Main Street Business

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 eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: 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!

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 eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: 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 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 eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: 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, 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 eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: 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, 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 eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: 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!

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!