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Main Street Business

#549 5 Year-End Tax Strategies The IRS Wants You To Ignore…

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

2.4584 Ratings

🗓️ 29 November 2024

⏱️ 30 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler shares valuable insights on year-end tax strategies that can help business owners save money and optimize their financial planning. With over 20 years of experience as a CPA and attorney, Mark breaks down five key strategies that every business owner should consider before the year ends. From retroactive S elections to maximizing health savings accounts, this episode is packed with practical advice for navigating the complexi...

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

So we're going to sit around after turkey dinner and have a meeting about our business.

0:41.1

That's called a board meeting.

0:42.6

And guess what?

0:43.5

You get to write off travel wherever it's at, all the dining and the hotel for at least two days to get there, have the meeting, and get out.

0:51.3

That's a write-off.

0:52.1

This is the beauty of the American dream.

0:53.8

The people that know the rules save more money.

0:57.4

Rich people know the rules.

0:59.5

You want to be rich, know the rules.

1:01.9

Now, I know I'm preaching to the choir because you guys are freaking here.

1:06.6

This is not going to be a waste of your time.

1:08.5

Some of you may have gotten sent this link.

1:34.0

Some of you know me from many years of following my messages about the American dream, saving taxes, building wealth, protecting it. People, I'm a legit CPA attorney, partner in a law firm, accounting firm. We've got a trust company helping clients self-direct the retirement accounts. And I've been teaching this for 20 plus years. I'm going to throw down today five of my 20 year-end tax strategies. If you're a tax advisor, this is what you've got to be talking about with your

1:39.4

clients. If you're a business owner, you need to be bringing this up with your advisors, talking about it,

1:46.2

and making sure that you are captaining your ship. These are legit strategies, they're

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