#539 The 4 Best Tax-Write Offs NO ONE Talks About... w/ Karlton Dennis

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8 • 584 Ratings

🗓️ 29 October 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, host Mark J. Kohler is joined by Karlton Dennis to share essential tax-saving strategies before the year ends. They explain how transitioning from an LLC to an S corporation reduces self-employment taxes and how you can benefit from bonus depreciation. They also cover creative ways to involve your kids in payroll, plus insights on using solo 401(k)s and Health Savings Accounts to maximize deductions. Here are some of the highlights: Mark an...

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.
0:34.5	45% of working Americans have a side hustle now.
0:38.1	I think estimates are now over 100 million side hustles out in America.
0:42.8	And that's people that are just out there getting to 1099,
0:46.2	driving Uber, doing a little upwork, getting a little side hustle,
0:50.0	mowing some lawn, doing a little landscaping.
0:52.4	People, that's the gateway drug.
0:54.0	That's a small business.
0:55.6	And there's a unique tax that's going to nail you right out of the gate.
0:59.1	You unpack it.
0:59.8	Tell them what this wonderful tax is.
1:01.4	The best strategies that someone can do who's self-employed before the end of the year
1:05.7	is reclassifying their LLC to being an S corporation and filling out the form 2553.
1:13.1	Well, my accountant said I wasn't a candidate because, you know, it's not going to make a difference.
1:18.5	And I'm like, do you make more than 50 grand a year?
1:20.3	Yeah, it makes a difference.
	...

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