In this episode of the Main Street Business Podcast, Mark J. Kohler tackles the top challenges facing accountants today, from the disconnect with business owners to the need to shift from compliance to advisory roles. Learn actionable strategies to elevate your practice and thrive in the evolving tax industry.

Here are some of the highlights:

• Mark begins by acknowledging the frustration of business owners and practitioners in the accounting industry.
• The disconnect between business owners and accountants, leading to frustration and apathy.
• Mark outlines the five major pain points for accountants: not charging enough, lack of practical strategies, inconsistent income, etc.
• The importance of charging fair rates and creating a relationship that values time and expertise.
• Issues of training new employees and the constant need for retraining due to high turnover.
• A break down of all the features and benefits of being a Main Street Certified Tax Advisor
• Encourages accountants to check out the program and take advantage of the resources available to them.
• Mark discusses the skepticism among accountants about the feasibility of advisory services.

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In this episode of the Main Street Business Podcast, Mark J. Kohler and Josh Jalinski discuss the key elements of successful financial planning for business owners. From annual life insurance reviews to emergency funds and disability insurance, they share practical steps to avoid costly mistakes and achieve lasting financial stability.

Here are some of the highlights:

• Mark Kohler welcomes Josh Jalinski, financial advisor, RIA owner, and host of the Financial Quarterback podcast.
• Mark begins by emphasizing the importance of building wealth and the need for a reliable quarterback for business owners.
• Josh discusses the significance of life insurance and the ability to generate income as the best investment.
• Mark Kohler and Josh cover the value of being busy in December and the challenges of managing client expectations during this period.
• Having a reliable tax and financial advisor who is actively planning and not just preparing taxes is worth its weight in gold.
• Financial advisors need to be proactive and not take extended breaks during the busiest time of the year.
• Josh shares real-world stories of clients who built significant wealth by investing a portion of their income and diversifying their assets.
• Annual reviews of life insurance policies are necessary to ensure they are still effective and meet the client's needs.
• The benefits of cash value life insurance and the importance of having a permanent policy.

To Learn more about Josh Jalinski, check out his Jalinski Advisory Group - https://jalinski.com/

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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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BOIs on Hold Again - 5th Circuit Reverses Itself on 12/27/24. A big win for small businesses in this court saga. Going live to get into what this means for you! This case has been moving fast so if you haven't filed your BOIs for your LLCs or corporations make sure your subscribed and catching the latest updates to stay in compliance. If you need help completing your BOI report (and are done with the Court theatrics) my company Main Street Business Services can help you! Find them at https://www.mainstreetbusiness.com/contact 

Subscribe to my Youtube Channel to keep up with BOI updates! https://www.youtube.com/@MatSorensen

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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 dives into the financial benefits of transitioning to an S corp. He highlights the importance of splitting income into payroll and draws, shares his foolproof 50/50 strategy, and explains why it’s a safe and effective approach. With practical advice on avoiding IRS scrutiny and optimizing your business structure, this episode is a must-listen for entrepreneurs and small business owners.

Here are some of the highlights:

• Mark introduces the topic of transitioning from an LLC to an S corp, emphasizing the importance of how one pays themselves.
• Mark splits life into operations and assets, explaining that operations could include a day job or a side hustle, while assets could include rental properties, brokerage accounts, and retirement accounts.
• Emphasizes the importance of treating the S corp as a real business, including having a bank account, tax ID number, corporate book, and annual board meetings.
• Explanation of the drawbacks of paying self-employment tax on an LLC, which is 15.3% on all profits.
• The importance of properly allocating draws on paper and issuing a W-2 report to achieve tax savings.
• How an LLC pays self-employment tax and state tax, while an S corp allows for splitting income into payroll and K-1 distributions to reduce tax liability.
• Implementing a payroll matrix to help business owners determine the appropriate payroll percentage based on their profit.
• The cost of converting to an S corp is justified by the significant tax savings achieved.

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The department of justice has filed an emergency appeal to reverse the recent court ruling on the FinCEN Beneficial Ownership Information (BOI) requirement. In this episode, Mat breaks down what this appeal means for small business owners, the potential implications for compliance, and what steps you should consider taking in the meantime.  

If you’re a small business owner wondering whether you need to file a BOI or how this ruling impacts your LLC or corporation, this is a must-watch (or listen). Stay informed and ahead of the curve as this legal battle unfolds.  

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In this episode of the Main Street Business Podcast Mark J. Kohler and Mat Sorensen host another open forum and break down key retirement planning strategies, including the mega backdoor Roth IRA, and discuss the benefits and pitfalls of partnership structures. They also explore the potential implications of the Corporate Transparency Act following its recent unconstitutional ruling, with actionable tips for trust management and entity cleanup.

Here are some of the highlights:

• Mark and Mat clarify the difference between mega Roth 401(k) and backdoor Roth IRA.
• Mark expresses concerns about the partnership structure and the potential for inequitable distribution of responsibilities and benefits.
• Mat emphasizes the importance of understanding partnership structures to avoid getting a bad deal.
• Explanation of the backdoor Roth IRA strategy and the pro-rata rule for traditional IRA contributions.
• How the corporate Transparency Act has been ruled unconstitutional, affecting the BOI reporting requirement.
• Recent ruling in Texas that the Corporate Transparency Act is unconstitutional.
• Speculation on the future of the Corporate Transparency Act under the Trump administration.
• Encourages listeners to review their tax and legal situations for year-end planning.

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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 break down the complexities of Roth IRAs versus IULs. They discuss how Roths provide tax-free growth and accessibility, while IULs offer insurance benefits but demand careful financial management.

Here are some of the highlights:

• Mark and Mat begin by introducing the topic of discussion, noting the popularity of IULs among young people and the confusion surrounding their use as a retirement alternative.
• Mark shares a personal anecdote about his cousin considering a life insurance policy for retirement, highlighting the need for careful consideration.
• Mat explains the basics of IULs, including their combination of term life insurance and a cash value component that grows tax-free.
• Mark and Mat touch on the ease of accessing contributions in a Roth IRA versus the longer-term access of IUL cash value.
• They identify the ideal target audience for IULs as those with stable income and a need for both death benefit and investment growth.
• Roth IRAs should be the starting point for most people, followed by a consultation with a trusted advisor for IULs.
• The importance of individualized advice and the potential benefits of IULs for those with specific financial needs and stable income.
• How Roth IRAs offer a simpler, more accessible entry point for long-term wealth building.

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• 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.
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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen reveal the hidden tax traps influencers often overlook. From claiming the fair market value of gifted products to understanding which deductions won’t raise red flags, they provide practical, actionable insights to keep your business compliant and thriving.

Here are some of the highlights:

• Mark Kohler discusses the IRS's perspective on expenses and how companies that send free products to influencers can claim them as business expenses.

• Mat underlines the importance of influencers claiming the fair market value of products they receive, even if they are not sent a 1099 form.

• Mark and Mat explain how gifts can be a write-off for businesses but emphasize that influencers must claim the fair market value of products they promote.

• The IRS has a task force specifically targeting influencers and has been given additional funding to audit them more effectively.

• Explanation of the importance of understanding the value of promotional posts and ensuring that influencers are compensated appropriately.

• How influencers should focus on optimizing their tax situation to keep as much money as possible.

• Debunk the myth that luxury items like Rolex watches or Lamborghinis can be written off as business expenses simply because they appear in videos.

• Encouragement for influencers to embrace their role as business owners and take advantage of available tax strategies.

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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 shares valuable insights on year-end tax strategies that can help business owners save money and optimize their financial planning. With over 20 years of experience as a CPA and attorney, Mark breaks down five key strategies that every business owner should consider before the year ends. From retroactive S elections to maximizing health savings accounts, this episode is packed with practical advice for navigating the complexities of tax season.

Here are some of the highlights:

• Mark explains the importance of making a retroactive S election to potentially save thousands in self-employment taxes.
• He discusses how to determine reasonable payroll amounts for S corporations, emphasizing the benefits of strategic compensation.
• The episode highlights the necessity of making a sale before year-end to unlock deductions for startup costs.
• Mark introduces the concept of holding a board meeting as a tax write-off opportunity, encouraging listeners to engage family and friends in their business discussions.
• He emphasizes the significance of health savings accounts (HSAs) and the upcoming open enrollment period, detailing how HSAs can provide substantial tax advantages.

• 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
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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 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.
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