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Main Street Business

#416 The People's Show | Open Forum Q&A

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

🗓️ 9 February 2023

⏱️ 46 minutes

🧾️ Download transcript

Summary

Mark and Mat take time to answer your interesting legal questions, join them as the give clear and concise answers to your great tax and legal questions.. Don't miss out on this weeks episode of the Main Street Business Podcast. To submit a question for the next open forum show, or to learn more, 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&nbs...

Transcript

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0:00.0

Any recommendations for dirt cheap high deductible health insurance plan? I can afford to max out my HSA every year. So I want to get high deductible health insurance plan with the lowest premiums possible. Can I push this to four times a year rather than one a year? Yes, but you have to be able to justify that. I think you've got to look at your revenue. If you've got a ton of expenses and you're making like $5,000 a year on, you know, this sole proprietorship and you got 20,000 of meeting expenses, you know, that, that's not going to work.

0:29.4

Okay.

0:30.0

You've really got to be on the same page with your tax advisor.

0:37.7

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

0:41.9

This is the open forum show, the people show.

0:45.7

Take our best shot answering your questions.

0:47.7

Don't rely on it.

0:48.4

It's only worth what you pay for a show.

0:49.9

This is not legal advice.

0:51.0

Yeah.

0:51.7

This is meant to be educational in nature.

0:54.3

Yeah, two lawyers here going to give you a disclaimer right out of the advice. Yeah. This is meant to be educational in nature. Yeah.

1:11.0

Two lawyers here are going to give you a disclaimer right out of the game. That's what lawyers did. They give disclaimers. We recommend you have a disclaimer too in your webpage. Yeah. We are not responsible. Yeah. You know, I love it when people aren't lawyers. I'm not a lawyer so I can't give legal advice. I'm like, what hell do I say?

1:14.1

I'm a lawyer, but don't rely on this advice. No. Well, we got a lot of great questions. You can get over to Mainstreetbusiness podcast.com. There's some stuff going on with the URL. But this is a great opportunity to get your questions answered and it's an an opportunity for Mark and I to see what's out there. I have to say some of you have some hard questions. I avoided those. You actually read them. You just skip them. Mark and I have a rule, though. Okay, I want to know. We had someone talking us about this and we're like, if you read the question,

1:44.6

you own it. Okay, you cannot pass it. If you read it, you can't be like, so, Mark,

1:49.4

what do you think? I'm like, that ain't my question. If you break it, you buy it. That's right.

1:55.6

You break it. So we're going to try to keep this fun and jovial as well. We appreciate

2:00.2

many of you that are new listeners here, trying to find clear, concise, interesting answers to difficult, tax legal questions. Wow, that sounded really good. You got to get AI on that. We need AI to, like, create some sort of great little commercial for it. All right. Okay. Okay, well, you've obviously been perusing here a little bit. All these great questions. Yeah. I'm ready. Okay. What are you breaking? All right. This is from Jerome Bell. This is in general Q&A on HSA. It says, any recommendations for dirt cheap high deductible health insurance plan? I can afford to max out my HSA every year,

2:35.9

so I want to get high deductible health insurance plan with the lowest premiums possible.

2:40.4

Okay. So, Jerome, that's a great question because in order to have a health savings account,

2:47.9

remember, you have to have a high deductible health insurance plan that qualifies.

2:52.6

Okay.

...

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