Main Street Business

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! 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! 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. 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! 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! 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. 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! 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! 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. 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! 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! 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. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

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! 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! 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. 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! 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! 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. 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! 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! 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. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!