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Main Street Business

356: OPEN FORUM SHOW - Answering Difficult Tax, Legal & Business Questions356:

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

🗓️ 28 September 2021

⏱️ 59 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

Yeah. Okay. Now, everybody, we do have a lot to cover. So we're going to jump right into it.

0:10.8

I think we've got to dispel with this House bill situation right away, because this is affecting everybody.

0:16.9

Now, Matt has written an article. I've written an article. I've published some videos, some social media posts on this topic. We need everybody to get engaged and contact your representative

0:27.0

or senator on the topic. I'll explain why in a moment. But the biggest question we're getting

0:32.4

is, why do I need to worry about this House bill? Isn't it just for the super rich? And I'm not super rich. I'm not Peter Thiel. I'm not a one percenter. So aren't you just trying to deceive me as an average American to get excited about this bill when it's really only going to hurt the super rich? The answer is no. There are some poison pills in this bill. There's a lot of good stuff in the bill. And yeah, there's going to increase taxes on the wealthy. But there's a couple provisions that affect you and me, the average income American that wants to build wealth. Those are the two provisions we're scared to death about. That's what we're trying to get the word out on. So, Matt, I'm going to pose the question to you, keeping it simple. Why should the average American care about the bill, the tax bill that went

1:16.2

from the House to the Senate? We're in the middle of it right now. Why should anyone care about it?

1:20.3

Well, if you're an everyday IRA owner, your ability to self-direct and invest in assets you know

1:26.6

and want in your IRA is going to be

1:28.6

significantly limited if this bill's enacted if not halted if not halted yeah and if you've

1:34.5

already done it you're going to have to get out of it in two years or you're going to face taxes and

1:38.5

penalties so that's one point when we're talking about talking to our congressmen and senators that we've been really hitting home that frankly a lot of Democrats understand.

1:49.3

Yeah.

1:49.8

Yeah.

1:50.1

This is not a Republican or Democratic issue per se because we're not talking about just the wealthy.

1:56.0

If you want, we're not even going to go there.

1:57.8

So everybody chill out.

1:59.1

I don't care if you're a team Biden or team

2:01.0

Trump. I just want to say this. If you want to take your IRA or your Roth IRA or your 401k

2:06.7

and invest it maybe in real estate, pool some money and do some crypto, maybe do some crypto mining,

2:13.8

do some crowdfunding, just take your IRA and invest in small business period.

2:19.2

We could almost say it's impossible after this bill.

2:22.3

Now it'll be severely limited with some restrictions.

...

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