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Main Street Business

#506 A Beginners Guide For Business Owners To BEAT The IRS

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8584 Ratings

🗓️ 11 June 2024

⏱️ 19 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, host Mark J. Kohler presents simplified tax strategies for business owners beginning their journey. Learn essential tips to safeguard your assets, reduce your taxes, and confidently control your financial path. Here's what you can look forward to: Mark introduces and breaks down the Trifecta concept for tax savings and asset protection.How the Trifecta design can be used as a tool for visualizing and achieving financial goals.Importance of ...

Transcript

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0:00.0

Welcome to a beginner's guide for business owners. And I can understand some of you might feel

0:05.6

a little scared, a little nervous, a little confusion of what your tax and legal picture should

0:10.8

look like as a beginner starting your business. Well, I've got the answers because it's actually

0:15.5

very, very easy. I have the map, the layout, the design that makes it super simple to understand.

0:22.2

This truly is the beginner's tax and legal guide for business owners.

0:29.3

Now, I am a registered CPA lawyer, and over my career, I have had over 10,000 consultations with business owners just like you,

0:36.0

and have laid out this design that has unlocked all the tax and legal issues that theyations with business owners just like you and have laid out this design that is

0:38.0

unlocked all the tax and legal issues that they faced as business owners. The truth is if you don't

0:42.9

even have experience in tax or legal issues as a business owner, it does not have to be that complicated.

0:48.3

What I've done over the years is create a design that I have called the trifecta. Now, this trifecta

0:53.6

is what helps you reduce your taxes,

0:55.9

get better protection, and succeed as a business owner. And you know the truth is, every time I work

1:01.1

with a business owner and use the trifecta, it predictably allows me to reduce the taxes they are

1:06.8

paying. And that's specifically what we're going to talk about in this video. I'm going to walk you

1:10.7

through the trifecta and tell you exactly what you need to do to apply these principles to save

1:16.0

thousands of dollars in taxes and have better asset protection moving forward. And remember,

1:20.4

the trifecta is a pitcher that says a thousand words. Now, before we go to the whiteboard,

1:25.0

let's talk about why and when. And then I'm going to lay this out and we'll unpack it. The why of this trifecta is because we have to be organized. If we're going to go out and start a business, where is our profit going to go? What are we going to invest in with our profit? You may have been working in your business for years and you realize now I want to go to the next level. I've got some success. Maybe you've

1:44.9

been just grinding it out. And now you're like, how does this work with my overall long-term plan?

1:50.3

Well, the trifective is that ability to manifest where you're going. We want to take your

1:54.8

operations of your business and start to extract some profit from it and build some assets that

2:00.5

might give us some passive income or benefits in the long run. For example, let's say you have a landscape business. That's your main business. That's where you're making your money. But if every week, every month, you spend all the money you make, are we really getting anywhere? And I've been there. It's hard. We're trying to pay our bills. But if we can just eke out a

...

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