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Main Street Business

341: OPEN FORUM SHOW - Answering Difficult Tax, Legal & Business Questions

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 3 June 2021

⏱️ 64 minutes

🧾️ Download transcript

Summary

Join Mark and Mat as they answer difficult tax, legal, and business questions from around the nation. To listen or search for prior episodes, or sign up for their free weekly newsletter, visit: www.mainstreetbusiness.com Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: Main Street 360 Looking to connect with a rock star law firm? KKOS is...

Transcript

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0:00.0

Welcome everybody to this week's episode of the Main Street Business Podcast.

0:11.6

My name is Mark Kohler. I'm here with the infamous Matt Sorensen. This is the Open Forum show.

0:17.3

We should have music there. Yeah, we're really in. But let me just say, howdy. Howdy. Yeah. For those watching on YouTube, I got my hat on today, my cowboy hat. Now, Matt is the proud owner of kind of a cowboy hat right now. We're getting it resized for him. But it's nicer than mine. It's a felt. It's more of a go-out- type hat. This is more of a work-in-hame hat. Okay. Yeah. Yeah. And shocker, the hat wasn't big enough. I have a big head if you didn't know that. Yeah. I thought you had a smaller head when I, this was his birthday present I got from at last week. It was a really cool, nice cowboy hat.

0:56.1

But anyway, we're moving the herd.

0:58.7

So I thought I'd put on the hat.

1:00.8

Okay.

1:01.4

I don't know if 10 cows constitutes a herd.

1:05.4

Yeah.

1:05.8

I have a herd.

1:07.6

It sounds much cooler.

1:09.2

Let's go with that.

1:10.0

Yeah.

1:10.4

So in the spring, I'm learning all these cool things from watching the show Yellowstone.

1:15.1

And for those that don't know, I bought five cows in my health savings account.

1:21.7

This is one of our self-directed strategies that we wanted to explore. Can you really own cattle or livestock or a farm inside

1:31.4

your retirement account? And the answer is yes, you very well can. And I bought five cows and

1:36.5

they gave birth to five bowls, which is very unique. Usually it's kind of a mix of male and

1:41.6

female. You got lucky. I did.

1:46.0

I got heifers and bowls.

1:48.9

And in the spring, I learned this.

1:49.9

I didn't know this.

1:54.2

Normally I'm kind of a surfer, lived in the big city, had a convertible.

...

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