#428 Tax And Legal Strategies For Mom

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

2.4 • 584 Ratings

🗓️ 12 May 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this weeks Episode of the Main Street business podcast, Matt Sorenson and Mark J. Kohler discuss various tax and legal strategies related to moms and their involvement in businesses. They suggest putting moms on the board of directors or advisors for LLCs or corporations, which can have tax perks. They also discuss tax strategies such as deducting travel expenses when visiting mom, paying mom for her services and having her open a Roth IRA, and buying mom's house and renting it back to her...

Transcript

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0:00.0	Our parents have some freaking good life experience. They've been through a lot. If your parents do not have an estate plan, this is something your mom would appreciate long-term care. This is something you've got to be thinking about for your parents. Okay, thinking about this for mom, dad, too. You've got to bring up Social Security with mom. Welcome everyone to the Main Street Business podcast. This is Matt Sorensen joined by my amazing co-host, Mark J. Kohler. Let me be the first to say happy Mother's Day.
0:24.1	To all of you mothers,
0:24.7	there's, This is Matt Sorensen joined by my amazing co-host, Mark J. Kohler.
0:24.0	Let me be the first to say, happy Mother's Day.
0:27.7	To all of you mothers that are listening to the show today, we love you, we support you.
0:28.9	Hope you have a great Mother's Day.
0:30.6	Or had a great one if it's already passed.
0:31.1	Yeah.
0:37.0	And let me be the first one to say, call your mother, order flowers, be on top of this. And if it's after Mother's Day, shame on you.
0:56.2	So I'll be the first one to say that. You missed the boat, man. Yeah, yeah. You're screwed. Okay. Yeah. So, well, today we're going to be talking about mom today. We're going to go over some tax and legal strategies for mom. You might be like, what are these guys going to talk about? This doesn't just apply to mom, but it really is applicable to moms.
0:57.9	I just want to say that if you're like,
1:03.1	eh, mom, hey, there's some cool strategies in here for everybody. Oh, it's a win-win because we want you, uh, building wealth. Obviously, you're our number one, uh, avatar here of main street business podcast we want to
1:13.1	see you succeed build wealth live your dream well guess what there's some cool synergistic
1:17.8	strategies to work out with mom and dad or whatever but we're focusing on mom yeah mom mom
1:22.7	moms are special yeah it's may come on we're talking about moms. Yeah. So. Let's get into it.
1:27.6	You want to go with the first one?
1:29.0	Yeah.
1:29.4	And then we'll kind of, well, unpack each one of these.
1:32.0	Yeah.
1:32.2	And we'll joint commentary.
1:34.3	Let's start with the first one. Who do you go to for advice? ever since you were a teenager, you know,
1:39.6	and you're making all these dumb decisions.
	...

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