Any of you out there that have side hustle, small business, and you net at least $40,000,

you should be making an S election and becoming an S corporation.

I love it when families try to find ways for their kids to get engaged in the business from the earliest age.

Welcome everyone to the Main Street Business podcast. This is Matt Sorensen, joined by the fantastic Mark J. Kohler, a rock star, drinking a rock star. Thank you. Yes, I want to give kudos to my soon-to-be sponsor, Rockstar. All you have to do is send me a case of rock star. You've got me. And got me i mean i'm a really easy sell i'm like

kramer in uh... sainfo where he got you got that settlement from marl he's like

and then you got the other settlement too on the coffee one you know the coffee one we're

prepared to offer you free coffee for life and i'll take take it. Oh, my gosh. Welcome, everyone. Today is Open Forum. This is the people's show. We're going to be answering your tax and legal questions. Kind of what you guys want to talk about. We got some answers. I don't know. There'll be any, well, they'll be great, actually. They will. They'll be good. Stay in tax and legal relationship advice or, I don't know, we average there.

Sports predictions.

Well, I'm excited to be here with you.

And the thing is, um, we, uh, go out on the road and talk at conferences and, and, uh, we

oftentimes can't get to all the questions in a workshop and we're out in the

hall trying to answer some questions. This is your best venue to throw them down, get them out there.

And it's fun. A lot of people listen and say, oh, gosh, I didn't even think to ask that question.

That's a really good one. So let's get into it and let's see what we got. We're going to try to keep it light, keep it fun. Some of you that may be a new listener, please be taller. Give us some grace and have a good time. We're going to try to keep it. Who wants you to talk about this stuff? It can be difficult. Yeah, stuff you need to know that will save you money, that'll make you money.

But, you know who wants to talk about this stuff it can be difficult so yeah it's stuff you need to know that will save you money that'll make you money um but you know we are working with the tax code here

on some of this stuff so um all right you ready for me to go yes sir all right i'm lead off batter today

all right this question's from tail dragger uh said thanks guys fairly new listener and love the advice. I'm finalizing,

setting up my first side hustle LLC and I'm excited. After listening to the progression of real

estate investing, it got me thinking. My side hustle is renting construction equipment and trailers.

I recently built a new shop to use for storing my rental equipment and running the business this year.

Could I move my personal residence into another LLC and rent it back to myself?

I'm not moving and take advantage of some additional tax advantages and start protecting my assets as I look forward to investing in real estate.

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