In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen dive into listener questions about tax and business planning. From maximizing deductions on rental properties to creative financing strategies for commercial real estate and smart ways to restructure an LLC, they address the biggest tax and business concerns entrepreneurs and investors face.

Here are some of the highlights:

• Mark explains the benefits of short-term rentals, including accelerated depreciation and cash flow.
• Mark & Mat provide a detailed explanation of how short-term rentals can be grouped under the 469-4 election and the importance of material participation.
• The importance of understanding the long-term play when dealing with short-term rentals.
• A breakdown of various creative solutions like subleasing and seller financing to mitigate the financial burden.
• The potential of seller financing and the benefits of carrying the paper for a premium.
• The possibility of condominium conversion as a unique solution to increase a property's value.
• Mark & Mat discuss the potential pitfalls of borrowing against equity and the importance of generating income to pay debt service.
• The importance of keeping assets that have great cash flow or appreciation and the potential for 1031 exchanges.

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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen give you the blueprint for bulletproof asset protection. From LLCs to trusts to holding companies, find out the smart, cost-effective strategies that work without the extra fluff.

Here are some of the highlights:

• Mark & Mat break down the biggest asset protection scams and how shady promoters convince people to buy unnecessary LLCs, trusts, and offshore entities.
• Mat discusses when you should separate your real estate properties into multiple LLCs vs. keeping them together in one—so you don’t overcomplicate things. 
• Mark reveals the truth about “anonymous LLCs” and how to use Wyoming holding companies for real privacy protection.
• How to build an asset protection plan that actually makes sense for your wealth level—so you don’t spend money on pointless legal structures.
• How to avoid setting up LLCs that end up costing you more in taxes than they save you in protection.
• Why your asset protection structure must match your tax return—or it could get torn apart in an audit or lawsuit.
• When you should separate your real estate properties into multiple LLCs vs. keeping them together in one—so you don’t overcomplicate things.
• How to legally minimize tax burdens while keeping your asset protection plan airtight.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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.
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BOI Reporting Fines Canceled for U.S. Citizens & Businesses! 

Big news for U.S. business owners! The Treasury Department has announced that U.S. citizens and domestic businesses will not face fines or penalties for failing to file Beneficial Ownership Information (BOI) reports after new deadlines are set.

Last week, FinCEN confirmed that updated BOI reporting deadlines will be announced no later than March 21. However, Treasury has now clarified that they will not enforce penalties or fines associated with the BOI!

This decision comes as part of the Corporate Transparency Act (CTA) and is being positioned as a win for reducing regulatory burdens on small businesses. Treasury Secretary Scott Bessent stated that this move aligns with President Trump's goal of fostering economic growth by cutting unnecessary red tape.

What does this mean for you?

No fines or penalties for U.S. businesses and beneficial owners.
A significant shift in compliance obligations under the CTA.
Stay tuned for more updates as the final rule changes are announced!

Need Help Setting Up An LLC? Please check out my law firm here: https://kkoslawyers.com/

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen break down tax-saving strategies for RV owners in 2025! Whether you're a weekend warrior or a full-time traveler, learn how to turn your RV into a business asset, claim deductions, and keep more money in your pocket. 

Here are some of the highlights:

• Mark and Mat provide statistics on RV ownership, noting that 13% of US households own a recreational vehicle and 43 million Americans regularly go RVing.
• Mat discusses the concept of full-time RVers and the opportunities for work campers in RV parks.
• Mark explains the financial benefits of not selling one's home but renting it out as an Airbnb to cover RV expenses.
• How full-time RVers cannot write off their RV as a home but can write off a portion if it is used as a home office.
• Part-time RV owners should determine how many days a year they will use the RV and consider its potential business use.
• Mark points out that if an RV is 100% available for rent, it can be written off as a business asset.
• Mat highlights the flexibility of using an RV for both personal and business purposes, making it a versatile asset.
• The possibility of writing off mileage for business use when moving the RV for work.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler sits down with music industry icon Wendy Starland to talk about the dark side of streaming services. Learn why & how artists are being shortchanged and how her new platform, Music Soul, is creating a fairer, brand-integrated ecosystem for musicians, fans, and businesses alike.

Here are some of the highlights:

• Mark J. Kohler underlines the distinction between creating art and running a business, introducing Wendy Starland as a guest who has helped many artists, including Lady Gaga, launch their careers.
• Wendy Starland talks about her topic at the World Economic Forum, focusing on the exploitation of musicians and the need to change the industry dynamics.
• Mark and Wendy discuss the misconception that artists make significant money from music streaming, with Wendy explaining that artists earn less than $45,000 for a billion streams.
• Wendy explains the challenges artists face, including the competition within record labels and the lack of financial support for many artists.
• The challenges of monetizing free music, with Wendy explaining how artists have had to adapt to the new streaming model.
• Wendy introduces Music Soul, a new music streaming platform and marketplace designed to support artists and brands.
• How the platform aims to create an ecosystem where artists retain 70% of streaming and advertising revenue, significantly higher than current streaming platforms.
• Music Soul will offer various features, including streaming music, buying merchandise, attending concerts, and engaging with brands and charities.

Learn more about Wendy Starland here! - https://www.wendystarland.com

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360
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• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain FinCEN’s BOI requirement and what it means for LLCs and corporations. With compliance deadlines approaching fast, they provide expert guidance on how to file properly and avoid costly fines.

Here are some of the highlights:

• Mark and Mat discuss the recent developments, including the overturning of a previous injunction and the reinstatement of BOI enforcement by FinCEN.
• Mat provides the new deadline for filing the BOI in 2025.
• Mat details the information required for the BOI, including the name of the business, tax ID, EIN, and the names and home addresses of owners and those with substantial control.
• Importance of listing all owners, including those who own 25% or more and those with control through trusts or other entities.
• Context of the policy behind the BOI, aiming to prevent money laundering and other illegal activities by requiring transparency in business ownership.
• The process of filing the BOI through the FinCEN website or using their law firm's services, which can help simplify the process.
• Discussion on the exceptions to filing the BOI, including entities with more than 25 employees or $5 million in revenue.
• Mark and Mat strongly urge filing even if the entity has not been active, as non-use does not exempt the requirement.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen answer your top tax and legal questions. From choosing the right tax advisor (without overpaying for empty credentials) to navigating HSAs, S corp taxation, and solo 401(k) limitations—this episode is packed with practical strategies to keep your business and investments in top shape. Plus, they break down how their Crypto IRA can help you leverage cryptocurrency in your retirement portfolio.

Here are some of the highlights:

• Mark discusses the importance of choosing a good tax advisor and the potential pitfalls of high fees without proper credentials.
• Mat clarifies the difference between an HSA account and an HSA-qualifying insurance plan, emphasizing that the account can be set up anywhere, including with Direct IRA.
• Mark and Mat cover the benefits of self-directing an HSA account, including the ability to invest in various assets like crypto, real estate, and private companies.
• Upcoming changes in 2025 regarding 1099-K forms for payment apps like Cash App and Venmo.
• A workaround involving picking up FICA wages on a Schedule C and ensuring proper documentation on the 1120-S form.
• The challenges of setting up an IRA LLC for buying crypto and recommends using the Crypto IRA product instead.
• The process of transferring funds from a retirement account to a Gemini account for buying and selling crypto.
• Mark and Mat encourage listeners to invest time in finding the right professional team for their business, including accountants and lawyers.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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
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In this episode of the Main Street Business Podcast, Mark J. Kohler explains how to successfully transition out of your business while maximizing value. From setting up a seamless family succession plan to making your business more appealing for a third-party sale, he shares practical steps to ensure a smooth and profitable exit. Tune in for expert strategies that will help you plan your next move with confidence!

Here are some of the highlights:

• Mark outlines four strategies that wealthy individuals use when exiting their businesses.
• Emphasizes the importance of deciding who will buy the business, whether it's family or a third party.
• The complexities of family succession, including the need for succession planning and business consultants.
• Introduction to the concept of systemization, developing people, and understanding EBITDA for third-party sales.
• Real-world examples of clients who initially wanted to sell but later decided against it due to the success of their systemized business.
• The potential for staying on with the new buyer for a transition period, which could increase the sale price.
• Mark urges caution when considering elaborate tax structures and emphasizes the need for second and third opinions.
• Mark warns against high-risk, high-cost tax strategies and the potential for IRS audit risks.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler shares the blueprint for tax-efficient business ownership. He explains why smart bookkeeping is key, how to leverage deductions, and when to transition from an LLC to an S corp for optimal tax savings. If you’re tired of overpaying the IRS, this episode is a must-listen!

Here are some of the highlights:

• Mark explains what you take out of your business is not what you are taxed on, using a scenario where a business owner makes $60,000 but is only taxed on $50,000 due to write-offs.
• The evolution of a small business from a sole proprietorship to an LLC, and then to an S corporation once the business starts making significant income.
• Mark discusses the concept of having two sets of books: one for tracking income and expenses through the business account, and another for adding other expenses that may not have gone through the main account.
• The concept of phantom income, where business owners reinvest money back into the business and are still taxed on that amount.
• Strategies for minimizing phantom income, such as taking a portion of the reinvested money and depositing it with the IRS to cover expected taxes.
• How most small businesses should avoid the C corporation structure and stick with pass-through entities like LLCs or S corporations.
• The importance of tracking every expense related to the business, as these expenses can be significant tax write-offs.
• Mark advises business owners to involve family members in the business to take advantage of write-offs for supporting family financially.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler uncovers the secret to saving big on taxes and strengthening your business—the family board meeting. Discover how to legally write off travel, meals, and payments to family members, while staying compliant and building financial security. Mark breaks down the process step by step, making it easy for any small business owner to implement.

Here are some of the highlights:

• Mark explains why every small business should hold a family board meeting and how it can unlock valuable tax deductions while enhancing business legitimacy.
• Discussion on how travel, dining, and other expenses related to board meetings can be legally written off, reducing taxable income.
• Mark covers the importance of maintaining proper documentation, such as meeting minutes and corporate records, to ensure compliance and asset protection.
• The process of selecting board members, including family and friends, to provide valuable advice while benefiting from tax write-offs.
• Explanation of how to structure family board meetings with clear agendas and actionable discussions to improve business planning.
• Mark outlines the tax benefits of compensating family members for their participation in board meetings and how it can serve as a wealth-building strategy.
• The significance of holding board meetings at least once a year to stay compliant, with suggestions on how to schedule additional meetings for greater tax advantages.
• How having a properly structured family board meeting can help business owners align their financial goals with their long-term vision and legacy planning.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• 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!
• 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
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