The Main Street Business Podcast hosted by Mark J. Kohler with co-host Mat Sorensen discuss complex tax and legal topics like LLCs, corporations, estate plannin...
In this episode of the Main Street Business Podcast, Mark J. Kohler explains how to successfully transition out of your business while maximizing value. From setting up a seamless family succession plan to making your business more appealing for a third-party sale, he shares practical steps to ensure a smooth and profitable exit. Tune in for expert strategies that will help you plan your next move with confidence!Here are some of the highlights:Mark outlines four strategies that wealthy individuals use when exiting their businesses.Emphasizes the importance of deciding who will buy the business, whether it's family or a third party.The complexities of family succession, including the need for succession planning and business consultants.Introduction to the concept of systemization, developing people, and understanding EBITDA for third-party sales.Real-world examples of clients who initially wanted to sell but later decided against it due to the success of their systemized business.The potential for staying on with the new buyer for a transition period, which could increase the sale price.Mark urges caution when considering elaborate tax structures and emphasizes the need for second and third opinions.Mark warns against high-risk, high-cost tax strategies and the potential for IRS audit risks. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!
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#602 The Step-By-Step "Zero-Tax" Blueprint For Business Owners
In this episode of the Main Street Business Podcast, Mark J. Kohler shares the blueprint for tax-efficient business ownership. He explains why smart bookkeeping is key, how to leverage deductions, and when to transition from an LLC to an S corp for optimal tax savings. If you’re tired of overpaying the IRS, this episode is a must-listen!Here are some of the highlights:Mark explains what you take out of your business is not what you are taxed on, using a scenario where a business owner makes $60,000 but is only taxed on $50,000 due to write-offs.The evolution of a small business from a sole proprietorship to an LLC, and then to an S corporation once the business starts making significant income.Mark discusses the concept of having two sets of books: one for tracking income and expenses through the business account, and another for adding other expenses that may not have gone through the main account.The concept of phantom income, where business owners reinvest money back into the business and are still taxed on that amount.Strategies for minimizing phantom income, such as taking a portion of the reinvested money and depositing it with the IRS to cover expected taxes.How most small businesses should avoid the C corporation structure and stick with pass-through entities like LLCs or S corporations.The importance of tracking every expense related to the business, as these expenses can be significant tax write-offs.Mark advises business owners to involve family members in the business to take advantage of write-offs for supporting family financially. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!
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#601 How Business Owners Hold a Family Board Meeting
In this episode of the Main Street Business Podcast, Mark J. Kohler uncovers the secret to saving big on taxes and strengthening your business—the family board meeting. Discover how to legally write off travel, meals, and payments to family members, while staying compliant and building financial security. Mark breaks down the process step by step, making it easy for any small business owner to implement.Here are some of the highlights:Mark explains why every small business should hold a family board meeting and how it can unlock valuable tax deductions while enhancing business legitimacy.Discussion on how travel, dining, and other expenses related to board meetings can be legally written off, reducing taxable income.Mark covers the importance of maintaining proper documentation, such as meeting minutes and corporate records, to ensure compliance and asset protection.The process of selecting board members, including family and friends, to provide valuable advice while benefiting from tax write-offs.Explanation of how to structure family board meetings with clear agendas and actionable discussions to improve business planning.Mark outlines the tax benefits of compensating family members for their participation in board meetings and how it can serve as a wealth-building strategy.The significance of holding board meetings at least once a year to stay compliant, with suggestions on how to schedule additional meetings for greater tax advantages.How having a properly structured family board meeting can help business owners align their financial goals with their long-term vision and legacy planning. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!
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#600 Life Coaches: The Ultimate Tax and Legal Plan for 2025!
In this episode of the Main Street Business Podcast, Mark J. Kohler shares expert tax and legal strategies designed for life coaches who want to build a thriving business. Discover why starting with an LLC is crucial, how to track expenses effectively, and smart ways to involve your family for tax benefits. With actionable insights and real-world advice, Mark helps life coaches take control of their finances and set the foundation for long-term success.Here are some of the highlights:Mark emphasizes the importance of mindset, stating that being a life coach is a business and should be treated as such.Encourages life coaches to think of their business as a gateway to the American dream, offering tax write-offs and financial benefits.Advises life coaches to be cautious about where they get their tax and legal information, stressing the importance of credible sources.Mark strongly urges tracking expenses from the beginning, even before making the first dollar, using tools like Excel or QuickBooks.Involve family members in the business to take advantage of tax write-offs for their contributions.Tax advantages of an S corporation, including reducing self-employment tax by splitting income into W-2 salary and pass-through income.How family members can be put on payroll for tasks like stuffing envelopes, cleaning the office, or helping with business projects.Mark encourages life coaches to plan for this transition in advance to avoid future tax burdens. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!
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#559 Retroactive S-Election for 2024: Why & How
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen share powerful insights on why converting your LLC to an S corporation is a game-changer for tax savings. They discuss the crucial tax advantages, the importance of structuring income properly, and walk you through the filing process. Find out how you could potentially save $7,000 or more with this strategic business move.Here are some of the highlights:Mark emphasizes how LLCs do not save taxes and explains the process of turning an LLC into an S corp.Discussion on the difference in tax rates between LLCs and S corps, with S corps allowing for lower self-employment tax.Mat and Mark cover the importance of allocating income to FICA wages and the potential savings.Mark outlines the three-step process for making a late S corporation election, including filling out form 2553 and referencing revenue procedure 2013-30.Mark explains the workaround for the first year, including claiming compensation on both the 1120s and Schedule C.The benefits of the S corporation strategy for business owners and the potential annual savings.Need for proper health insurance premium write-offs and the overall benefits of the S corporation strategy.Why S Corps should avoid taking the Qualified Business Income (QBI) deduction when filing taxes. Grab my FREE Ultimate Tax Strategy Guide HERE! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Looking to connect with a rock star law firm? KKOS is only a click away! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!
The Main Street Business Podcast hosted by Mark J. Kohler with co-host Mat Sorensen discuss complex tax and legal topics like LLCs, corporations, estate planning, raising capital, and retirement planning in an engaging and charismatic way, making it easy for anyone to understand.Mark J. Kohler has done over +10,000 consultations with clients, is a Senior Partner at KKOS Lawyers and CFO/Board Member of Directed IRA Trust Company with $2B+ in managed assets. He’s a best-selling author of six books, national speaker and founder of the Main Street Certified Tax Advisor Program, a program training thousands of CPAs and Enrolled Agents on proven strategies, effectively changing the lives of millions of small business owners in America.
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