Hey there, college athletes! The NCAA recently announced a new rule allowing you to profit from your Name, Image, and Likeness (NIL). This is great news, but it also means that you have new financial responsibilities to consider. That's why it's important to learn about tax planning now.

By understanding tax planning strategies, you can maximize your earnings and make the most of your opportunities. For example, you might want to set up a business entity to receive your endorsement income and save on taxes. Plus, you can avoid costly mistakes like failing to report income or pay taxes on time.

Learning tax planning is also a crucial part of financial literacy. By building this knowledge, you can manage your finances, plan for your future, and make smart investment decisions. You'll be better equipped to work with financial professionals like accountants and financial advisors, too.

So don't wait! By taking the time to learn about tax planning, you can set yourself up for financial success both during and after college.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

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Tax strategies, business planning, investing, asset protection, and more.
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Folks, let me tell you - filing for an extension is not something to fear. In fact, it can be one of the smartest moves you make when it comes to your taxes. Let's dive into the benefits of filing for an extension, and why it's important to submit an estimated payment along with it.

First and foremost, filing for an extension can help you avoid late filing penalties. If you miss the April deadline, the IRS will slap you with a 5% penalty for each month that your return is late. Ouch! But by filing for an extension, you can buy yourself an additional six months to complete your tax return and avoid those pesky penalties.

But that's not all - an extension can also give you more time to gather information and ensure that your tax return is accurate. This is especially important if you have a complex tax situation, with lots of investments or if you're self-employed. Taking your time and getting everything in order can help you avoid mistakes that could lead to an audit or penalties down the road.

Now, let's talk about why it's crucial to submit an estimated payment along with your extension. When you file for an extension, you're only extending the time to file your return, not the time to pay any taxes owed. If you don't submit an estimated payment, you could be hit with penalties and interest charges.

But that's not the only reason to submit an estimated payment - it can also help you avoid a big tax bill at the end of the year. By paying some of your taxes now, you can spread out the payments over a longer period of time, which can be a huge help for your budget. And, submitting an estimated payment can also help you avoid getting flagged for an audit. The IRS looks at large unpaid tax bills as a potential red flag, so getting some money in early can help you fly under the radar.

In conclusion, don't be afraid to file for an extension if you need it. It can be a great way to avoid penalties, reduce the risk of errors, and give yourself more time to get your taxes in order. Just remember to submit an estimated payment along with your extension to avoid any headaches down the road.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

Hey there, it's Mark J. Kohler, and I'm excited to discuss the tax benefits of using working animals for your business or medical needs. Did you know that you could write off many of the expenses associated with your animal on your taxes? In this podcast, we'll explore the world of working animals and the specific expenses that may be deductible, such as food, veterinary care, training, and equipment. As a tax and legal expert, I'll also provide insights into the legal requirements and documentation necessary to claim these deductions. Whether you're a business owner with a service animal or someone with a medical need for a therapy animal, this podcast will offer valuable information on how to save money and maximize the benefits of your working animal. So join me as we navigate the world of tax savings and working animals together!

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

Tax and legal planning can be a daunting task, especially when you're bombarded with conflicting information and misconceptions. But fear not! This Podcast aims to clear the air and provide you with the answers to the most common questions and misconceptions about tax and legal planning. Whether you're a small business owner or an individual looking to optimize your financial situation, this show will equip you with the knowledge you need to navigate the complex world of tax and legal planning with confidence. From understanding the basics of tax planning to debunking common myths about legal structures, this article covers it all. So dive in and learn how to make the most of your financial situation today!

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

Join Mark and Mat in their engaging discussions as they tackle your personal tax and legal questions! Receive insightful answers to your most pressing concerns, and learn from their expertise as they provide some of the most effective solutions to your tax and legal issues. Tune in and let them help ease your worries with their informative and engaging dialogue.

Don't miss out on this weeks episode of the Main Street Business Podcast. 
To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

In this week's podcast, Mark is joined by a special guest who will discuss the significance of understanding why forming a limited liability company (LLC) may not be beneficial for you. Throughout the episode, Mark and his guest delve into the intricacies of LLCs, exploring the potential drawbacks and limitations of this business structure. By listening in, you will gain valuable insights into the factors that should be considered before deciding to form an LLC, and learn why this option may not be the best fit for your unique circumstances. Join Mark and his guest as they offer an informative and eye-opening discussion on the topic.

Don't miss out on this weeks episode of the Main Street Business Podcast. 
To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ 

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

In this weeks podcast Mark and Mat bring to light the importance and differences of the LLC and S-corp,  listen as Mark and Mat duke it out between the two.
Learn the pros and cons of each one. 

Don't miss out on this weeks episode of the Main Street Business Podcast. 
To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ 

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

There's pros and cons when it comes to contacting your lawyer... 
Most people don't understand when its the right time to call their lawyers.
Check out this weeks podcast Mark and Mat explain the best times when you should and shouldn't call your lawyer..
Don't miss out on this weeks episode of the Main Street Business Podcast. 
To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ 

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

Mark and Mat take time to answer your interesting legal questions, join them as the give clear and concise answers to your great tax and legal questions..

Don't miss out on this weeks episode of the Main Street Business Podcast. 

To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ 

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

Mark and Mat explain the basics that are more then affordable to protect your assets, tune in to hear the educational content and learn how to save and protect your assets!

Don't miss out on this weeks episode of the Main Street Business Podcast. 

To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ 

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...