#520 83 Minutes Of Tax Advice That Will Save You Thousands

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

🗓️ 16 August 2024

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business podcast, host Mark J. Kohler unpacks the top 5 strategies that can change the way you think about money. Learn about IRS rules for cryptocurrency, why side hustles are more than just extra cash, and the benefits of retirement accounts like Roth IRAs and the Mega Backdoor Roth strategy. Here are some of the highlights: Mark points out how the IRS received $80 billion to enforce more audits and tracking.Mark maps out the three ways cryptocurrency is t...

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.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.1	The IRS is all over this like white on rice. They just got $80 billion last year
0:42.0	to enforce more audits, more tracking, more collection of business owners and in cryptocurrency.
0:49.1	And if you lie, you can go to jail. There's no easy button. I wish there was.
0:54.3	I love staples.
0:55.3	I wish I'd love that easy button.
0:56.7	The side hustle is the method to save more in taxes and build more wealth and tax-free cash flow.
1:05.2	The number one tip in saving taxes I have been saying for years.
1:23.0	Let's get into it. All right. First, number one, the IRS is all over this like white on rice.
1:31.5	They just got $80 billion last year from the federal government to enforce more audits, more tracking, more collection for business owners and in cryptocurrency. They've got task force
1:38.3	now that understand the blockchain. They can find your transactions. Oh, not on my, you know,
1:46.9	defy wallet. No, they can. It's on the blockchain. That's what is great about crypto is it's public. It's on the blockchain. Oh, but the
1:53.0	IRS is not that smart. No, they are. They're that's smart. So can I just show you the front page of your
1:59.5	1040 tax return?
2:02.4	Okay, Jack, bring this up.
2:05.2	This is the 1040 for 2023.
	...

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