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

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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.

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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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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.

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• 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 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

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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.
• 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 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 eBook 30 Unique Strategies Every Business Owner Should Know!
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• 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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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 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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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 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
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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 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
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Join hosts Mark J. Kohler and Mat Sorensen in this latest episode of the Main Street Business podcast as they dive into the critical contracts every business owner should understand. They examine various lease types, discuss the complexities of partnership agreements, and outline the key components of effective employment and service contracts to help listeners navigate their business relationships with confidence.

Here are some of the highlights:

• Mark and Mat introduce four essential contracts for small business owners and investors.
• Explain different types of commercial leases (triple net, gross lease).
• Mark and Mat emphasize the importance of clarity and thoroughness to prevent disputes and enhance business relationships.
• Share a real-world example of a landlord losing money due to misunderstanding lease terms.
• Discuss employment agreements and independent contractor agreements.
• Stress the need for clear terms on responsibilities and dispute resolution.
• Highlight common issues in partnerships, such as funding and decision-making.
• Provide tips on approaching lawyers for contract review and drafting

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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, host Mark J. Kohler unpacks the top 5 strategies that can change the way you think about money. Learn about IRS rules for cryptocurrency, why side hustles are more than just extra cash, and the benefits of retirement accounts like Roth IRAs and the Mega Backdoor Roth strategy.

Here are some of the highlights:

• Mark points out how the IRS received $80 billion to enforce more audits and tracking.
• Mark maps out the three ways cryptocurrency is taxed: selling for USD, trading for another crypto, using for purchases.
• The significance of side hustles and how essential they are for saving taxes and building wealth.
• Importance of choosing the right side hustle and developing a business plan.
• Determining capital needs and structuring the business (sole proprietorship or LLC).
• The top 10 write-offs for side hustles.
• Explanation of the 'backdoor Roth IRA' strategy for high-income earners.
• Introduction to self-directed IRAs and their potential for higher returns.

• 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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