#548 Open Forum - How To Legally Minimize Your Taxes

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

🗓️ 26 November 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen host an open forum, addressing your top tax and legal questions. They dive into why having an LLC is crucial for protecting your assets, how Medicaid clawbacks can impact your estate, and the benefits of elder law planning. Whether you're looking to safeguard your wealth or prepare for the future, this episode has essential insights. Here are some of the highlights: Mark & Mat Matt explain how Medicaid ca...

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	I had this little grandma come to my office and she's like, the IRS is coming after me.
0:38.3	I'm like, why is the IRS coming after you? She goes, I don't know. I pay my taxes every year.
0:41.6	And we started to pour through her tax returns. We started to pour through the IRS letters. And I go, what are they doing? And we finally found out they're trying to lean her house. And I'm like, oh my gosh.
0:51.2	And I look at her deed and I go, why is your son on the deed?
0:54.5	Guess what?
0:55.0	They're coming after your house because why is your son on the deed?
0:54.5	Guess what?
0:55.0	They're coming after your house because you put his name on your head.
0:58.3	The LLC is like the shield.
1:00.2	They can't come after you or any of your assets.
1:02.3	Period.
1:03.1	Stop.
1:03.7	You're done.
1:04.9	Your poor accountant is wrong.
1:06.2	Look for a new accountant.
	...

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