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.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
• You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
• Looking to connect with a rock star law firm? KKOS is only a click away!
• 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 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.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
• You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
• Looking to connect with a rock star law firm? KKOS is only a click away!
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!