Main Street Business

Discover the ultimate toolkit for buying a small business and ensuring its success. Learn the importance of seller involvement and documenting processes for a smooth transition. Explore strategies for enhancing company culture and employee relationships in the critical first 100 days. Understand the need for a transition budget and how to add value for customers. Gain insights into navigating unforeseen challenges and taking control of your entrepreneurial journey with real-life examples and practical advice.

Explore the critical differences between asset and stock purchases when buying a business. Discover the tax advantages of asset purchases and the importance of a well-crafted purchase agreement. Learn about various funding options, from cash to SBA loans, and the significance of having legal counsel to navigate complexities. Delve into strategies for structuring new entities, managing partnerships, and ensuring smooth transitions. This episode is packed with practical insights to help future business owners minimize risks and maximize their investments.

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen bring you the latest on federal regulations that could land business owners in hot water. With the Corporate Transparency Act now in effect, they’re here to guide you through what the Business Owner Information (BOI) report is, why it matters, and how to tackle it without stress.Here are some of the highlights:Mark & Mat unpack the new federal mandate requiring business owners to file a Business Owner Information (BOI) report.Explanation of exemptions, including criteria for "large companies" and "inactive entities" set up before 2020.How maintaining compliance can support asset protection and why business owners should stay on top of annual entity requirements.Non-compliance with BOI filing can result in $500/day penalty and up to 2 years in prison.Insights into the government's reasons for the Corporate Transparency Act, focusing on combating money laundering and fraud through enhanced transparency.Mark & Mat breakdown the challenges for nomadic individuals or those using privacy services to provide residential addresses.Details on Main Street Business Services' compliance services for handling BOI filings and maintaining entity compliance. 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, host Mark J. Kohler breaks down key tax-saving strategies every business owner should know, including why a side hustle is often crucial for effective tax planning. He also highlights the dangers of misleading crypto tax advice and urges listeners to stay vigilant. Mark’s practical approach will leave listeners feeling empowered and informed to make smarter tax choices in a complex financial landscape.Here are some of the highlights:Mark emphasizes that setting up an LLC does not change tax deductions.Example of a lemonade stand to illustrate that expenses are deductible regardless of LLC status.Warning against chasing deals solely for tax benefits without considering the underlying quality of the investment.Explanation of cost segregation as a strategy to depreciate rental properties faster.The pitfalls of C corporations, such as double taxation and the temptation to take excessive salaries.Clarification on how the IRS can see all cryptocurrency transactions and that there is no special tax rate for crypto.The importance of finding a real tax advisor who understands myths and truths. 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, host Mark J. Kohler and Mat Sorensen break down essential strategies for high-income earners looking to maximize their retirement contributions. Learn how to utilize "backdoor Roth" and "mega backdoor Roth" methods to surpass traditional contribution limits, gain insights into employer matches and after-tax contributions, and explore the powerful role of Health Savings Accounts (HSAs) as part of your retirement plan.Here are some of the highlights:Mark and Mat address the misconception that retirement accounts aren't beneficial for high-income earners due to contribution limits.Emphasize the importance of planning together with one's spouse to understand and align on retirement goals.Introduction to "spousal backdoor Roth IRA" for married couples to maximize their contributions.Advise against prioritizing college savings over retirement contributions, emphasizing the need to secure one's own financial future first.In-depth discussion on advanced retirement strategies for self-employed individuals, including cash balance plans and defined benefit (DB) plans.The concept of "match and out," where one contributes enough to receive employer matches and then focuses on other accounts.Mark and Mat encourage listeners to seek professional advice to maximize their retirement contributions and achieve financial security. 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!

Live from the Alternative Asset Summit, experts share powerful wealth-building strategies beyond Wall Street. Dive into inspiring success stories, including an 87-year-old crypto trader and a church-turned-wedding venue. Learn about alternative investments and the significance of family involvement in finance. Discover tax strategies, including the benefits of Roth IRAs and navigating K-1 filings. This lively discussion emphasizes adaptability in investing and offers practical tips to take control of your financial future.

Karlton Dennis, an enrolled agent and tax strategist with a notable YouTube following, joins the conversation to share hidden tax-saving gems. He discusses the advantages of switching from an LLC to an S corporation, emphasizing self-employment tax reductions. Strategies for involving kids on payroll as a tax deduction are explored, potentially saving families significant amounts. Dennis highlights the importance of year-end retirement contributions and the use of self-directed accounts for investing. A must-listen for entrepreneurs eager to optimize their taxes!

In this episode of the Main Street Business Podcast, host Mark J. Kohler shares his more powerful and essential year-end tax tips. From managing expenses to charitable giving and real estate strategies, get actionable insights to wrap up the year right and boost your business savings.Here are some of the highlights:Mark stresses getting books in order for year-end planning.Mark lays out the best practices and strategies for paying children 18 and older in your business.Detailed considerations and options for paying a spouse in business.Importance of 1099 planning for subcontractors.Short-term, long-term, and self-rental options.An in-depth look at the 529 state deduction strategies for college savings.Mark encourages everyone to discuss strategies with expert tax advisors. 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, host Mat Sorensen dives into a crucial new filing requirement that many small businesses need to be aware of: the Beneficial Ownership Information (BOI) report. Mat explains the Corporate Transparency Act, which mandates businesses to disclose their key beneficial owners to FinCEN. While the deadline to file is December 31, 2024, many small businesses should start preparing now to avoid penalties. Mat breaks down who needs to file, what information must be included, and the potential consequences of non-compliance. Whether you're a small business owner, entrepreneur, or advisor, this episode is packed with essential information to help you stay on the right side of this new regulation.Take advantage of the current special from KKOS Lawyers: https://kkoslawyers.com/For all compliance needs head to Main Street Business Services: https://mainstreetbusiness.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, host Mark J. Kohler unpacks the intersection of traditional tax strategies and the world of cryptocurrency. Learn how the "Trifecta Concept" can streamline your estate planning and operational income, while also addressing the unique tax challenges of crypto mining, NFTs, and gaming revenue.Here are some of the highlights:Mark begins by mapping out the Trifecta Structure for client asset organization.Mark breaks down the S corporation strategy: Split income into reasonable comp and K-1.Operational crypto income: Mining, certain staking, gaming revenue, NFT creation.Importance of organizing client's crypto activities within the trifecta framework.Tax strategies: Using IRAs or solo 401(k)s for gaming income.Gaming tokens are taxable income subject to self-employment tax.How to use software to track cryptocurrency basis for reporting purposes. 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!