#531 Tax Advisor Playbook: The Tax Secret To Save Your Clients 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

🗓️ 27 September 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, host Mark J. Kohler explores tax-smart strategies for hiring family members. Learn about hiring children under age 18 without complex tax forms, managing finances through a Family Management Company, and leveraging tax deductions for adult children’s education and healthcare. Mark also provides insights on creating bank accounts for family members and making strategic real estate investments. Here are some of the highlights: Mark unpacks th...

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,
0:21.8	stressing less, and building generational wealth. Today, they're your personal advisors, ready
0:28.4	to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.5	In today's video, I am going to teach you the advisor how to help your clients pay
0:40.0	family members. This is one of the most critical strategies that's going to set you apart from
0:44.8	other advisors and your clients are going to love and appreciate it more than you can imagine.
0:49.3	Now, I'm a certified public accountant, attorney, bestselling author. I've had tax and legal
0:53.2	businesses for 20 plus years. But again, first and author, I've had tax and legal businesses for 20 plus years.
0:55.3	But again, first and foremost, I'm a dad. And I have loved having my kids on payroll. And that may
1:01.5	mean a W-2 or 1099 or even a strategy that doesn't involve either one of those. But I want to tax
1:07.5	right off when my kid's helping the business. It's something you should be doing with your own family members, and that's what we want to teach our clients. Oh, and they're going to save thousands and love you for it. Now, I want to start with the why first, and then we'll get into the how and how this is going to structure. Also, we're going to have to talk about kids under age 18 and kids 18 and older.
1:28.5	Now, I've got a training program, my Main Street Tax Pro program.
1:31.4	You've probably already heard about it.
1:32.8	It's got hours of training on this topic and more.
1:37.0	But today I'm going to do my best to get through it as quickly as I can and give you
1:41.0	the boundaries, the parameters, and it's going to unlock, I know, a lot of interest
1:46.5	and curiosity to really drill down on this and learn more. And I'll tell you more about that program
1:51.2	later. Now, I think why seems pretty obvious, but then there's a lot more to it than you
	...

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