#445 How to Get the Most Out of Your Trust: 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

🗓️ 8 August 2023

⏱️ 59 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 tackle a wide range of topics that are crucial for small business owners and entrepreneurs. Throughout this engaging open forum show, Mark and Mat discuss various areas of interest. They dive into the importance of learning from others' experiences, the significance of correctly allocating purchase price in a business, and the nuances of partnership structures. They also touch on the complexities o...

Transcript

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0:00.0	Thankfully, Joe Biden, did I just hear those words come out of your mouth?
0:03.0	I know, I know.
0:22.4	The 1031 and the Opportunity Zone are the ying and yang of capital gain. They're so fun. We just went e-rated. We just went e-rated. You know, Matt, you just. It'll probably get us more listens, actually. That's true. They see corporate ink at the end, and they're like, don't need to worry about 1099s. Welcome, everyone, to the Main Street Business Podcast.
0:23.7	This is Matt Sornston.
0:21.4	Join Biddy, Incredible. corporate ink at the end and they're like don't need to worry about 1099s welcome everyone to the main street business podcast this is matt storingson joined by the incredible mark j coleer
0:26.1	we're delighted to be with you answering your tax legal wealth building questions here on open
0:31.7	forum who i am so excited to be here today we've got a great open forum show. The questions we get,
0:39.9	I, some of them I skip and then I go research. I'm like, man, that's a great question.
0:45.1	I want to know the answer to that too. We're only answering the softballs here. Yeah.
0:49.0	Oh my gosh. Such good stuff. Well, welcome everybody. We hope that you're going to learn something hearing about these questions from others around the country. It really does help to hear what others are going through. Yeah, and if you've got questions, remember, you can get over podcast.maintreebusis.com, just Google Mainstreetribus podcast. You'll find it. There's submit a question, and there's lots of people commenting other people's questions, vote them up if you like them, we're more likely to read the question because we can't get to all of them. But we love
1:14.6	engaging and people connecting on the website too. And I'm ready to lead off bat if you'll indulge me.
1:21.5	All right. Sounds good. I will take that. I will follow your lead here.
1:34.7	All right. This is from TDACH. I don't, TDK, I don't know. TDX says, I have a new small rental business with liability. I don't know what that means that I structured under my S-C
1:42.3	taxed as an LLC. Okay, I'm already, whoa, here we go.
1:46.4	My LLC and S-Corp both have separate bank accounts.
1:49.7	Okay, that's good.
1:51.0	How should I pass on revenue to the S-Corp?
1:53.6	Whoa, is it acceptable to transfer all of my profit from my LLC to my S-Corp to issue
1:58.9	salary and shareholder distributions from the S-Corp
2:01.5	and avoid self-employment tax as intended when I set this up. Thanks.
2:07.1	Whoa.
2:08.9	T-Dak, you are lost, my friend.
	...

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