Main Street Business

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 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 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 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!

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 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 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 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 showdown between Roth IRAs and Indexed Universal Life insurance! The hosts break down the tax benefits of Roths and the unique features of IULs. Learn why Roth IRAs are often the go-to for accessible long-term growth. Hear a personal story that underscores the importance of careful financial choices. The discussion highlights the need for individualized advice and identifies the ideal audience for each option. Get ready for insights that empower you to navigate your financial future!

The hosts reveal hidden tax traps that influencers often miss. They stress claiming the fair market value of gifted products as taxable income, even without a 1099 form. The discussion highlights the IRS's increasing scrutiny on influencers, making tax optimization essential. Listeners learn the realities of tax deductions, including the debunking of luxury item write-offs. Emphasis is placed on treating influencer earnings as legitimate business income, encouraging savvy tax strategies to maximize profits and future financial stability.

In this episode of the Main Street Business Podcast, Mark J. Kohler shares valuable insights on year-end tax strategies that can help business owners save money and optimize their financial planning. With over 20 years of experience as a CPA and attorney, Mark breaks down five key strategies that every business owner should consider before the year ends. From retroactive S elections to maximizing health savings accounts, this episode is packed with practical advice for navigating the complexities of tax season.Here are some of the highlights:Mark explains the importance of making a retroactive S election to potentially save thousands in self-employment taxes.He discusses how to determine reasonable payroll amounts for S corporations, emphasizing the benefits of strategic compensation.The episode highlights the necessity of making a sale before year-end to unlock deductions for startup costs.Mark introduces the concept of holding a board meeting as a tax write-off opportunity, encouraging listeners to engage family and friends in their business discussions.He emphasizes the significance of health savings accounts (HSAs) and the upcoming open enrollment period, detailing how HSAs can provide substantial tax advantages. 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 host an open forum, addressing your top tax and legal questions. They dive into why having an LLC is crucial for protecting your assets, how Medicaid clawbacks can impact your estate, and the benefits of elder law planning. Whether you're looking to safeguard your wealth or prepare for the future, this episode has essential insights.Here are some of the highlights:Mark & Mat Matt explain how Medicaid can go after significant assets if the parents have them, but the home is typically exempt.Mat warns about potential estate planning issues if the parents sell the house to their children for less than market value.Mark and Mat advise against using a Lady Bird Deed alone and recommend setting up a trust instead for a more comprehensive estate plan.How you can either take mileage deductions or actual expenses, but an LLC provides better asset protection.LLC provides asset protection and can be converted to an S corporation if needed.Airdropped crypto is considered a disallowed contribution to the Roth IRA and should be moved to a personal wallet.Children under age 18 do not require a 1099 or W-2, and paying them as outside labor is best.Mat emphasizes the importance of understanding the tax rules for paying children and offers strategies for maximizing tax benefits. 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!

Explore innovative year-end tax strategies that can boost your financial game. Discover the 'December loophole' for vehicle depreciation to save big. Find out how renting out a primary residence for business purposes can lead to tax-free income. Learn about combining family gatherings with strategic board meetings to make holiday expenses tax-deductible. Plus, uncover the benefits of maximizing HSAs and tax-efficient planning for entrepreneurs—essential tips to help secure your financial future!

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen break down the incredible tax advantages of Health Savings Accounts (HSAs). Learn how to save big with tax-deductible contributions, tax-free growth, and withdrawals for medical expenses, plus tips on FSAs, HRAs, and the IRA-to-HSA rollover strategy.Here are some of the highlights:Mark and Mat emphasize the importance of deducting 100% of health insurance premiums for self-employed individuals and S corporations.Reminder to use FSAs before the end of the year, including medical, co-pays, and dental expenses.An in-depth discussion on the ability to invest HSA funds in various assets, such as crypto, real estate, and small businesses.Explanation of the requirements for HSA qualifying plans, including high deductibles and out-of-pocket limits.HSAs do not require earned income for contributions, unlike IRAs and 401(k)s.Introduction to the HRA (Health Reimbursement Account) plan as an alternative for small business owners with high medical expenses.A strategy learned from the community, allowing S corporation owners to reduce FICA liability by having the corporation pay for HSAs. 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!