Main Street Business

In this episode of the Main Street Business Podcast, Mark J. Kohler shares expert tax and legal strategies designed for life coaches who want to build a thriving business. Discover why starting with an LLC is crucial, how to track expenses effectively, and smart ways to involve your family for tax benefits. With actionable insights and real-world advice, Mark helps life coaches take control of their finances and set the foundation for long-term success.

Here are some of the highlights:

• Mark emphasizes the importance of mindset, stating that being a life coach is a business and should be treated as such.
• Encourages life coaches to think of their business as a gateway to the American dream, offering tax write-offs and financial benefits.
• Advises life coaches to be cautious about where they get their tax and legal information, stressing the importance of credible sources.
• Mark strongly urges tracking expenses from the beginning, even before making the first dollar, using tools like Excel or QuickBooks.
• Involve family members in the business to take advantage of tax write-offs for their contributions.
• Tax advantages of an S corporation, including reducing self-employment tax by splitting income into W-2 salary and pass-through income.
• How family members can be put on payroll for tasks like stuffing envelopes, cleaning the office, or helping with business projects.
• Mark encourages life coaches to plan for this transition in advance to avoid future tax burdens.

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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen share powerful insights on why converting your LLC to an S corporation is a game-changer for tax savings. They discuss the crucial tax advantages, the importance of structuring income properly, and walk you through the filing process. Find out how you could potentially save $7,000 or more with this strategic business move.

Here are some of the highlights:

• Mark emphasizes how LLCs do not save taxes and explains the process of turning an LLC into an S corp.
• Discussion on the difference in tax rates between LLCs and S corps, with S corps allowing for lower self-employment tax.
• Mat and Mark cover the importance of allocating income to FICA wages and the potential savings.
• Mark outlines the three-step process for making a late S corporation election, including filling out form 2553 and referencing revenue procedure 2013-30.
• Mark explains the workaround for the first year, including claiming compensation on both the 1120s and Schedule C.
• The benefits of the S corporation strategy for business owners and the potential annual savings.
• Need for proper health insurance premium write-offs and the overall benefits of the S corporation strategy.
• Why S Corps should avoid taking the Qualified Business Income (QBI) deduction when filing taxes.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain how to create a comprehensive, actionable plan for the year ahead. They discuss the value of aligning your goals with a long-term vision and offer tips for making measurable progress while staying flexible enough to adapt as needed.

Here are some of the highlights:

• Mark and Mat emphasizes the importance of having a strategic plan that can lay the foundation for the next 10 years ahead.
• Mat discusses the need for setting realistic goals and breaking them down into manageable objectives.
• Mark explains and breaks down the concept of SMART goals: Specific, Measurable, Attainable, Relevant, and Time-bound.
• Real-world example of how to set objectives for increasing sales, including strategies like getting more leads and converting leads better.
• How to address personal issues that may be affecting business performance, such as health or family problems.
• Mat suggests involving the leadership team in the execution of the strategic plan to ensure buy-in and accountability.
• Mark advises writing down the strategic plan and carrying it around to review regularly.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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/

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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.  

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...