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

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

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

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