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Main Street Business

#570 Should I Be Afraid to File a Tax Extension (Listen before April 15)

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

🗓️ 1 April 2025

⏱️ 68 minutes

🧾️ Download transcript

Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen show how a tax extension can reduce stress, cut audit risk, and buy you time for smart tax moves. Get the facts on key deadlines, solo 401(k)s, and what to do now if you’re behind. Here are some of the highlights: Mark emphasizes that filing an extension gives time to prepare better, including looking for additional write-offs.Mat clarifies that the IRS is unlikely to shut down and that savvy individuals are ...

Transcript

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0:00.0

Privacy is different than asset protection, much like camouflage is different than a bulletproof vest.

0:05.5

You want both. I may not be seen, but if I do get seen, I've got something under that camouflage to protect me.

0:10.8

Well, the trust is part of this overall plan. We want to have an LLC to help protect you or those assets.

0:17.7

That's the number one reason for an LLC. You do it in one sheet of paper, that's not an LLC.

0:23.9

You need all the pieces of parts.

0:25.6

When you start to design the payroll portion,

0:28.0

in combination with the 401k, you find a sweet spot.

0:31.3

You start building wealth with more tax deductions

0:34.3

and less tax.

0:35.4

That, my friends, is what the power of the S corporation

0:38.0

unlocks. I am convinced that every American needs a trust and I've got four reasons why.

0:52.5

I've helped thousands of clients around the country

0:54.7

changing their lives with a structure that always involves a trust. Now what kind of trust am I talking

1:00.7

about? A revocable living trust. They are a revocable trust. You're the trustee and you can change

1:05.9

them anytime you want. They're also extremely affordable and they will be with you for the rest of your life.

1:11.9

And again, whether you're young or old, married or single, these trusts are a powerful

1:15.8

tool in your plan. Okay, the number one reason why every American needs a trust is because it

1:21.0

brings everything together. It is the foundation of your trifecta, and it's going to help you

1:26.4

build wealth and your legacy.

1:28.3

Now, I understand that tax and legal topics are not sexy, no matter how hard I try.

1:33.0

So what we've created to make it simple and understandable and exciting for our clients

1:37.6

is this visual representation we've called the trifecta.

...

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