Main Street Business

#463 Part 3: The Ultimate Tax Tips That Will Save You Thousands (3/3)


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*Part 3 of 3: In this final special episode of the Main Street Business podcast, host Mark J Kohler dives into various financial scenarios and provides valuable advice for small business owners and individuals. Here are some of the significant topics discussed:

  • Discusses the new FinCEN requirements for disclosing ownership and beneficial owners for entities starting January 1st.
  • Explores the tax benefits of differentiating personal and business phone usage.
  • Stresses the importance of bookkeeping, especially when dealing with a tax advisor.
  • Explains the 'trifecta' concept in organizing tax and legal life.
  • Debunks misconceptions about paying children under 18 within businesses and provides strategies for tax benefits.
  • Answers listener questions on topics like solo 401K, managing losses in a crypto firm, and understanding carry forward losses for offsetting sales taxes on real estate.
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Main Street BusinessBy Mark J Kohler and Mat Sorensen