#516 Tax Lawyer Q&A: Strategies To Save You THOUSANDS In Taxes

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

4.8 • 584 Ratings

🗓️ 2 August 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business podcast, host Mark J. Kohler and special guest Ashley Burr focus on optimizing business structures and tax benefits. They cover the pitfalls of using rewards points for business expenses, converting 401Ks to Roth IRAs, and selecting the right business structure for spouses. Mark and Ashley also unpack strategies for leveraging HSAs, real estate tax tips, and maintaining a corporate veil, concluding with tax-saving tips via S Corporations. Here are s...

Transcript

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0:00.0	Never redeem points for a business expense. This is going to be the difference maker in your retirement.
0:05.1	There's only two situations that I ever want the spouse to be on payroll. Do not go out and set up a new
0:10.9	entity just to do your tax and representation work. If something happens in one of the businesses and they sue,
0:16.3	they're going to be able to sue your other businesses. So now you have that separation. You get the
0:20.2	asset protection,
0:21.3	but you also get the tax savings. That's one issue, but you got about 10 issues.
0:29.4	Welcome everybody to another episode of the Main Street Business Podcast. My name is Mark Kohler,
0:34.0	and I'm here with a special guest, Ashley Burr, attorney, superstar, kid wonder,
0:38.6	because she looks like she's about 22, but she's like 40.
0:41.7	No, you're not.
0:42.5	But anyway, she's an attorney here at KQS lawyers from upstate New York, just a Buffalo Bills fan.
0:48.0	Yeah, go Bills.
0:49.0	Yeah.
0:49.4	How are they doing?
0:50.4	They're the Super Bowl winners this year.
0:52.5	Watch out.
0:53.0	You think they're coming, you're going to repeat? Yeah. Okay. We're going to kick my home's butt. That's all I got to say. I love it.
0:59.9	Well, glad you're here. And Ashley has been speaking at more and more conferences for us around
1:04.8	the country. She does a fantastic job on consultations and just helping so many Main Street
1:09.1	business owners. So today, the people
1:11.2	show, the open forum, she's gone through our list of questions coming in and cherry picked all
1:16.9	the easy ones, damn it. So I have to take the hard ones. No, I'm just joking. We're going to have fun today.
	...

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