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.

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In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Carter Cofield to discuss must-know year-end tax strategies that can save you money and set you up for success. They dive into the "December loophole" for vehicle depreciation, maximizing health savings accounts (HSAs), and using Roth conversions to lower your future tax burden. Whether you're a seasoned business owner or just starting out, these actionable tips are essential for closing out the year on a strong financial footing.

Here are some of the highlights:

• Mark and Carter discuss the tax benefits of renting out a primary residence for business purposes, emphasizing the $14,000 tax deduction and tax-free income potential.
• Mark comments on the current market trends, including rising markets, crypto, and interest rates, urging listeners to invest in their future and business.
• How to hold board meetings during family gatherings to write off travel and dining expenses, making it a tax-efficient holiday activity.
• Carter highlights the importance of reviewing entity structures in the last quarter of the year, especially for LLC owners with unexpected profits.
• They emphasize the need to finalize payroll amounts before year-end to avoid last-minute adjustments and penalties.
• Explanation of the "December loophole" for healthcare, where health insurance must be in place before December 1 to qualify for the entire year's HSA contribution deduction.
• The importance of planning and using tax savings accounts strategically to maximize tax benefits.

Need more Carter Cofield in your life? Check him out on the Melanin Money Show

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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.

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In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share the ultimate toolkit for buying and running a small business. Whether it's managing payroll, setting up the right entity, or preparing for the unexpected, they’ve got you covered. Tune in for tips on creating a thriving company culture, building strong employee relationships, and ensuring operational excellence in the critical first 100 days

Here are some of the highlights:

• Mark and Mat discuss the importance of the seller's involvement in the transition, especially if the business has a strong brand associated with the seller.
• Mat emphasizes the need to document processes and procedures to ensure smooth operations and growth.
• The importance of understanding the business's current state and making necessary changes.
• Employee interviews are recommended to understand the current culture and identify areas for improvement.
• Focus on the need for a transition budget to cover expenses and improvements in the first six months.
• The need to add value to customers and the potential for increasing revenue through new products or services.
• The importance and realization of being in control of one's destiny as a business owner.

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In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen reveal the key legal steps for buying a business, highlighting the differences between asset and stock purchases. They explain why an asset purchase agreement offers greater control, tax benefits, and protection through non-compete clauses, while exploring funding options from cash to SBA loans. With practical advice and insights, Mark & Mat emphasize the role of legal counsel in ensuring a smooth transition, reducing risks, and maximizing your investment.

Here are some of the highlights:

• Mark and Mat begin with a discussion of the two main contract options: asset purchase and stock purchase.
• Mark explains the tax benefits of an asset purchase, including the ability to allocate purchase price to different assets and immediate depreciation deductions.
• Outline of the key elements that should be included in the asset purchase agreement, such as a detailed list of assets included or excluded in the sale.
• The importance of funding options, including cash, SBA loans, and seller financing, and the need for a tight operating agreement if investors are involved.
• Mat breaks down the different funding options available for buying a business, including cash, SBA loans, and seller financing.
• The benefits of using an LLC or S corp for the new business entity and the importance of not buying the seller's existing entity.
• The steps involved in closing the deal, including signing the asset purchase agreement, issuing a bill of sale, and handling promissory notes and releases of liens.

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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.

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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, 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.

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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, 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.

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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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Live from the Alternative Asset Summit!

Join Mat Sorensen and Mark J. Kohler in this special live episode from the Alternative Asset Summit, where they talk about powerful strategies for building wealth beyond Wall Street. They share actionable insights, highlight some of the summit’s best takeaways, and invite guest speakers to share their success stories and what they’ve gained from the event. Whether you’re looking to diversify, grow your portfolio, or just start thinking differently about wealth, this episode is packed with expert knowledge and real-life examples to help you take control of your financial future.

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In this episode of the Main Street Business Podcast, host Mark J. Kohler is joined by Karlton Dennis to share essential tax-saving strategies before the year ends. They explain how transitioning from an LLC to an S corporation reduces self-employment taxes and how you can benefit from bonus depreciation. They also cover creative ways to involve your kids in payroll, plus insights on using solo 401(k)s and Health Savings Accounts to maximize deductions.

Here are some of the highlights:

• Mark and Karlton discuss their roles as tax strategists focused on saving money.
• The concept of self-employment tax, which includes Social Security and Medicare contributions.
• How self-directed accounts can be used to invest in rental real estate and other business assets.
• Mark and Karlton discuss the benefits of switching from an LLC to an S corporation using Form 2553.
• Mark encourages listeners to backdate the S corporation election to January 1, 2023, to avoid self-employment taxes for the year.
• How to properly place children on payroll to reduce taxes and provide financial education.
• Importance of setting up retirement accounts before the end of the year to maximize tax benefits.
• Karlton introduces the Tax Free Wealth Challenge, a five-day event focused on tax strategies.

• 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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