#443 Tax Strategies and Business Structures: Open Forum

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

🗓️ 1 August 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen address a range of listener questions on various financial topics. They discuss in detail the concept of Safe Harbor 401K for small business owners and the benefits it provides for tax saving and investing. They also delve into the strategy of setting up separate LLCs for owning and operating businesses, explaining how it can offer tax advantages through self-rental. The hosts also address ...

Transcript

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0:00.0	You're trying to do the age old backdoor work around.
0:04.0	The band switch.
0:05.0	It's the band switch.
0:06.0	Every dentist and doctor for the last 50 years has tried to pull this off where they don't, they want a 401k for themselves, but they don't want to provide it for their nurses and admin PAs.
0:19.0	And that's not saying doctors are bad, but they've got, they're making a lot
0:22.4	of money. They want to sock it away, but they don't want to do a group safe harbor for them. Okay.
0:28.7	Welcome everyone to the Main Street Business Podcast. This is Matt Sorensen, join my, my esteemed
0:33.5	colleague, Mark J. Kohler. Excited to be with you today answering your questions on open forum, The People's Show.
0:40.1	The People Show.
0:40.9	This is a wonderful episode every few weeks.
0:44.5	We haven't done one in a few weeks.
0:46.3	We've got some questions that are piled up.
0:47.8	We really could do more podcasts on the Q&A platform.
0:53.1	We just, it does sometimes surprise me how people do a podcast every day. Some of these people are just podcasters every day. But then I'm like, oh, we got enough content. We can do two a week, maybe. Think about doing more of them. But we're grateful for many of you, our listeners. Thanks for being here. It's a lot of times interesting to see what other questions people have from around the country. And you're like, oh my gosh, I never thought to ask that. So this is a very popular show. Please share it with your friends or family. Give us a five star if you enjoy it. We want to answer your tax legal business from a questions from a business law firm, tax advisory firm, and see if we can help move the needle for you.
1:29.3	Yeah, we don't even throw a bill in the mail or anything.
1:32.3	This is free.
1:33.2	You know, I just get your questions answered.
1:34.9	So, all right, let me, you mind if I'd be the lead off hitter?
1:39.1	Yeah.
1:39.6	What do you got?
1:40.5	All right.
1:40.9	This is from Amit 78 in Virginia says, I own an LLC as an S-Corp, which operates a convenience
	...

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