Main Street Business

In this episode of the Main Street Business Podcast, Mark J. Kohler sits down with music industry icon Wendy Starland to talk about the dark side of streaming services. Learn why & how artists are being shortchanged and how her new platform, Music Soul, is creating a fairer, brand-integrated ecosystem for musicians, fans, and businesses alike.Here are some of the highlights:Mark J. Kohler underlines the distinction between creating art and running a business, introducing Wendy Starland as a guest who has helped many artists, including Lady Gaga, launch their careers.Wendy Starland talks about her topic at the World Economic Forum, focusing on the exploitation of musicians and the need to change the industry dynamics.Mark and Wendy discuss the misconception that artists make significant money from music streaming, with Wendy explaining that artists earn less than $45,000 for a billion streams.Wendy explains the challenges artists face, including the competition within record labels and the lack of financial support for many artists.The challenges of monetizing free music, with Wendy explaining how artists have had to adapt to the new streaming model.Wendy introduces Music Soul, a new music streaming platform and marketplace designed to support artists and brands.How the platform aims to create an ecosystem where artists retain 70% of streaming and advertising revenue, significantly higher than current streaming platforms.Music Soul will offer various features, including streaming music, buying merchandise, attending concerts, and engaging with brands and charities.Learn more about Wendy Starland here! - https://www.wendystarland.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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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 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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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 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. 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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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 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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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 the secrets to tax-efficient business ownership! Learn how smart bookkeeping and leveraging deductions can save you money. A transition from LLC to S corp could lead to substantial tax savings. Explore the intriguing concept of phantom income and strategies to minimize its impact. Track every expense for significant write-offs and understand the best structures for your business. Involve family members in your business for added benefits!

Uncover the transformative power of family board meetings for small business owners. Explore how these gatherings can unlock valuable tax deductions and enhance business legitimacy. Learn to legally write off travel and dining expenses while ensuring compliance with proper documentation. Discover strategies for selecting board members among family and friends, and the wealth-building potential of compensating them. Establish clear agendas to boost planning and organization, all while staying on top of compliance with annual meetings.

Discover how transitioning from an LLC to an S corporation could save you significant money on taxes. The hosts reveal the key tax advantages and the crucial steps to make a retroactive S election. They break down the differences in self-employment tax rates and the importance of reasonable compensation. Learn about the challenges of filing W-2s and the strategic benefits of proper income allocation. Plus, understand why knowledgeable financial advice is vital for mastering these tax savings.

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain how to create a comprehensive, actionable plan for the year ahead. They discuss the value of aligning your goals with a long-term vision and offer tips for making measurable progress while staying flexible enough to adapt as needed.Here are some of the highlights:Mark and Mat emphasizes the importance of having a strategic plan that can lay the foundation for the next 10 years ahead.Mat discusses the need for setting realistic goals and breaking them down into manageable objectives.Mark explains and breaks down the concept of SMART goals: Specific, Measurable, Attainable, Relevant, and Time-bound.Real-world example of how to set objectives for increasing sales, including strategies like getting more leads and converting leads better.How to address personal issues that may be affecting business performance, such as health or family problems.Mat suggests involving the leadership team in the execution of the strategic plan to ensure buy-in and accountability.Mark advises writing down the strategic plan and carrying it around to review regularly. 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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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 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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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 Josh Jalinski discuss the key elements of successful financial planning for business owners. From annual life insurance reviews to emergency funds and disability insurance, they share practical steps to avoid costly mistakes and achieve lasting financial stability.Here are some of the highlights:Mark Kohler welcomes Josh Jalinski, financial advisor, RIA owner, and host of the Financial Quarterback podcast.Mark begins by emphasizing the importance of building wealth and the need for a reliable quarterback for business owners.Josh discusses the significance of life insurance and the ability to generate income as the best investment.Mark Kohler and Josh cover the value of being busy in December and the challenges of managing client expectations during this period.Having a reliable tax and financial advisor who is actively planning and not just preparing taxes is worth its weight in gold.Financial advisors need to be proactive and not take extended breaks during the busiest time of the year.Josh shares real-world stories of clients who built significant wealth by investing a portion of their income and diversifying their assets.Annual reviews of life insurance policies are necessary to ensure they are still effective and meet the client's needs.The benefits of cash value life insurance and the importance of having a permanent policy.To Learn more about Josh Jalinski, check out his Jalinski Advisory Group - https://jalinski.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 discovery call to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 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!