#597 Smart Strategies to Pay Yourself and Save Thousands

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

🗓️ 17 October 2025

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you structuring your business the right way — or making costly mistakes that could be draining your profits? In this episode of the Main Street Business Podcast, Mat Sorensen and Mark J. Kohler team up to answer your questions on taxes, legal structures, and real-world strategies for small business success. Together, they uncover the truth about LLCs, S-Corps, and the $50K rule that determines when to make the switch. From transferring real estate into an LLC safely to understanding what ...

Transcript

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0:00.0	You've got some income now, and now you're talking about paying yourself.
0:23.6	Well, keep in mind, the first thing we're going to look at is, have you been doing your bookkeeping? Do you know what expenses you have versus this income that's coming in? Get your bookkeeping done. Make some money. And when you start taking home more than $5,000 a month after your expenses, call your mom, tell her, she'll be so proud of you, and then call us. And we'll tell you how to go next step, next level.
0:31.6	Welcome everyone to the Main Street Business Podcast. This is Matt Sorensen, joined by the incredible Mark J. Cole.
0:34.6	We are excited to be with you.
0:36.6	Today is Open Forum or the
0:38.8	podcast. We have your questions here. We're going to give you some answers on tax, legal, wealth building, everything small business. I'm pretty stoked for it. Yeah, no, this is a fun. This is the people show. This is a fun show. Excited about it. And we're just going to jump right in, and I'll say it now if you want to post, present, give us a question.
0:56.5	Please go to main street business podcast.com
0:59.8	uh we're anxious to see your questions we'd love to see them here and i can i lead off
1:05.2	absolutely okay this is a topic you and i have been really talking about a lot lately
1:09.9	and that is a business purchase
1:11.5	question yeah i just did a training on that last night you did one yesterday uh so this is from
1:17.8	ab houston 32 that says my escorp purchased a business on which forms do i report the purchase
1:25.6	uh the first business will pay rent to the new business.
1:30.3	What do I claim as expenses?
1:33.2	I remember that that strategy from one of your older videos, please help.
1:38.0	Oh, A.B. Hustow 32, not Houston, A.B. Huston.
1:42.2	These questions that you're asking, and don't be offended with
1:45.8	your response, if you're buying a business and having these questions, I can see that you were
1:50.9	probably not assisted in the purchase with some tax and legal counsel, because all of these
1:56.4	questions and about 50 more exist, and these are the basic questions. There's so, so much more you've got to deal with here.
2:05.9	I'm going to just say, I'm going to riff for one minute, but I'm going to just tell you, you have
2:10.4	got to make an appointment with one of our attorneys. It'll save you 20 times what you pay them for just an hour.
	...

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