution limits: $4,150 for singles, $8,300 for married filing jointly.Users have the ability to invest HSA funds in various assets (e.g., cows, crypto, rental property)How HSAs can be used for retirement at age 59.5 if not used for medical expenses.Two investment options: Traditional HSA with limited investment choices and Self-directed HSA with broader investment options.The importance of reimbursing yourself for past medical expenses.Potential for higher returns compared to traditional investments 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 deep into the world of LLCs and their critical role in business success. He breaks down the concept of the trifecta and how it can empower entrepreneurs to build their American dream.Here's what you can look forward to in this episode:Mark explains the importance of understanding what an LLC is and how it can be effectively utilized to protect assets and enhance business operations. He introduces the trifecta concept, highlighting its significance in wealth building and asset protection for business owners. Listeners will learn about the five different types of LLCs and who they are best suited for, along with practical examples to illustrate their uses. Mark discusses common mistakes business owners make when forming LLCs and how to avoid them to ensure a successful setup. The episode covers the transition from a standard LLC to an S Corp and the tax benefits associated with this shift, providing valuable insights for growing businesses. Mark shares his personal journey as an entrepreneur, offering inspiration and actionable steps for listeners looking to navigate their own business paths. 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!

Can identifying and leveraging underutilized properties truly unlock significant value? In our latest episode, we sit down with Josh McCallen, founder of Accountable Equity, to uncover the secrets of transforming distressed real estate into thriving business ventures. Josh shares his journey from a traditional middle-class upbringing to becoming a major player in the real estate and hospitality sectors, detailing his impressive feat of raising $54 million from investors. You'll hear firsthand how strategic planning and the synergetic integration of business operations with real estate can lead to substantial wealth creation.Excited to announce that Josh McCallen will be speaking at our Alt Asset Summit on October 24-25! Don’t miss out—secure your spot now: https://altassetsummit.com/ 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!

Understanding Real Estate investing and the market in 2024 Join us with Robert Helms from The Real Estate Guys Radio Show as we discuss how rising interest rates impact the market and why a long-term perspective is key. Robert shares strategies for targeting the right markets and building a strong team. Plus, hear about Robert's 18-year-old son Ethan’s first investment in Memphis, highlighting the power of strategic saving and market knowledge. To get in contact with Robert and his team:Website and Podcast - https://realestateguysradio.com/Contacts - midsouth@realestateguysradio.comsihomes@realestateguysradio.compip@realestateguysradio.comRobert is speaking at the 2024 Alternative Asset Summit Hosted by Mat Sorensen - By your Tickets Here! https://altassetsummit.com/ 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!

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast as they guide you through effective business scaling techniques. Learn about the strategic hiring of an executive assistant, the importance of establishing SOPs, how to manage onboarding and compliance to safeguard your expansion.Here are some of the highlights:Mark and Mat break down the significance of hiring an executive assistant first and foremost.Interviewing at least three candidates before making a decision.Be clear about expectations and work schedule right from the start.Using a payroll service like ADP for tax and legal compliance.How to calculate the potential increase in revenue from freed-up timeSpending time training and introducing the employee to the business.Documenting standard operating procedures (SOPs) for each task.Always be prepared to cut ties if the employee isn't working out within 90 days. 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 discussion, essential contracts for business owners take center stage. Learn about different types of commercial leases and the critical role of clear terms to prevent disputes. The hosts share valuable insights on partnership agreements, emphasizing the need for clarity in roles and funding. They also delve into employment agreements, highlighting protective measures like employee handbooks. With real-world examples, they reinforce the importance of understanding contracts to safeguard business interests and avoid costly mistakes.

In this episode of the Main Street Business podcast, host Mark J. Kohler unpacks the top 5 strategies that can change the way you think about money. Learn about IRS rules for cryptocurrency, why side hustles are more than just extra cash, and the benefits of retirement accounts like Roth IRAs and the Mega Backdoor Roth strategy.Here are some of the highlights:Mark points out how the IRS received $80 billion to enforce more audits and tracking.Mark maps out the three ways cryptocurrency is taxed: selling for USD, trading for another crypto, using for purchases.The significance of side hustles and how essential they are for saving taxes and building wealth.Importance of choosing the right side hustle and developing a business plan.Determining capital needs and structuring the business (sole proprietorship or LLC).The top 10 write-offs for side hustles.Explanation of the 'backdoor Roth IRA' strategy for high-income earners.Introduction to self-directed IRAs and their potential for higher returns. 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!

Join Mark J. Kohler in this latest episode of the Main Street Business Podcast as he explores the fundamentals of asset protection and privacy. Learn about the essential structures, from LLCs to the advanced "Trifecta Strategy," and how regular reviews and professional advice can boost your financial security.Here are some of the highlights:Mark emphasizes how asset protection is about implementing strategies to protect financial assets.Create entities without personal name/address, use mail forwarding services.Measures to level up security/privacy, such as video inventory of belongings, shredding documents, and fireproof safes.Asset protection and privacy has 3 different levels based on asset amount and risk.Mark maps out the Trifecta and how it can be used to enhance asset protection, tax strategies, and estate planning.Why asset protection and privacy are essential for wealth building and security.Importance of regular maintenance and updates. 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!