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Main Street Business

365: Year-end Business Decisions and Analysis

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

🗓️ 10 December 2021

⏱️ 40 minutes

🧾️ Download transcript

Summary

Mark and Mat discuss critical considerations before year-end for business, legal, tax, and maximum profitably. To learn more or to listen to prior episodes, visit: https://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 only a click away...

Transcript

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0:00.0

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

0:10.4

This is Mark Kohler on location.

0:12.7

And for those in Salt Lake that know, this is the Grand America, not the Little America.

0:17.0

It's Grand America.

0:19.3

I thought it was Little America. I could swear,'s more little America style behind you, but. Fair enough. That's that's that could, I could see that. Yeah, there's, it's kind of like the old world, you know. When you walk in, though, it turns into grand America. Yeah. Definitely more grand. Now, I did, I did, I did stay here last night, but I was like, I'm on the road. I need a good background.

0:43.9

I'm one block away. I'm going to grand America. So I'm going to stay here and work the rest of the

0:47.5

afternoon and not as you do. Well, thanks everyone for getting on to the episode today.

0:53.9

We are talking about stuff for your end.

0:56.6

You've got to be looking at your business. We're doing it right now ourselves, Mark and I,

1:01.8

on what we need to be doing. And we just want to share some tips and ideas on things to clean up

1:07.0

on the legal side, what you need to be thinking about tax-wise, but also more big picture of what's going on in your business, not just the tax and legal. We got some comments on that. Yes, of course. Also the big picture. Of course, we could go without it. Can't help ourselves. And you know, it's funny. People say, well, you're tax lawyer, so you can't give me advice on anything but tax or legal. But ironically, many of you that have called our office and start talking to Matt or I

1:31.5

or any of our 12 attorneys or accountants or paralegals, hey, you're a business owner.

1:35.9

We see a thousand business owners before you and things they've done well and mistakes they've made.

1:41.1

And so oftentimes we end up being a business therapist as well as

1:44.9

your tax and legal therapist. So we've got tips. We got tips. So, oh, yeah, it's going to be good.

1:51.4

All right. Well, what's topic do you want to start with first? Matt and I've got an array here.

1:56.9

So what do you think? Well, I figure we get lawyer Matt out here for a little bit and then put them away and tell them to go away for the rest of the show because lawyer Matt's kind of boring. So let's have lawyer Matt come out for a moment because I want to give a couple legal tips. I think this is a good time on a couple legal things to be thinking about for year end. So I'll throw out a legal tip first.

2:18.6

Okay.

2:18.9

I'm going to go.

2:19.6

My first topic is going to be strategic plan and review.

2:23.3

I love the scrap plan.

2:25.1

It's something all of you should be looking at already for 2021.

...

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