In this episode of the Main Street Business Podcast, host Mark J. Kohler shares his more powerful and essential year-end tax tips. From managing expenses to charitable giving and real estate strategies, get actionable insights to wrap up the year right and boost your business savings.

Here are some of the highlights:

• Mark stresses getting books in order for year-end planning.
• Mark lays out the best practices and strategies for paying children 18 and older in your business.
• Detailed considerations and options for paying a spouse in business.
• Importance of 1099 planning for subcontractors.
• Short-term, long-term, and self-rental options.
• An in-depth look at the 529 state deduction strategies for college savings.
• Mark encourages everyone to discuss strategies with expert tax advisors.

• 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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In this episode of the Main Street Business Podcast, host Mat Sorensen dives into a crucial new filing requirement that many small businesses need to be aware of: the Beneficial Ownership Information (BOI) report. Mat explains the Corporate Transparency Act, which mandates businesses to disclose their key beneficial owners to FinCEN. While the deadline to file is December 31, 2024, many small businesses should start preparing now to avoid penalties. Mat breaks down who needs to file, what information must be included, and the potential consequences of non-compliance. Whether you're a small business owner, entrepreneur, or advisor, this episode is packed with essential information to help you stay on the right side of this new regulation.

Take advantage of the current special from KKOS Lawyers: https://kkoslawyers.com/

For all compliance needs head to Main Street Business Services: https://mainstreetbusiness.com/

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, host Mark J. Kohler unpacks the intersection of traditional tax strategies and the world of cryptocurrency. Learn how the "Trifecta Concept" can streamline your estate planning and operational income, while also addressing the unique tax challenges of crypto mining, NFTs, and gaming revenue.

Here are some of the highlights:

• Mark begins by mapping out the Trifecta Structure for client asset organization.
• Mark breaks down the S corporation strategy: Split income into reasonable comp and K-1.
• Operational crypto income: Mining, certain staking, gaming revenue, NFT creation.
• Importance of organizing client's crypto activities within the trifecta framework.
• Tax strategies: Using IRAs or solo 401(k)s for gaming income.
• Gaming tokens are taxable income subject to self-employment tax.
• How to use software to track cryptocurrency basis for reporting purposes.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Farah Saleh to dive deep into IRS debt resolution strategies. Learn why non-filing is far more dangerous than non-payment, and discover key strategies to resolve debt, from installment plans to creative solutions like leveraging personal assets. Whether you're facing liens, levies, or just seeking relief, this episode provides actionable steps to stay compliant and get back on track.

Here are some of the highlights:

• Mark Kohler introduces Farah Saleh, CPA specializing in IRS resolution.
• Importance of filing taxes even if you owe money.
• IRS penalties are 10 times worse for not filing, rather than not paying.
• Mark stresses the significance of immediate communication with the IRS.
• Explore creative options before getting on an installment plan.
• Consider partial pay, offer in compromise, or fighting the bill.
• Use assets to pay off debt (e.g., sell the boat, use HELOC, borrow from 401k).
•  Defaulting on payments leads to continued collection efforts.
• Compliance is key for any resolution with the IRS.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share expert insights into the process of buying a business. They discuss how to evaluate a company’s financial health, the importance of due diligence, and why seller financing can be a game changer. Whether you're a first-time buyer or looking to expand, use these actionable steps to ensure a smooth and successful transaction.

Here are some of the highlights:

• Mark and Mat emphasize finding distressed sellers rather than distressed businesses.
• Importance of reviewing normalized financials and understanding add-backs.Considering seller's future involvement and non-compete agreements.
• Strategies for making offers, including contingencies and ranges.
• Considering seller's future involvement and non-compete agreements.
• Caution against rushing into agreements and encouragement to walk away from bad deals.
•  Significance of building a team of advisors for the buying process.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, host Mark J. Kohler shares actionable strategies to help tax professionals expand their services into advisory. From developing dynamic pricing models to pinpointing your ideal clients, this episode is full of insights to help you enhance your advisory offerings and attract more clients with confidence.

Here's what you can look forward to:

• Mark introduces the concept of transitioning to tax advisory services.
• Mark highlights the need to overcome imposter syndrome and self-doubt.
• A full breakdown of specific areas to focus on: reasonable comp, family payroll, self-directed retirement accounts, creative write-offs.
• Emphasizes the importance of finding clients where advisors can make a significant impact.
• Introduces the concept of a community for learning cutting-edge strategies
•  Explanation of the two-step process for discovery calls and comprehensive consultation.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down the roadmap to turn your side hustle into a powerful income stream. Learn how to form an LLC, develop a solid marketing strategy, and implement seven key principles that will set your business up for sustainable success.

Here are some of the highlights:

• Mark emphasizes the need to turn side hustles into sustainable wealth-building opportunities.
• Mark introduces and unpacks seven crucial points for impacting side hustles.
• Importance of clearly stating your business purpose in one sentence.
• The significance of setting up an LLC for legitimacy and potential tax benefits.
• How to develop a marketing plan focused on identifying and reaching your target audience.
• Establishing a board of advisors for support and accountability.
• Building relationships with potential customers through value provision.
• Reminder to set aside 10% of revenue for taxes.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, host Mark J. Kohler explores tax-smart strategies for hiring family members. Learn about hiring children under age 18 without complex tax forms, managing finances through a Family Management Company, and leveraging tax deductions for adult children’s education and healthcare. Mark also provides insights on creating bank accounts for family members and making strategic real estate investments.

Here are some of the highlights:

• Mark unpacks the benefits of bringing family members and children into the business, including tax savings, teaching kids about work and business.
• How kids can do legitimate jobs like shredding paper, cleaning, marketing, etc
• Mark maps out and breaks down the different rules for kids who are 18+ and under 18. 
• Use the  'Trifecta' structure: Operations, Assets, Family Management Company.
• Tax write-off for college tuition by paying kids to manage properties
• Pay kids from LLC, Sole Proprietorship, or S Corp via Family Management Company
• Health insurance strategy: Kids can qualify for own insurance if earning enough
• Potential for significant savings on family health insurance premiums

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, hosts Mark J. Kohler and Mat Sorensen analyze the potential tax changes as the Tax Cuts and Jobs Act nears expiration. They discuss Kamala Harris's proposal to increase capital gains taxes and enhance child tax credits versus Donald Trump's plan to maintain lower rates and extend business deductions. They also cover strategies for family tax planning and corporate tax management, offering tips for adapting financial strategies to these upcoming changes.

Here are some of the highlights:

• Mark and Mat begin by pointing out how individual tax brackets will increase, while standard deduction will decrease.
• A breakdown of how Harris will increase child tax credit ($6000 for first year, $3600 for ages 3-5, $3000 for older)
• Trump’s plan to reduce corporate tax rate to 20%, 15% for US-made products.
• In-depth look at Harris’ proposal of a $50,000 startup cost deduction for new businesses.
• How Trump will go about increasing tariffs on foreign corporations and eliminating tax on Social Security benefits.
• How both candidates support removing tax on tips for workers.
• Mark and Mat discuss the potential economic impacts of each plan.
• Importance of focusing on personal financial goals regardless of the election outcome.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, host Mark J. Kohler focuses on the transformative role of family board meetings in a business context. He discusses how these meetings are crucial for asset protection, tax planning, and promoting family unity, offering a blueprint for implementing these strategies effectively in any business environment.

Here are some of the highlights:

• Mark introduces the concept of family board meetings and how it can be used for LLCs (board of advisors) or corporations (board of directors).
• Mark breaks down how to establish a board: document the meeting, discuss business plans.
• The importance of maintaining corporate veil for asset protection.
• Mark shares personal experience of organizing a family board meeting in Jackson Hole, Wyoming.
• Emphasis on teaching clients to build and maintain family board meetings.
• The significance of creating a professional atmosphere with conference rooms, name tags, and agendas.
• Positive impact on family relationships and business understanding.
• Importance of creating the right ambiance for effective meetings.

• 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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!