#478 Four Case Studies of Common Main Street Business Owners

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Irs Updates, Financial Reporting, Management, Business Structure, Accounting, Legal Compliance, Business, Entrepreneurship, Tax Strategies, Tax Tips, Estate Planning, Tax Prep

4.8 • 584 Ratings

🗓️ 20 February 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen offer their expertise on wealth building strategies, tax planning, and legal perspectives for both budding and seasoned entrepreneurs. They discuss four case studies, each bringing unique circumstances and challenges to the table. Here's what you can look forward to: An exploration of how to buy real estate with an IRA or 401K, providing an alternative to traditional investment options.An in-depth discus...

Transcript

Click on a timestamp to play from that location

0:00.0	A lot of people's mind gets blown when they're like, wait, I can buy real estate with my IRA.
0:03.5	Like, I can go buy the duplex down the street.
0:05.5	My IRA gets the rent and the appreciation.
0:07.5	And when I sell the property, I don't pay any tax. It just goes back into my IRA. Yeah, you can do that. And if you know real estate, use that as your vehicle to build your long-term wealth in your retirement account. A lot of people don't think rental property is a small business.
0:19.7	It's a small business.
0:20.7	It's on a schedule of eat, but you can write off home office.
0:23.4	You can write off dining.
0:24.4	You can write off dining. You can
0:24.6	ride off auto. You can learn to create better cash flow. Rental properties are like rabbits.
0:29.2	If you manage them properly and let them co-mingle, magical things happen. And I think it's the
0:34.9	like most underutilized tool to build and grow wealth is self-directed
0:39.9	retirement accounts. But real estate is one of those investments. You're playing the long game,
0:44.9	but you start putting stacking assets, buying more and more properties, building more equity
0:50.2	over time, paying down the mortgage debt, figuring out how to write stuff off and expenses
0:54.4	in your personal life that benefit you that you never thought you could. It's putting money back
0:59.0	in your pocket. Welcome, everyone, to the mainstream business podcast. This is Matt Sorensen in the
1:06.3	studio, doing the hard work. We've got Mark J. Kohler on location, you know. Yeah, I'm roughing it in Aspen. It's a dirty job, but someone had to come. California. Nice. Yeah. Haspin, California. Thank you for your dumb and dumber fans. It was funny. There's like five kids over here by this fire pit. By the way, if you're watching the YouTube version, I'm in this old gondola
1:27.8	that's like a coffee, hot chocolate station at night, and I just took it over this morning for the podcast. And there's these kids over by the fire pit screwing around. I was like, hey, I'll give each one of them 20 bucks just to get lost, so I don't hear them in the background. I go over there to give meets 20 and they're like,
1:42.8	20 bucks?
1:45.9	I was like picking up a nipple, right?
1:47.8	That's all you guys. in the background. I go over there to give them each 20, and they're like, 20 bucks?
1:46.0	I was like picking up a nickel.
	...

Please login to see the full transcript.

Previous episode | Next episode

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.