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 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
• 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 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
• Craving more content? Check out my Instagram!

In this latest episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen explore the Solo 401(k), detailing how self-employed professionals and small business owners can benefit from its substantial contribution caps and diverse investment opportunities, such as real estate and cryptocurrencies.

Here are some of the highlights:

• Mark and Mat breakdown how a solo 401(k) is key to building retirement wealth.
• Mark and Mat unpack the optimal order of investing: Company match, Roth IRA, HSA, then solo 401(k).
• Why the Solo 401(k) is ideal for high-income self-employed individuals.
• Cannot have solo 401(k) with full-time employees (1000+ hours/year)
• Spouse can have separate solo 401(k) if they have their own business
• Self-directing investments: Not limited to stocks, can invest in real estate, private companies, crypto
• Importance of maintenance and requirements: Track contributions, file Form 5500 when assets exceed $250,000

• 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
• Craving more content? Check out my Instagram!

In this latest episode of the Main Street Business Podcast, Mark J. Kohler explores the benefits and processes involved in converting to an S Corporation. Learn how making the switch can save your clients money, the critical timelines for filing, and how the Kohler Payroll Matrix can guide setting reasonable compensation. 

Here are some of the highlights:

• Mark recommends converting to S Corporations when net income reaches $40,000-$50,000.
• Mark advises and breaks down how to convert an LLC to S Corp using Forms 8832 and 2553.
• How tax professionals can present the S Corporation strategy as a new tax-saving opportunity to clients.
• The significance of implementing payroll before year-end for retroactive elections.
• How to use the Kohler Payroll Matrix as a tool for determining reasonable compensation.
• Using retroactive S election with Rev. Rule 2013-30 for mid-year conversions
• After-the-fact quarterly payroll recommended for flexibility.

• 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
• Craving more content? Check out my Instagram!

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024.

Here are some of the highlights:

• Mark and Mat stress the importance of properly setting up and maintaining LLCs and S Corps
• Mark and Mat advise opening separate bank accounts for entities.
• Use entity names on contracts, agreements, and property titles.
• How BOI applies to most small businesses, exemptions for large companies.
• Mark and Mat debate the crucial effectiveness of BOI reporting.
• The severity of penalties for non-compliance.
• The significance of maintaining accurate bookkeeping.

• 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
• Craving more content? Check out my Instagram!

In this latest episode of the Main Street Business Podcast, host Mark J. Kohler explains the strategic benefits and mechanics of Health Savings Accounts (HSAs). Unpack the tax advantages, flexible contributions, and the array of investment opportunities available through HSAs. From cryptocurrencies to real estate, learn how to maximize your HSA for both health and wealth.

Here are some of the highlights:

• Mark explains how an HSA is portable and can be set up with any employer or as an entrepreneur.
• Mark breaks down the 2024 contribution limits: $4,150 for singles, $8,300 for married filing jointly.
• Users have the ability to invest HSA funds in various assets (e.g., cows, crypto, rental property)
• How HSAs can be used for retirement at age 59.5 if not used for medical expenses.
• Two investment options: Traditional HSA with limited investment choices and Self-directed HSA with broader investment options.
• The importance of reimbursing yourself for past medical expenses.
• Potential for higher returns compared to traditional investments

• 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
• Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, Mark J Kohler dives deep into the world of LLCs and their critical role in business success. He breaks down the concept of the trifecta and how it can empower entrepreneurs to build their American dream.

Here's what you can look forward to in this episode:

• Mark explains the importance of understanding what an LLC is and how it can be effectively utilized to protect assets and enhance business operations. 
• He introduces the trifecta concept, highlighting its significance in wealth building and asset protection for business owners. 
• Listeners will learn about the five different types of LLCs and who they are best suited for, along with practical examples to illustrate their uses. 
• Mark discusses common mistakes business owners make when forming LLCs and how to avoid them to ensure a successful setup. 
• The episode covers the transition from a standard LLC to an S Corp and the tax benefits associated with this shift, providing valuable insights for growing businesses. 
• Mark shares his personal journey as an entrepreneur, offering inspiration and actionable steps for listeners looking to navigate their own business paths.

• 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
• Craving more content? Check out my Instagram!

Can identifying and leveraging underutilized properties truly unlock significant value? In our latest episode, we sit down with Josh McCallen, founder of Accountable Equity, to uncover the secrets of transforming distressed real estate into thriving business ventures. Josh shares his journey from a traditional middle-class upbringing to becoming a major player in the real estate and hospitality sectors, detailing his impressive feat of raising $54 million from investors. You'll hear firsthand how strategic planning and the synergetic integration of business operations with real estate can lead to substantial wealth creation.
Excited to announce that Josh McCallen will be speaking at our Alt Asset Summit on October 24-25! Don’t miss out—secure your spot now: https://altassetsummit.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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

Understanding Real Estate investing and the market in 2024 Join us with Robert Helms from The Real Estate Guys Radio Show as we discuss how rising interest rates impact the market and why a long-term perspective is key. Robert shares strategies for targeting the right markets and building a strong team. Plus, hear about Robert's 18-year-old son Ethan’s first investment in Memphis, highlighting the power of strategic saving and market knowledge.

To get in contact with Robert and his team:

Website and Podcast - https://realestateguysradio.com/

Contacts -

[email protected]

[email protected]

[email protected]

Robert is speaking at the 2024 Alternative Asset Summit Hosted by Mat Sorensen - By your Tickets Here! https://altassetsummit.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.
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast as they guide you through effective business scaling techniques. Learn about the strategic hiring of an executive assistant, the importance of establishing SOPs, how to manage onboarding and compliance to safeguard your expansion.

Here are some of the highlights:

• Mark and Mat break down the significance of hiring an executive assistant first and foremost.
• Interviewing at least three candidates before making a decision.
• Be clear about expectations and work schedule right from the start.
• Using a payroll service like ADP for tax and legal compliance.
• How to calculate the potential increase in revenue from freed-up time
• Spending time training and introducing the employee to the business.
• Documenting standard operating procedures (SOPs) for each task.
• Always be prepared to cut ties if the employee isn't working out within 90 days.

• 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
• Craving more content? Check out my Instagram!