In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down key tax-saving strategies every business owner should know, including why a side hustle is often crucial for effective tax planning. He also highlights the dangers of misleading crypto tax advice and urges listeners to stay vigilant. Mark’s practical approach will leave listeners feeling empowered and informed to make smarter tax choices in a complex financial landscape.

Here are some of the highlights:

• Mark emphasizes that setting up an LLC does not change tax deductions.
• Example of a lemonade stand to illustrate that expenses are deductible regardless of LLC status.
• Warning against chasing deals solely for tax benefits without considering the underlying quality of the investment.
• Explanation of cost segregation as a strategy to depreciate rental properties faster.
• The pitfalls of C corporations, such as double taxation and the temptation to take excessive salaries.
• Clarification on how the IRS can see all cryptocurrency transactions and that there is no special tax rate for crypto.
• The importance of finding a real tax advisor who understands myths and truths.

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In this episode of the Main Street Business Podcast, host Mark J. Kohler and Mat Sorensen break down essential strategies for high-income earners looking to maximize their retirement contributions. Learn how to utilize "backdoor Roth" and "mega backdoor Roth" methods to surpass traditional contribution limits, gain insights into employer matches and after-tax contributions, and explore the powerful role of Health Savings Accounts (HSAs) as part of your retirement plan.

Here are some of the highlights:

• Mark and Mat address the misconception that retirement accounts aren't beneficial for high-income earners due to contribution limits.
• Emphasize the importance of planning together with one's spouse to understand and align on retirement goals.
• Introduction to "spousal backdoor Roth IRA" for married couples to maximize their contributions.
• Advise against prioritizing college savings over retirement contributions, emphasizing the need to secure one's own financial future first.
• In-depth discussion on advanced retirement strategies for self-employed individuals, including cash balance plans and defined benefit (DB) plans.
• The concept of "match and out," where one contributes enough to receive employer matches and then focuses on other accounts.
• Mark and Mat encourage listeners to seek professional advice to maximize their retirement contributions and achieve financial security.

• 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
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Live from the Alternative Asset Summit!

Join Mat Sorensen and Mark J. Kohler in this special live episode from the Alternative Asset Summit, where they talk about powerful strategies for building wealth beyond Wall Street. They share actionable insights, highlight some of the summit’s best takeaways, and invite guest speakers to share their success stories and what they’ve gained from the event. Whether you’re looking to diversify, grow your portfolio, or just start thinking differently about wealth, this episode is packed with expert knowledge and real-life examples to help you take control of your financial future.

• 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 episode of the Main Street Business Podcast, host Mark J. Kohler is joined by Karlton Dennis to share essential tax-saving strategies before the year ends. They explain how transitioning from an LLC to an S corporation reduces self-employment taxes and how you can benefit from bonus depreciation. They also cover creative ways to involve your kids in payroll, plus insights on using solo 401(k)s and Health Savings Accounts to maximize deductions.

Here are some of the highlights:

• Mark and Karlton discuss their roles as tax strategists focused on saving money.
• The concept of self-employment tax, which includes Social Security and Medicare contributions.
• How self-directed accounts can be used to invest in rental real estate and other business assets.
• Mark and Karlton discuss the benefits of switching from an LLC to an S corporation using Form 2553.
• Mark encourages listeners to backdate the S corporation election to January 1, 2023, to avoid self-employment taxes for the year.
• How to properly place children on payroll to reduce taxes and provide financial education.
• Importance of setting up retirement accounts before the end of the year to maximize tax benefits.
• Karlton introduces the Tax Free Wealth Challenge, a five-day event focused on tax strategies.

• 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 episode of the Main Street Business Podcast, host Mark J. Kohler shares his more powerful and essential year-end tax tips. From managing expenses to charitable giving and real estate strategies, get actionable insights to wrap up the year right and boost your business savings.

Here are some of the highlights:

• Mark stresses getting books in order for year-end planning.
• Mark lays out the best practices and strategies for paying children 18 and older in your business.
• Detailed considerations and options for paying a spouse in business.
• Importance of 1099 planning for subcontractors.
• Short-term, long-term, and self-rental options.
• An in-depth look at the 529 state deduction strategies for college savings.
• Mark encourages everyone to discuss strategies with expert tax advisors.

• 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 episode of the Main Street Business Podcast, host Mat Sorensen dives into a crucial new filing requirement that many small businesses need to be aware of: the Beneficial Ownership Information (BOI) report. Mat explains the Corporate Transparency Act, which mandates businesses to disclose their key beneficial owners to FinCEN. While the deadline to file is December 31, 2024, many small businesses should start preparing now to avoid penalties. Mat breaks down who needs to file, what information must be included, and the potential consequences of non-compliance. Whether you're a small business owner, entrepreneur, or advisor, this episode is packed with essential information to help you stay on the right side of this new regulation.

Take advantage of the current special from KKOS Lawyers: https://kkoslawyers.com/

For all compliance needs head to Main Street Business Services: https://mainstreetbusiness.com/

• 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 episode of the Main Street Business Podcast, host Mark J. Kohler unpacks the intersection of traditional tax strategies and the world of cryptocurrency. Learn how the "Trifecta Concept" can streamline your estate planning and operational income, while also addressing the unique tax challenges of crypto mining, NFTs, and gaming revenue.

Here are some of the highlights:

• Mark begins by mapping out the Trifecta Structure for client asset organization.
• Mark breaks down the S corporation strategy: Split income into reasonable comp and K-1.
• Operational crypto income: Mining, certain staking, gaming revenue, NFT creation.
• Importance of organizing client's crypto activities within the trifecta framework.
• Tax strategies: Using IRAs or solo 401(k)s for gaming income.
• Gaming tokens are taxable income subject to self-employment tax.
• How to use software to track cryptocurrency basis for reporting purposes.

• 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 episode of the Main Street Business Podcast, Mark J. Kohler welcomes Farah Saleh to dive deep into IRS debt resolution strategies. Learn why non-filing is far more dangerous than non-payment, and discover key strategies to resolve debt, from installment plans to creative solutions like leveraging personal assets. Whether you're facing liens, levies, or just seeking relief, this episode provides actionable steps to stay compliant and get back on track.

Here are some of the highlights:

• Mark Kohler introduces Farah Saleh, CPA specializing in IRS resolution.
• Importance of filing taxes even if you owe money.
• IRS penalties are 10 times worse for not filing, rather than not paying.
• Mark stresses the significance of immediate communication with the IRS.
• Explore creative options before getting on an installment plan.
• Consider partial pay, offer in compromise, or fighting the bill.
• Use assets to pay off debt (e.g., sell the boat, use HELOC, borrow from 401k).
• Defaulting on payments leads to continued collection efforts.
• Compliance is key for any resolution with the IRS.

• 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!