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Main Street Business

#517 How The Rich Use S-CORPS To Explode Their Wealth

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

🗓️ 8 August 2024

⏱️ 17 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business podcast, host Mark J. Kohler guides you through the strategic advantages of S corporations. Find out how to leverage them for maximum tax savings, secure your retirement, and maintain pristine corporate records, ensuring your business thrives for years to come. Here are some of the highlights: Mark begins by mapping out the 'trifecta' model: operations, assets, and trust/1040 tax returnExplains how S Corporation allow for splitting income into salar...

Transcript

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0:00.0

Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.

0:05.5

Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,

0:12.3

making them the leading tax and legal experts in the nation.

0:16.2

Together, they'll unpack the most complex tax, legal, and financial strategies,

0:20.6

crucial for saving more,

0:22.2

stressing less, and building generational wealth. Today, they're your personal advisors.

0:28.2

Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.

0:37.1

Welcome back, everybody.

0:38.4

Today I'm going to break down how you can use an S corporation to skyrocket your

0:42.2

wealth past $100,000 or more.

0:44.4

Now, I'm a registered CPA attorney, bestselling author, and own multiple companies in

0:49.0

the tax and legal industry.

0:50.4

And I kid you not, we help thousands of clients around the country every year squeeze far more at profit out of their company because of the S corporation strategy.

1:00.0

Unfortunately, too many people either misuse the S corporation or don't understand the full range of investment opportunities and strategies that they can take advantage of with the S corporation.

1:10.0

Well, today we're going to solve this.

1:11.6

I'm going to walk you through three ways or reasons why the S-Corporation should be a part of your

1:16.9

business structure. Now, let's dive into it. What is an S-Corporation? An S-corporation is

1:24.6

simply a way of doing business. So many people understand the LLC or limited

1:28.9

liability company. Well, you can take an LLC and tax it as an S corporation. You can have an ink or a corporation

1:35.7

taxed as an S corporation. It's a way of doing business. Now, the way I've been explaining this for years,

1:40.8

and it just makes so much sense. A pitcher says a thousand words.

1:49.3

Let's look at the trifecta. This is a way I've used to explain a business owner's overall operations to build wealth and bring it all together. On the left, we want to put operations.

...

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