meta_pixel
Tapesearch Logo
Log in
Main Street Business

#473 The Truth About W-2 Tax Strategies

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

🗓️ 24 January 2024

⏱️ 32 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into various tax strategies for W-2 earners and discuss how to effectively minimize your tax liabilities. They explore the benefits of different deductions, tax credits, and alternative investment strategies, emphasizing the importance of smart tax planning. Here's what you can look forward to: A detailed exploration of 'above the line' and 'below the line' deductions, how they affect your adjusted...

Transcript

Click on a timestamp to play from that location

0:00.0

Being smart about this and being aware about it is money in your pocket. I mean, the taxes are the largest expense you're likely going to have in your life. So many people are like, oh, well, I got a refund. So I'm doing something right. No. If you're getting a refund, it's actually an indicator you're doing something wrong. This is like the rocket fuel on your tax turn that's really going to drive tax savings. Welcome, everyone, to the Main Street Business Podcast. It is that time of year. You are getting your W-2 or 1099s right now. Yeah, next week is 1099s. So please stay tuned for next week's show on. What do you do when you get that 1099 you didn't expect in the mail? You thought it was just free income when someone was paying you, but that's next week. But for all of you, they're getting a W2 exclusively. You've got a W2. It can be hard to do tax planning. But we've got you. We're going to give you as much as we can to help you save taxes and give you some perspective on how you view that W2. Yeah, now we're both tax lawyers.

0:55.0

We've been doing this for years, consulting business owners, real estate investors,

0:58.0

high income W2 earners.

0:59.9

And there are tax strategies for W2 earners,

1:02.2

but we want to make sure you understand the real benefit,

1:05.5

the real tax pining, the real tax savings,

1:08.3

as you're deploying your earnings and building assets like rental real estate,

1:12.0

small business side hustles. This is where tax planning really changes your life. Really,

1:17.8

seriously, like change your life in terms of like what you can make, building wealth, but also

1:21.5

saving taxes at the same time. And I know you, W2, very talented, skilled, educated W2 workforce.

1:29.3

You're thinking, Mark, Matt, I've heard it before,

1:30.1

I'm too busy.

1:35.8

It doesn't mean you have to start another job to use alternative strategies.

1:38.3

We're not going to call them all assets or alternative assets.

1:39.8

We're going to call them alternative strategies.

1:41.8

Something you can deploy on your tax order.

1:43.0

Now, here's the agenda today.

2:19.7

First, we want to talk about just that, what concepts about your W-2 and how to approach it. Number two, give you some, the list. You know, like all little things you can consider to hopefully save you a few bucks on your tax return, that big fat W-2 or a couple W-2s that are moderate, wherever you fall on the spectrum. And then third, we're going to swing back to these alt strategies. You please, please, please be willing to hear them because it's part of a one, two, maybe even a five-year strategy to implement some of these alt strategies that are really moved the needle. Yeah. So let's talk about you got your W-2. What should you be thinking about this?

2:24.1

Well, I think that's the first thing on the actual W-2 itself.

2:25.9

There's some information on there.

2:28.3

How much tax was withheld, right?

2:32.1

And so when you got your job, you put it in the withholding you want.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Mark J Kohler and Mat Sorensen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Mark J Kohler and Mat Sorensen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.