#542 16 Minutes of Brutally Honest Tax Advice

Main Street Business

Mark J Kohler and Mat Sorensen

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

2.4 • 584 Ratings

🗓️ 8 November 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down key tax-saving strategies every business owner should know, including why a side hustle is often crucial for effective tax planning. He also highlights the dangers of misleading crypto tax advice and urges listeners to stay vigilant. Mark’s practical approach will leave listeners feeling empowered and informed to make smarter tax choices in a complex financial landscape. Here are some of the highlights: Mark ...

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	Today I'm going to share the tax advice with you that no one else is going to tell you.
0:38.4	There are so many scams out there, influencers, want to be tax advisors that are giving bad tax
0:43.9	advice. Over the last 25 years, as a CPA, attorney, bestselling author, podcaster, radio show
0:50.3	host, and Main Street business owner myself, I have had it up to here. I am sick and tired of
0:55.6	people getting bad advice and I'm going to set the record story right here with some myths and what
1:00.8	really works when it comes to tax advice. All right, number one, LLC's save taxes. Bull-h-h-oh,
1:07.2	I can't say that? Can I? So many people think they've got to set up an LLC to save taxes. Now, LLCs are great. LLCs can give us the opportunity to elect an S corporation later. They make us feel legit. We get a bank account. We're like, yeah, I'm in the biz. I'm LLC. But it does not change your tax deductions. If you don't have a legitimate tax write
1:28.7	off, you don't get to take it. Whether you have an LLC is irrelevant example. I have a lemonade
1:34.2	stand. Okay, I buy lemonade. I buy ice. I buy sugar. I buy a table. I buy signage. I get to write all
1:39.8	that off. Oh, I have an LLC. I can write off more. Wrong. You get to write off the expenses for your
1:47.0	business. Now, the LLC again can help you expand, grow, build, all those logical things that come
1:53.7	with a LLC structure, but it's not about saving taxes. So let's go in with our eyes wide open and
2:00.1	set up that LLC when we need it.
2:01.7	Number two, tax strategies don't make a bad deal good.
2:06.7	I see so many clients chasing a deal just because they're going to get depreciation or
	...

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