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Main Street Business

#563 Open Forum - HSA's, Picking a CPA, Venmo & More

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

🗓️ 11 February 2025

⏱️ 44 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen answer your top tax and legal questions. From choosing the right tax advisor (without overpaying for empty credentials) to navigating HSAs, S corp taxation, and solo 401(k) limitations—this episode is packed with practical strategies to keep your business and investments in top shape. Plus, they break down how their Crypto IRA can help you leverage cryptocurrency in your retirement portfolio. Here are some of...

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

How much should I be paying for a tax advisor?

0:37.7

I think a good tax advisor should save you far and exceed what you're paying them. Don't be gun-shy with the high fees, but make sure they do have the credentials and the understanding. Worst thing is to pay a lot of money for a service provider that doesn't know the strategies that's going to actually help you save money. We start now in 2025. Cash app, Venmo, all these payment apps are going to start sending a 1099Ks. And you don't want to cheat on your taxes and then have to answer. What Mark's saying is, you don't want to be going to hell for this. Question is, what are my options? Am I screwed? Run. Weep, weep. Weep. Run. Whip! Weep! Weep! Welcome, everybody to today's episode of the Main Street Business Podcast.

1:19.3

My name is Mark Kohler, here with the illustrious Matt Sorensen.

1:22.0

And this is The People Show.

1:23.9

I love doing the Open Forum.

1:25.8

Yeah, this is open forum.

1:26.8

This is where we answer your

1:27.8

questions. Of course, those are more important than what Mark and I have questions about in life. But this is tax and legal planning, guys. So we got, whoa, I thought we were talking about the Super Bowl this weekend and the spread. That's not, we're not answering that question. You know what? I barely know who's in the super

1:42.6

let alone

1:43.8

have any ideas

1:45.1

on what the spread

1:45.7

is going to be

1:46.3

and even if I did

1:48.1

you want to know what I think. All right. All right. But I do got something to say about some of these tax and legal questions, wealth building. So we're going to be diving into that. And if you're like, hey, why don't you guys talk about this? This is why we do this show.

2:02.5

Go to Mainstreetbusinesspodcast.com. that. And if you're like, hey, why don't you guys talk about this? This is why we do this show.

...

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