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In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Carter Cofield to discuss must-know year-end tax strategies that can save you money and set you up for success. They dive into the "December loophole" for vehicle depreciation, maximizing health savings accounts (HSAs), and using Roth conversions to lower your future tax burden. Whether you're a seasoned business owner or just starting out, these actionable tips are essential for closing out the year on a strong financial footing.
Here are some of the highlights:
Mark and Carter discuss the tax benefits of renting out a primary residence for business purposes, emphasizing the $14,000 tax deduction and tax-free income potential.Mark comments on the current market trends, including rising markets, crypto, and interest rates, urging listeners to invest in their future and business.How to hold board meetings during family gatherings to write off travel and dining expenses, making it a tax-efficient holiday activity.Carter highlights the importance of reviewing entity structures in the last quarter of the year, especially for LLC owners with unexpected profits.They emphasize the need to finalize payroll amounts before year-end to avoid last-minute adjustments and penalties.Explanation of the "December loophole" for healthcare, where health insurance must be in place before December 1 to qualify for the entire year's HSA contribution deduction.The importance of planning and using tax savings accounts strategically to maximize tax benefits.Need more Carter Cofield in your life? Check him out on the Melanin Money Show
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 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. 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! -
Saknas det avsnitt?
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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! -
In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen bring you the latest on federal regulations that could land business owners in hot water. With the Corporate Transparency Act now in effect, they’re here to guide you through what the Business Owner Information (BOI) report is, why it matters, and how to tackle it without stress.
Here are some of the highlights:
Mark & Mat unpack the new federal mandate requiring business owners to file a Business Owner Information (BOI) report.Explanation of exemptions, including criteria for "large companies" and "inactive entities" set up before 2020.How maintaining compliance can support asset protection and why business owners should stay on top of annual entity requirements.Non-compliance with BOI filing can result in $500/day penalty and up to 2 years in prison.Insights into the government's reasons for the Corporate Transparency Act, focusing on combating money laundering and fraud through enhanced transparency.Mark & Mat breakdown the challenges for nomadic individuals or those using privacy services to provide residential addresses.Details on Main Street Business Services' compliance services for handling BOI filings and maintaining entity compliance. 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, 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. 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, 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. 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! -
Live from the Alternative Asset Summit!
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!
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. -
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. 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, 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. 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, 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.
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!
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/ -
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. 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, 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. 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 share expert insights into the process of buying a business. They discuss how to evaluate a company’s financial health, the importance of due diligence, and why seller financing can be a game changer. Whether you're a first-time buyer or looking to expand, use these actionable steps to ensure a smooth and successful transaction.
Here are some of the highlights:
Mark and Mat emphasize finding distressed sellers rather than distressed businesses.Importance of reviewing normalized financials and understanding add-backs.Considering seller's future involvement and non-compete agreements.Strategies for making offers, including contingencies and ranges.Considering seller's future involvement and non-compete agreements.Caution against rushing into agreements and encouragement to walk away from bad deals. Significance of building a team of advisors for the buying process. 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, host Mark J. Kohler shares actionable strategies to help tax professionals expand their services into advisory. From developing dynamic pricing models to pinpointing your ideal clients, this episode is full of insights to help you enhance your advisory offerings and attract more clients with confidence.
Here's what you can look forward to:
Mark introduces the concept of transitioning to tax advisory services.Mark highlights the need to overcome imposter syndrome and self-doubt.A full breakdown of specific areas to focus on: reasonable comp, family payroll, self-directed retirement accounts, creative write-offs.Emphasizes the importance of finding clients where advisors can make a significant impact.Introduces the concept of a community for learning cutting-edge strategies Explanation of the two-step process for discovery calls and comprehensive consultation. 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, host Mark J. Kohler breaks down the roadmap to turn your side hustle into a powerful income stream. Learn how to form an LLC, develop a solid marketing strategy, and implement seven key principles that will set your business up for sustainable success.
Here are some of the highlights:
Mark emphasizes the need to turn side hustles into sustainable wealth-building opportunities.Mark introduces and unpacks seven crucial points for impacting side hustles.Importance of clearly stating your business purpose in one sentence.The significance of setting up an LLC for legitimacy and potential tax benefits.How to develop a marketing plan focused on identifying and reaching your target audience.Establishing a board of advisors for support and accountability.Building relationships with potential customers through value provision.Reminder to set aside 10% of revenue for taxes. 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, host Mark J. Kohler explores tax-smart strategies for hiring family members. Learn about hiring children under age 18 without complex tax forms, managing finances through a Family Management Company, and leveraging tax deductions for adult children’s education and healthcare. Mark also provides insights on creating bank accounts for family members and making strategic real estate investments.
Here are some of the highlights:
Mark unpacks the benefits of bringing family members and children into the business, including tax savings, teaching kids about work and business.How kids can do legitimate jobs like shredding paper, cleaning, marketing, etcMark maps out and breaks down the different rules for kids who are 18+ and under 18. Use the 'Trifecta' structure: Operations, Assets, Family Management Company.Tax write-off for college tuition by paying kids to manage propertiesPay kids from LLC, Sole Proprietorship, or S Corp via Family Management CompanyHealth insurance strategy: Kids can qualify for own insurance if earning enoughPotential for significant savings on family health insurance premiums 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 analyze the potential tax changes as the Tax Cuts and Jobs Act nears expiration. They discuss Kamala Harris's proposal to increase capital gains taxes and enhance child tax credits versus Donald Trump's plan to maintain lower rates and extend business deductions. They also cover strategies for family tax planning and corporate tax management, offering tips for adapting financial strategies to these upcoming changes.
Here are some of the highlights:
Mark and Mat begin by pointing out how individual tax brackets will increase, while standard deduction will decrease.A breakdown of how Harris will increase child tax credit ($6000 for first year, $3600 for ages 3-5, $3000 for older)Trump’s plan to reduce corporate tax rate to 20%, 15% for US-made products.In-depth look at Harris’ proposal of a $50,000 startup cost deduction for new businesses.How Trump will go about increasing tariffs on foreign corporations and eliminating tax on Social Security benefits.How both candidates support removing tax on tips for workers.Mark and Mat discuss the potential economic impacts of each plan.Importance of focusing on personal financial goals regardless of the election outcome. 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, host Mark J. Kohler focuses on the transformative role of family board meetings in a business context. He discusses how these meetings are crucial for asset protection, tax planning, and promoting family unity, offering a blueprint for implementing these strategies effectively in any business environment.
Here are some of the highlights:
Mark introduces the concept of family board meetings and how it can be used for LLCs (board of advisors) or corporations (board of directors).Mark breaks down how to establish a board: document the meeting, discuss business plans.The importance of maintaining corporate veil for asset protection.Mark shares personal experience of organizing a family board meeting in Jackson Hole, Wyoming.Emphasis on teaching clients to build and maintain family board meetings.The significance of creating a professional atmosphere with conference rooms, name tags, and agendas.Positive impact on family relationships and business understanding.Importance of creating the right ambiance for effective meetings.
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 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 businessSelf-directing investments: Not limited to stocks, can invest in real estate, private companies, cryptoImportance of maintenance and requirements: Track contributions, file Form 5500 when assets exceed $250,000 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! - Visa fler
