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TitreDateDurée
#599 Top 10 Due Diligence List: How Smart Investors Protect Their Money06 Nov 202500:49:43

Recorded live at the Alt Asset Summit in Phoenix, this episode of the Main Street Business Podcast brings you a high-energy, audience-fueled breakdown of the Top 10 Due Diligence Must-Dos Before You Put Money Anywhere.

Join hosts Mark J. Kohler and Mat Sorensen as they share stories from the trenches of asset protection, investing mistakes, client war stories, and lessons from 10,000+ hours advising entrepreneurs, investors, and small business owners. From understanding what you’re investing in, to the dangers of pressure tactics, to CRUTs and crypto, to structuring a Solo 401(k) the right way—they cover it all.

What You’ll Learn:

  • The #1 rule Warren Buffett follows—and why you should too
  • Why “I don’t buy hype, I sell it” could save your portfolio
  • Legal pitfalls of raising money and kickback commissions
  • How to use a CRUT (Charitable Remainder Unitrust) for crypto gains
  • Real client horror stories involving napkin contracts and pressure to invest
  • Solo 401(k) strategy stacking and the Side Door 401(k)
  • The difference between building wealth and preserving it
  • Why saying “No” is a power move for every investor

Plus: Live Q&A with audience members on Roth contributions, estate planning, and real-world investing scenarios.

#598 Hold Your Family Board Meeting by Year-End!24 Oct 202500:26:11

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen break down why every small business owner should hold their annual Family Board Meeting before the end of the year. This powerful meeting isn’t just a formality — it’s a proven strategy to strengthen your business, protect your assets, and educate your family about wealth and responsibility.

 You’ll learn how to make your Family Board Meeting IRS-compliant, maximize write-offs, document your decisions properly, and create a legacy plan that keeps your business and family aligned for years to come. Mark and Mat share real examples, step-by-step guidance, and practical insights to help you get it done right before December 31st.

 Don’t wait until tax season to get organized — plan your Family Board Meeting now and take control of your financial future!

You’ll learn:

  • How to structure and hold your Family Board Meeting before year-end to stay compliant and maximize tax benefits
  • The 7 key reasons every business owner needs an annual Family Board Meeting — from asset protection to financial education
  • How to properly document your meeting minutes so your business stays audit-proof with the IRS
  • Smart ways to include your spouse and kids in your business legally — and teach them real-world wealth principles
  • What expenses you can write off when holding your Family Board Meeting, including travel and meeting costs
  • How this meeting supports your business continuity plan and legacy goals for future generations
  • Simple steps to get your Family Board Meeting done before December 31st — and set your business up for long-term success

Get a comprehensive tax consultation with one of our Main Street tax lawyers that can build a tax strategy plan with an affordable consultation that will leave you speechless!! 

Here’s the link - https://kkoslawyers.com/services/comprehensive-bus-tax-consult/?utm_source=buzzsprout&utm_medium=description-link&utm_campaign=main-street-business-podcast&utm_content=msbp598-family-board-meeting-by-year-end

#589 The SALT Workaround After the One Big Beautiful Bill (OBBB)08 Aug 202500:30:09

Join Mark and Mat as they discuss the powerful SALT workaround in 36 states. You can have unlimited deductions for state taxes for this workaround strategy and exceed the $40,000 with the workaround. 

You’ll learn:

  • The 3 steps to see if you qualify for the SALT workaround
  • The 3 steps to implement it before year-end
  • How to navigate state-specific deadlines and forms
  • Why acting in 2025 is critical for 2025 tax savings

Get a comprehensive tax consultation with one of our mains street tax lawyers that can build a tax strategy plan with an affordable consultation that will leave you speechless!! 

Here’s the link - https://kkoslawyers.com/services/comprehensive-bus-tax-consult/?utm_source=buzzsprout&utm_medium=description&utm_campaign=SALT_Deduction

#500 $100M+ GameStop Founder Reveals His Story w/ Gary Kusin17 May 202400:30:00

In this episode of the Main Street Business Podcast, host Mark J. Kohler welcomes entrepreneur and GameStop co-founder, Gary Kusin to share his insights and experience with other aspiring leaders. Gary maps out his journey to becoming an industry leader himself and empowers emerging entrepreneurs to think beyond predefined passions.

Here's what you can look forward to:

  • Mark delves into Gary’s impressive career trajectory and how it’s made an impact on the corporate world.
  • The importance of applying an analytical approach to different ventures.
  • How Gary transitioned to the CEO role at Kinko's to implement a customer-centric approach.
  • Emphasize the significance of creating a culture around customer interactions.
  • Developing leadership principles based on personal experiences.
  • Encouraging entrepreneurs to seize every opportunity that comes their way.
#499 Where and How To Set Up an LLC14 May 202400:31:01

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen delve into how business owners can properly form an LLC. Together, they walk you through everything from selecting the ideal state for your LLC to dispelling misconceptions and providing professional tips on LLC setup, safeguarding assets, tax planning, and beyond!

Here's what you can look forward to:

  • Mark and Mat highlight the significance of selecting the appropriate state for setting up your business entity.
  • Emphasize the need to consider employment issues and operational locations when deciding on the state.
  • Unpack advanced asset protection strategies as your business grows and expands.
  • Explore the concept of nonprofit LLCs and their role in charitable events and fundraising.
  • List the benefits of focusing on core business activities rather than complex entity structuring.
  • The importance of thorough planning, compliance, and avoiding shortcuts in entity setup and structuring processes.
#498 How to Build a $50k/Month Tax Advisory Practice 07 May 202400:22:21

In this episode of the Main Street Business Podcast, host Mark J Kohler shares an insider's perspective on becoming a successful Tax Advisor. Mark maps out the process, reveals the untold benefits and dispels the common myths of advisory services, and encourages you to take the next step.

Here are some of the highlights:

  • Mark urges you to set goals, establish their motivation, and self-evaluate before making the leap into advisory.
  • Mark maps out the technical training steps: becoming a certified tax advisor, enrolled agent, and training on tax return preparation.
  • Emphasizes the need for street-smart tax strategies to provide valuable advice to clients.
  • Importance of hiring an executive assistant to handle administrative tasks and support client management.
  • Encouragement to follow ALL the necessary steps for building a successful advisory practice.
  • Overview of the resources, benefits, and training opportunities within the Main Street Tax Pro Network.
  • Details on conferences and workshops offered to enhance skills and collaboration in the tax advisory field.

This episode is a must listen for anyone looking to build a successful tax advisory practice!

#497 (8 MISTAKES) When Buying Your First Rental Property…30 Apr 202400:11:44

In this episode of the Main Street Business Podcast, host Mark J Kohler delves into the eight common blunders that new investors make when acquiring their first rental property. Learn valuable tips on how to sidestep these errors and set yourself up for a prosperous rental experience.

Here's what you can look forward to:

  • Mark highlights the significance of tracking expenses from the start to classify them as startup costs.
  •  Emphasizes the need for a proper LLC for asset protection when owning a rental property.
  • How to set up a separate bank account for the LLC to avoid commingling of funds.
  • The benefits of using a warranty deed and seeking professional assistance for the process.
  • The need for landlord insurance to protect against unforeseen events and liabilities.
  • The importance of knowing and understanding lease agreements as a property owner.
#496 The Blueprint To Scaling A Business In 2024 w/ Jeffery Hayzlett28 Apr 202400:34:49

In this episode of the Main Street Business Podcast, host Mark J Kohler interviews Jeffrey Hayzlett, a renowned business advisor, keynote speaker, and global business celebrity. Today, Jeffrey shares his most important business learnings after 26 years and over 200 businesses being bought and sold.

Here's what you can look forward to in this episode:

  • Jeffrey discusses how his journey in business leadership led him to becoming a celebrity judge on NBC's 'Celebrity Apprentice'
  • Mark and Jeffery talk about the importance of content creation and media presence in modern business. 
  • Jeffrey introduces the "Hero Factor", explaining how values-based operations can drive business growth and foster a positive business culture.
  • Jeffrey emphasizes the critical role of data in business decisions and highlights the importance of constantly evaluating business operations and performance.
  • They discuss the growing trend of marketing to segments of one, the importance of authenticity in business, and learning from both business successes and failures.

Tune in for these insights and more, as Jeffrey Hayzlett shares his wisdom on navigating today's dynamic business landscape.

Learn more about Jeffery Hayzlett here: https://hayzlett.com/

#495 Why You Shouldn't Write Off That Car25 Apr 202400:12:44

In this episode of the Main Street Business Podcast, Mark J Kohler shifts the idea of buying a car strictly for the write-off into reverse and emphasizes the importance of having a vehicle that aligns with your business needs.

Here are some of the key points that Mark unpacks:

  • A breakdown of the pros and cons of business owners buying a vehicle. 
  • An in-depth discussion on when it is suitable to buy a vehicle for business purposes to leverage tax benefits.
  • The significance of ensuring the business can support the deduction for the vehicle.
  • Example scenarios illustrating the risks of buying a vehicle based solely on the intention of writing it off.
  • The need for proper legal structuring and insurance when owning a business vehicle.
  • How the mileage method can be a suitable option for small business owners.
  • Thoughts on integrating family members' vehicles into business write-offs for tax benefits.
#494 The 6 Steps To Creating a $1 Million Business Plan22 Apr 202400:50:34

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen explore the foundational aspects of business creation with their expert guidance. Mark and Mat highlight the key aspects of starting a business and present a well-defined strategy to initiate your entrepreneurial endeavor.

Here's what you can look forward to:

  • Emphasis on focusing on essential information for a one-page business plan.
  • Importance of outlining crucial items before diving into business activities.
  • A detailed breakdown of the six key components of a one-page business plan.
  • How to craft a concise elevator pitch and define the business concept clearly.
  • A discussion on financial planning, startup costs, and creating a financial model.
  • Understanding capitalization and reserves for business sustainability.
#493 Tax Strategies For NIL Athletes21 Apr 202400:23:01

In this episode of the Main Street Business Podcast, host Mark J Kohler welcomes Main Street influencer, Max Merritt, to unpack how student athletes can manage NIL income by forming an LLC. Together, they break down the key strategies and tax advantages available for NIL athletes into four easy sections.

Here's what you can look forward to:

  • Mark and Max highlight the importance of structuring yourself as a business entity, such as an LLC, for tax planning purposes.
  • They emphasize the need for professional advice when setting up the business entity to ensure proper tax strategies are in place.
  • Mark and Max discuss the two types of income NIL athletes may receive.
  • The significance of understanding state tax implications and strategizing residency for tax purposes.
  • How to utilize an LLC as a powerful tool for tax planning and incorporating family members for additional write-offs.
  • Reporting income to the IRS using Schedule C or E and the importance of maximizing write-offs
  • How to be patient yet proactive in setting up the business correctly and continuing education on entrepreneurship.
#492 Cyber Security Expert Reveals How To Protect Your Assets w/Rick Jordan16 Apr 202400:33:09

In this episode of the Main Street Business Podcast, Mark J Kohler welcomes Rick Jordan, founder of ReachOut Technology, to discuss the ins and outs of cybersecurity and how small businesses can shield themselves from cyber threats.

Here's what you can look forward to in this episode:

  • Rick shares the background and milestones of his cybersecurity journey.
  • He highlights the importance of staying on the cutting edge of cybersecurity for enrolled agents.
  • Rick gives an in-depth look at automated tools and procedures used to detect and respond to cyber threats
  • He provides the key strategies behind designing networks and staying ahead of cyber threats.
  • Mark and Rick touch on the potential risks associated with sharing sensitive information.
  • Rick gives Mark an overview of the services provided by Reach Out Technology to small business owners.

Learn more from Rick Jordan: https://www.rickjordan.tv/

#491 What Can I Write Off in My Side Hustle This Year? (Listen Before April 15th)12 Apr 202400:32:50

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide insights and tips specifically geared towards those with a side hustle. They dive into a wide range of topics, from tax planning strategies to the importance of claiming all income.

Here's what you can look forward to:

  • Detailed advice on preparing your tax return, particularly when dealing with a 1099 for the first time.
  • The importance of claiming all income, whether it comes with a 1099 or not, to avoid potential issues with the IRS.
  • Tips on maximizing your tax write-offs, including creative suggestions like home office, auto expenses, dining, and travel.
  • Discussion on the role of entities like LLCs and S corporations in tax savings, and when it might be beneficial to consider them for your side hustle.
  • Insight into forward-thinking strategies such as making contributions to solo 401(k) and Health Savings Account (HSA) to reduce your tax burden.

This episode is a must-listen for anyone looking to optimize their side hustle and navigate their tax obligations effectively.

#588 Tax Strategy Q&A: Mega Backdoor Roth, RV Write-Offs, and LLC Mistakes22 Jul 202500:41:22

Mark Kohler and Mat Sorensen are back for another Open Forum episode of the Main Street Business Podcast — answering real tax, legal, and wealth-building questions from listeners across the country.

In this episode, they cover advanced strategies and insider tips for:

  • The Mega Backdoor Roth: How it works and who can use it
  • Maximizing vehicle deductions and depreciation the smart way
  • Fixing a broken S-Corp partnership structure
  • LLCs vs. business trusts in California
  • Solo 401(k) contribution strategies to hit the $70K cap
  • Combining multiple accounts in a Multi-Member IRA LLC
  • RV write-offs: What full-time RV entrepreneurs can (and can’t) deduct

Whether you're a business owner, investor, or just want to stop overpaying the IRS — this episode is packed with strategies and answers that could save you thousands.


#490 Why Every Main Street Business Owner Should Be A SPARTAN w/ Joe De Sena08 Apr 202400:23:11

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen welcome renowned entrepreneur and industry leader, Joe De Sena. 

Together, they unpack Joe’s journey to building Spartan, a powerhouse endurance sports brand, and how business owners can overcome obstacles in order to achieve the same level of success.

Here's what you can look forward to in this episode:

  • Joe shares the origin story of the Spartan race concept and its evolution over time.
  • Joe discusses the impact of participating in Spartan races for individuals and business teams.
  • He underlines the importance of prioritization, commitment, and discipline in achieving goals.
  • Joe explains how to face challenges head-on and applies lessons learned from Spartan races to business obstacles.
  • He emphasizes using Spartan core values for business growth and development, fostering honesty, discipline, and accountability.
  • Compares ancient business principles to modern-day entrepreneurial values and commitments.
#489 Accountant Q&A: Watch this to BEAT the IRS (legally)02 Apr 202400:51:26

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into a variety of tax topics, offering their valuable insights and addressing your burning questions. Follow along as they cover everything from key tax savings strategies to estate planning, property management, and more.

Here's what you can look forward to:

  • Advice on balancing personal and business expenses for tax write-offs.
  • Emphasis on estate planning for smooth asset transition, avoiding probate, and clarifying wishes.
  • Thoughts on the suitability of professional employment organizations for small businesses and complexities of solo 401(k) ownership within S Corporations.
  • In-depth look at investment tips and the importance of relationship building.
  •  Simplified strategies for farming operations and tax planning.
#488 10 Crypto Loopholes The Rich Use To Get Richer26 Mar 202400:34:01

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen reveal 10 crypto strategies the rich are using to save taxes and continue building their wealth. Together, they offer a peek behind the curtain and key insights into the strategies that everyone should be taking advantage of. 

Here's what you can look forward to:

  • A detailed breakdown of each of the top 10 crypto loopholes that the rich are using to elevate their wealth.
  • Key strategies implemented with clients who have invested over a hundred million dollars.
  • How to integrate charitable planning into these strategies.
  • The importance of seeking professional advice from tax lawyers.
  • The significance of using Roth IRAs as a strategy.

Tune in to this episode for expert insights on how these key crypto strategies work and how you should be using them to grow your crypto portfolio and keep more money in your pocket.

#487 The Queen Of Pitching: "Here's The Real Key To Wealth" w/ Forbes Riley23 Mar 202400:33:06

In this episode of the Main Street Business Podcast, Mark J Kohler welcomes author, actress, influencer, and acclaimed Queen of the Pitch, Forbes Riley to discuss her amazing journey and reveal some of her secrets to making the perfect pitch.

Here are some of the highlights from this episode:

  • Mark and Forbes dive into how her personal experiences in entertainment shaped her communication style.
  • Forbes discusses her lasting impact on small business owners and the importance of verbal communication in the workplace.
  • She shares her insight into creating instant connections through mastering the art of the pitch.
  • Forbes emphasizes asking the right questions to get the desired responses and demonstrates the power of an impactful pitch.
  • Significance of knowing what you do and how to communicate it effectively.
  • Seizing opportunities by presenting oneself confidently and concisely.

Learn more from Forbes Riley at Forbes Riley Media https://www.forbesrileymedia.com/optin24842600


#486 Investing Strategies For Small Business Owners19 Mar 202400:38:42

In this episode of the Main Street Business Podcast, host Mark J Kohler and Mat Sorensen guide small business owners through the journey of building wealth. They delve into the unique characteristics of investing as a business owner and lay out a multi-phase roadmap for financial success.

Here's what you can expect:

  • A comprehensive look at the financial challenges and opportunities specific to small business owners.
  • Practical advice on managing debt, building cash reserves, and optimizing your business for financial growth.
  • In-depth discussion on the role of Roth IRAs, Solo 401Ks, and real estate investments in wealth building.
  • Insightful exploration of alternative investments and the strategic use of life insurance in financial planning.
  • Guidance on preparing for retirement, including strategies for Roth conversions and managing Social Security benefits.

Whether you're just starting your business or looking to take it to the next level, this episode offers a wealth of knowledge to help you navigate your financial journey. Tune in to gain practical tips and strategies to build wealth, protect your assets, and achieve financial freedom as a small business owner.

#485 10 Capital Gains Tax Strategies that Keep More Money in Your Pocket16 Mar 202400:20:37

In this episode of the Main Street Business Podcast, host Mark J Kohler unpacks and breaks down the best ways to tackle Capital Gains tax. He maps out ten helpful strategies that can give you the edge you need to offset Capital Gains and save thousands of dollars.

Here's what you can expect:

  • An in-depth view of ten powerful strategies aimed at navigating capital gains tax, typically kept behind a paywall, now accessible for all.
  • Valuable insights usually reserved for the wealthy elite.
  • A clearer perspective of CRT, 1031 Exchange, Opportunity Zones, Installment Sales, and more, to help you take on capital gains tax with confidence.
  • Secrets to managing professionals effectively for optimal results and substantial savings.
  • More practical applications that can be used to mitigate capital gains tax burdens effectively.
  • A better understanding of how these strategies can benefit small and large businesses, as well as individuals.

If you’ve been looking for a compass to help you navigate the complex Capital Gains landscape, this is one episode you don’t want to miss. Whether you’re managing a small business, big business, or just yourself, these strategies give you the tools you need for achieving the best results.

#484 How to Build a Passive Income Empire (3 Step Formula)12 Mar 202400:25:01

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen share their insights on building a passive income empire. They lay out a three-step formula, backed by their years of experience as tax attorneys, to help you achieve financial freedom.

Here's what you can expect:

  • A discussion on the importance of having a side hustle or small business, emphasizing its role as a revenue-generating asset that can fuel your future investments.
  • Practical advice on investing in real estate, offering a range of options from single-family homes to commercial properties, and emphasizing its role as a wealth-building asset in America.
  • An explanation of the role of retirement accounts in wealth accumulation. They debunk misconceptions around retirement accounts and highlight the benefits of self-directing your investments.
  • Real-life examples of how clients have used these strategies to build wealth and secure a comfortable retirement.
  • A valuable perspective on the commitment and discipline required in wealth building, encouraging listeners to view wealth as a decision rather than a destiny.

Whether you're starting your journey towards financial independence or looking for ways to optimize your current strategy, this episode is packed with valuable insights and practical advice. Tune in to learn how to structure and methodize your investments for optimal growth and a worry-free retirement.

#483 How to Maximize Your Rental Property Returns w/ Dolph De Roos08 Mar 202400:32:00

In this episode of the Main Street Business Podcast, Mark J Kohler welcomes Dolf De Roos, a globally recognized real estate investor and best-selling author. They delve into the intricacies of real estate investing and the potential it holds for significant returns.

Here's what you can look forward to in this episode:

  • Dolf shares his journey from being a PhD holder to becoming a real estate investor, mentor, and author of 11 best-selling property books.
  • He provides valuable insights into how creativity and a mindset shift can drastically increase returns in real estate investments.
  • Mark and Dolf discuss the current landscape of real estate investing, including the impacts of leverage, hidden value, personal value addition, and the ability to strip out equity.
  • Dolf introduces his unique approach to real estate investing, emphasizing the importance of understanding market dynamics and being able to spot underpriced properties.
  • He underscores the importance of persistence and knowledge in real estate investing, sharing how his experiences have shaped his strategies.
  • The significance of resilience, a keen eye for opportunities, and maintaining a clear vision amidst challenges in the real estate investment journey are also discussed.

Don't miss Dolf De Roos' one time live event "The Right Real Estate Deals to Generate Passive Income" - https://www.dolfderoos.com/training-web-a

#482 How Much Money You Should Have In Your Retirement Account (By Age)05 Mar 202400:24:46

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide a guide to securing a sound retirement plan. They engage in a highly informative conversation, offering step-by-step strategies to help you reach your financial goals.

Here's what you can look forward to:

  • An analysis of how much you should be saving based on your current age, with a clear goal of attaining a $2 million retirement fund.
  • Insightful advice on how to effectively manage your savings and investments, with a clear explanation of the 4% rule and the 6% rule.
  • Practical suggestions on the ideal structures for your savings, emphasizing the benefits of Individual Retirement Accounts (IRAs) and Roth accounts.
  • An introduction to the concept of 'self-directing', where you get to invest in what you know best, unlocking greater returns.
  • A clear exposition of the 'Rule of 72', an equation that tells you how long it takes for your money to double.
  • A discussion on the importance of starting early when it comes to saving and investing, emphasizing the power of compounding interest.

This episode is a must-listen for anyone seeking to secure a robust retirement plan. It offers a wealth of knowledge on everything from saving strategies, investment structures, and understanding rates of return. Tune in and take a step closer to achieving a retirement you can truly look forward to.

#481 The Best Strategies to Build Your Personal and Business Brand w/ Mike "C-Rock" Ciorrocco03 Mar 202400:44:05

In this episode of the Main Street Business Podcast, Mark J Kohler welcomes Mike "C-Roc" Ciorrocco, the man behind the 'What are you made of?' movement and the CEO of People Building, Inc. The duo dive into the concept of brand building to grow a business.

Here's what you can look forward to in this episode:

  • Mike shares his journey from the mortgage industry to becoming a renowned performance coach, public speaker, and author, focusing on personal branding and business growth.
  • He provides valuable insights into the mindset shift needed to see oneself not just as a professional in a field, but as a unique brand with a valuable message to share.
  • Mark and Mike discuss the current landscape of personal branding and marketing, including the impacts of consistency, authenticity, and networking.
  • Mike introduces his unique approach to building a brand, emphasizing the importance of aligning one's thoughts, words, actions, and environment with their mission.
  • He underscores the importance of networking and community in building a brand, sharing how his agency provides a supportive network and comprehensive resources for clients.
  • The significance of resilience, mental toughness, and maintaining a clear vision amidst challenges in the entrepreneurial journey is also discussed.

Book a FREE discovery call with Mike's Podcast Networking Agency - https://that1agency.com/

#587 Trump Signs The Big Beautiful Bill: What This Means for Tax Planning15 Jul 202500:32:08

President Trump just signed the Big Beautiful Bill into law — and it’s packed with tax breaks for small business owners, real estate investors, and everyday entrepreneurs. In this episode, tax attorney Mark J. Kohler and attorney Mat Sorensen break down the most useful strategies you can implement right now to save big.

Here’s what you’ll learn:

  • How to leverage 100% bonus depreciation for real estate, vehicles, and business equipment
  • Why the QBI (199A) deduction is now a permanent win for small business owners
  • How to tap into Opportunity Zones for tax-free investing
  • The truth about the new $40K SALT cap — and the workaround that still works in 36 states

Whether you're an entrepreneur, investor, or just want to pay less in taxes — this episode is your playbook.

#480 How To Manage Your Finances in this Economic Climate and Election Year27 Feb 202400:29:44

In this episode of the Main Street Business Podcast, hosts Mat Sorensen and Mark J Kohler delve into managing personal finances and small businesses in an uncertain economic climate. Their lively conversation is packed with insightful advice and practical strategies.

Here's what you can look forward to:

  • A detailed discussion on the importance of having a clear financial plan, regardless of the economic climate or election year.
  • Valuable insights on managing personal debt strategically and the necessity of tracking income and expenses.
  • Practical advice on diversifying income sources and the importance of continually enhancing skills and knowledge.
  • An in-depth exploration of pricing strategies and product diversification in small businesses.
  • A thoughtful dialogue on the need to cut low-margin activities and unnecessary costs for better financial stability.
  • An engaging narrative on the Phoenix Open waste management issue, which serves as a real-life example of the importance of having a plan to weather unexpected situations.

This episode is a must-listen for anyone who wants to navigate their personal finances or small businesses more effectively in unstable economic times. It offers a wealth of knowledge on everything from debt management and budgeting to pricing strategies and cost-cutting measures.

#479 Tax Strategies, Asset Protection, and Estate Planning for Farmers23 Feb 202400:39:24

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve deep into the challenges and opportunities of running a farming operation. They provide their expert insights on eight distinct, yet interconnected, farming strategies that can help both budding and seasoned farmers.

Here's what you can look forward to:

  • A detailed examination of the S Corporation strategy, highlighting how it can enhance tax efficiency and profitability in farming operations.
  • An exploration of asset protection strategies, focusing on the balance between operations and assets, and the importance of maintaining a proper business structure.
  • In-depth advice on how to navigate the tricky situation of a C Corporation, offering practical steps to transition to a more efficient structure.
  • A discussion on the common pitfall of overbuying equipment that farmers often fall into, with tips on how to make smarter investment decisions.
  • Insights into the challenge of being "land rich and cash poor," emphasizing the importance of diversifying investments and ensuring cash flow security.
  • Guidance on maintaining your entities and having a board of directors or board of advisors within your family to oversee the business.
  • An overview of estate planning related to farm transition, stressing the need for a clear and comprehensive plan.
  • Advice on farm succession planning and the importance of training the next generation and planning for the future of the farm.

This episode is a must-listen for anyone involved in the farming industry, interested in asset protection, tax-saving strategies, and those planning for the future of their farming business.

#478 Four Case Studies of Common Main Street Business Owners20 Feb 202400:41:58

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen offer their expertise on wealth building strategies, tax planning, and legal perspectives for both budding and seasoned entrepreneurs. They discuss four case studies, each bringing unique circumstances and challenges to the table.

Here's what you can look forward to:

  • An exploration of how to buy real estate with an IRA or 401K, providing an alternative to traditional investment options.
  • An in-depth discussion about the potential of rental properties as a small business, and how to leverage tax write-offs for passive loss carry forward.
  • Advice on the process and considerations of selling a business, from structuring the deal to tax implications.
  • Insights into the potential of using a Charitable Remainder Trust (CRT) as a tax-saving strategy during the sale of business or real estate.
  • They touch on important legal structures, such as S corporations and LLCs, and their role in protecting assets and saving on taxes.
  • Lastly, they explore the concept of the 'long game' in real estate investment and how the benefits compound over time. 

This episode is a must-listen for anyone interested in real estate investment, tax-saving strategies, and those planning to buy or sell a business.

#477 Open Forum - Real Estate, S-Corps, and Electric Vehicles13 Feb 202400:44:06

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen discuss various topics related to business, taxes, and legal structures. They answer questions from listeners about tax benefits for small businesses, the benefits of S corporations, and strategies for real estate investing.

Here's what you can look forward to:

  • A detailed explanation of how an EV vehicle can be written off, even if you receive the EV credit for the vehicle.
  • An insight into the process of converting a professional limited liability company (PLLC) to an S corporation and how this can help save on self-employment tax.
  • A discussion on the implications of having multiple businesses owned by an S corporation holding company.
  • Advice on using an LLC to protect assets, with a particular focus on holding liquid assets.
  • Tips on managing business expenses for meals and how these can be claimed as business deductions.
  • The episode concludes with guidance on how to diversify investments into real estate, specifically short-term rentals in different states.

This episode is a must-listen for small business owners, side hustlers, and anyone interested in understanding the complexities of tax law, the potential benefits of different legal structures, and strategies for protecting assets and diversifying investments.

#476 Grant Cardone VS Jon Legere: What is Defamation?09 Feb 202400:20:41

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen unpack the defamation case between Grant Cardone and John Legere. They delve into the implications of this case, exploring how it affects the way we communicate online and protect our reputation.

Here's what you can anticipate:

  • A breakdown of the case, highlighting the key statements made by John Legere that Grant Cardone claims are defamatory.
  • Unpacking what defamation is, emphasizing the importance of accurate statements when speaking negatively about someone, especially online.
  • An insight into the legal process of discovery, illustrating how evidence is gathered and presented in court.
  • Discussion on the elements of fraud and how difficult it is to prove these elements in a legal setting.
  • Tips on how to defend yourself in a defamation case, including the potential financial costs as well as the implications of going through the discovery process.
  • The episode ends with a deep dive into the importance of standing up for yourself and defending your reputation, using the actions of Grant Cardone as an example.

This episode is a must-listen for anyone interested in understanding the complexities of defamation law, the potential legal implications of online communication, and the importance of protecting your reputation in the digital age.

#475 The 3 Most Common Lawsuits & How to Avoid Them06 Feb 202400:35:16

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into 3 potential legal liabilities for individuals and small business owners. They offer valuable insights into the process of reducing liability through effective planning and documentation.

Here's what you can anticipate:

  • A discussion on the three most common ways you might get sued in America: incidents at your home, personal injury claims, and contract disputes.
  • An examination of real-life celebrity lawsuits involving Demi Moore, Gwyneth Paltrow, and Flo Rida, illustrating the potential legal pitfalls in different scenarios.
  • Tips on how to reduce your liability, such as maintaining a secure perimeter around your property, having a waiver in place, and ensuring proper supervision during events or gatherings.
  • Advice on how to document and gather evidence in the event of an accident or dispute, including taking pictures, videos, identifying witnesses, and keeping receipts of any related expenses.
  • A comprehensive overview of having written agreements in place, particularly in business or investment arrangements, to prevent potential legal issues.
  • The episode ends with a discussion on how to navigate a breach of contract scenario, emphasizing the importance of having contracts in writing and understanding the terms thoroughly.

This episode is a must-listen for anyone operating a small business or engaging in any form of agreement, seeking expert advice on avoiding lawsuits, and looking to maximize their protection against potential legal issues.

#474 Received a 1099…What next?30 Jan 202400:32:30

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide an in-depth discussion on the importance of effective tax planning for individuals with a side hustle or small business. They offer valuable insights into the process of reducing tax liabilities by taking legitimate expenses offered by the IRS.

Here's what you can look forward to:

  • How to effectively reduce the income from a 1099 by deducting legitimate expenses.
  • Debunking misconceptions about 'under the table' income, stressing that all income, regardless of how it's received, should be reported to prevent legal issues.
  • Explanation of how to report income from a 1099 using Schedule C, and the importance of understanding your entity structuring.
  • Detailed discussion on various write-offs like home office, auto, dining, travel, equipment, and supplies, and how to track and gather data for these expenses.
  • Insights into other non-cash expenses that could be deducted, like hiring your kids in your business, and how this strategy can help reduce your taxable income.
  • Overview of the next steps after reducing taxable income, which includes building tax-free or tax-deferred wealth through retirement accounts.

This episode is a must-listen for anyone operating a side hustle or small business, seeking expert advice on tax planning, and looking to maximize their deductions and overall tax savings.

#473 The Truth About W-2 Tax Strategies24 Jan 202400:32:02

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into various tax strategies for W-2 earners and discuss how to effectively minimize your tax liabilities. They explore the benefits of different deductions, tax credits, and alternative investment strategies, emphasizing the importance of smart tax planning.

Here's what you can look forward to:

  • A detailed exploration of 'above the line' and 'below the line' deductions, how they affect your adjusted gross income, and their impact on your overall tax savings.
  • Debunking common misconceptions about tax refunds and explaining why getting a refund may not be an indicator of good tax planning.
  • Insights into the advantages of Health Savings Accounts (HSAs) and retirement accounts as tax-saving tools, regardless of an individual's income level.
  • Discussion of the limitations of traditional tax-saving methods for high-income earners and introduce the concept of alternative strategies, such as side businesses and real estate investments.
  • The hosts emphasize the significance of building wealth through asset ownership, providing examples of successful wealth builders like Warren Buffett and Jeff Bezos.

This episode is a must-listen for anyone seeking expert advice on managing their taxes efficiently, understanding complex tax strategies, and maximizing tax savings.

#472 LLC, S-corp, or C-corp: Which is best for me?16 Jan 202400:41:46

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen unpack the complexities of business structures and their tax implications. They delve into a variety of topics, including the advantages of transitioning a side hustle to an S Corp, the intricacies of tax management for partnerships and LLCs, and the strategic use of different entities for business owners and real estate investors.

Here is what you can look forward to:

  • In-depth explanation of various legal and tax strategies such as the asset protection benefits of LLCs, the tax savings provided by S-Corporations, and the correct timing and situation for employing these entities.
  • The hosts debunk commonly held misconceptions about managing taxes for small businesses and provide tried and tested strategies for maximizing tax savings.
  • A discussion on the vital role of a board of advisors in a business, with insights into how strategic planning can contribute to tax savings and overall business growth.
  • Mark and Mat explore the tax implications of infusing more capital into your business and aptly handling 'phantom income'.
  • Both hosts emphasize the importance of seeking professional advice before making significant tax and legal decisions, highlighting the intricate nature of these matters and the potential for costly errors.

Don't miss this episode if you're looking for expert advice on effectively managing your small business taxes, understanding complex tax strategies, and maximizing your tax savings.

#471 Open Forum - Tax Strategies That Save You THOUSANDS26 Dec 202300:37:41

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen address a variety of questions from their listeners. The topics range from the tax implications of self-rental and equity grants for startups, to the benefits of converting a side hustle to an S Corp, and the complexities of managing taxes for partnerships and LLCs.

Here's what you can anticipate:

  • Detailed explanations on various tax and legal strategies like self-rental of an office condo to an S Corp, equity grants for startups, and the tax treatment of mortgage interest.
  • The hosts debunk common misconceptions about managing taxes for small businesses and provide strategies for maximizing tax savings.
  • A discussion on the importance and role of a board of advisors in a business, including insights into how they can contribute to tax savings and overall business growth.
  • The hosts also discuss the tax implications of infusing more capital into your business and how to handle 'phantom income'.
  • The hosts emphasize the importance of getting professional advice before making tax and legal decisions, highlighting the complexity of these issues and the potential for costly mistakes.

    Tune in to this episode for expert insights on managing your small business taxes effectively, understanding complex tax strategies, and optimizing your tax savings!
#586 When Should I Register My LLC in a Different State?08 Jul 202500:29:13

Mark J Kohler and Mat Sorensen dive deep into the world of LLC registration, revealing must-know strategies for small business owners and real estate investors. Learn how to:

  • Properly register your business across state lines
  • Protect your assets with the right LLC structure
  • Avoid expensive penalties and legal pitfalls
  • Maximize tax benefits for multi-state operations

Whether you're a rental property owner, remote business operator, or entrepreneur looking to expand, this episode is your ultimate guide to navigating complex LLC regulations. Don't make expensive mistakes - watch now and save thousands!

Setup a call with a lawyer at KKOS Lawyers from anywhere in the country that can help you with your legal structuring - https://kkoslawyers.com/contact-us/ 

Get in compliance with your current entity and get your minutes and state registration complete - https://www.mainstreetbusiness.com/contact 

Get my newsletter and sign up for my weekly updates here - https://mainstreetpros.com/lp/tax-strategies-ebook 


#470 Maximizing Auto Tax Deductions20 Dec 202300:33:35

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen talk about the ins and outs of auto tax deductions for small business owners. They discuss the various write-offs, including mileage and actual expenses, tax incentives for electric vehicles, and the importance of year-end planning.

Here's what you can expect:

  • An in-depth discussion on how to get the most out of auto tax deductions for your small business, including the differences and benefits of the mileage and actual expenses methods.
  • A detailed exploration of tax incentives available for electric vehicles, including how this varies depending on the make and model, and whether the vehicle is used for personal or commercial purposes.
  • They discuss the importance of year-end planning and the potential benefits of purchasing a vehicle before the year ends.
  • A detailed discussion on the benefits of using vehicles like RVs for business use, and how you can potentially write-off expenses associated with these.
  • Insights into the implications of the Tax Cuts and Jobs Act and recent changes in the Biden administration on auto deductions.
  • Expert advice for small business owners on the best strategies for maximizing auto deductions and year-end planning to optimize their tax savings.

    Listen to this episode to gain valuable insights and strategies on maximizing your auto deductions, understanding the benefits of electric vehicles, and planning effectively for year-end to optimize your tax savings!
#469 Mega Roth Strategies Before Year End12 Dec 202300:43:14

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen dive into the best tax-free vehicle to grow wealth - the Roth account. They discuss the significant benefits of Roth accounts, the power of time value of money, and the importance of planning and executing strategies before the year ends.

Here's what you can expect:

  • An explanation of how to use the best tax-free vehicle to grow and earn wealth, and the benefits of the Roth account.
  • A walkthrough of the strategies to build the Roth account most effectively, including the backdoor Roth IRA and the mega backdoor Roth 401K.
  • The hosts discuss the year-end issues and the importance of planning and executing strategies before then.
  • A detailed discussion on three main groups of people; the entrepreneur with no employees, the corporate employee with no ownership, and the entrepreneur with employees. 
  • Insights into the more technical aspects of the Roth account and strategies, such as the after-tax employee contribution and the conversion to Roth.
  • Expert advice for entrepreneurs with employees on exploring safe harbor plans for the most benefits.

    Listen to this episode to gain valuable insights and strategies on maximizing your Roth accounts and planning for year-end to optimize your wealth growth!
#468 25 Tax Strategies The Wealthy Know (and you don't)30 Nov 202300:55:08

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen give their 25-year-end tips for saving BIG on taxes. Mark and Mat reveal the complex realm of legal entities, discuss the imminent changes brought about by the Corporate Transparency Act, and much more!

Here's what you can expect:

  • The common missteps when setting up a multitude of legal entities such as LLCs, trusts, and corporations.
  •  The new mandate requires business owners to register every LLC with FinCEN to avoid hefty penalties of $500 daily fine and potential imprisonment. 
  • How to choose between an LLC or an S Corp, and how these entities can be used for asset protection and maintaining privacy. 
  • An insightful discussion about the usage of C Corporations, cautioning small business owners about the potential tax implications. 
  • The importance of business owners getting an annual review with a proficient tax lawyer.
  • The need to properly dissolve unused entities in light of the new Corporate Transparency Act, to steer clear of hefty penalties and potential legal complications. 

Listen to this episode to stay updated and navigate your business through these legal changes with ease!

#467 Mastering Your Mindset with Life Coach Jody Moore27 Nov 202300:30:21

In this episode of the Main Street Business Podcast, Mark J Kohler welcomes Jody Moore, a successful life coach, author, and podcast host. This insightful conversation focuses on the intersection of mindset, emotions, and business success.

Here's what you can look forward to in this episode:

  • Jody shares her journey from a corporate background to becoming a highly sought-after life coach, impacting the lives of numerous business owners.
  • She provides valuable insights into the mindset shift needed to navigate challenges and achieve goals in business.
  • Mark and Jody discuss the role that emotions play in the world of business, including their effects on communication and sales.
  • Jody introduces the concept of mind management, explaining how managing our thoughts can significantly influence our emotions and actions.
  • Jody emphasizes the importance of coaching in identifying blind spots and moving towards a more empowering mindset.
  • The discussion also covers the power of asking the right questions, focusing on the right thoughts, and understanding that in every result we have, we've created.

Learn More From Jody Moore: https://jodymoore.com/

# 466 The #1 Oversold Legal Strategy in America22 Nov 202300:31:38

Business owners are constantly oversold legal strategies they don't need, even if it's working for others. Always take the time to understand your needs!

Legal strategies should be tailored to your specific situation. Otherwise, you end up paying more in fees, maintenance costs, and unnecessary complexity.

Don’t be persuaded by fear or the fact that everyone else is doing it.

For an affordable and simple consultation to build your strategy please book a call with one of our tax lawyers serving business owners nationwide at kkoslawyers.com

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen explore the tricky world of legal entities and the upcoming changes due to the Corporate Transparency Act.

Here's what they cover:

  • The common pitfalls of creating too many legal entities such as LLCs, trusts, and corporations.
  • The new requirement to register every LLC with FinCEN, with penalties including a $500 per day fine and potential jail time.
  • The importance of understanding when to set up an LLC or an S Corp, and how these entities can be used strategically for asset protection and privacy.
  • A discussion on the use of C Corporations, cautioning small business owners about the potential complexities and tax implications.
  • The need for business owners to consider an annual review with a competent tax lawyer and the importance of a tailored approach to small businesses.
  • The importance of properly closing unused entities in light of the new Corporate Transparency Act to avoid hefty penalties and potential legal complications.
#465 The Easiest Method To Make Millions In Real Estate with Gino Barbaro19 Nov 202300:31:00

In this episode of the Main Street Business Podcast, Mark J Kohler welcomes Gino Barbaro, a successful multifamily real estate investor and co-founder of Jake & Gino. In this conversation, the duo dives into multifamily real estate investments, with a particular focus on apartment complexes.

Here's what you can look forward to in this episode:

  • Gino shares his unique journey from running a pizza restaurant to becoming a self-made millionaire through multifamily real estate investments. 
  • He provides valuable insights into the mindset shift required for seeing real estate not just as an investment, but as a scalable business.
  • Mark and Gino discuss the current landscape of the multifamily real estate market, including the impacts of interest rates, the importance of geographic location, and the shift in housing demand.
  • Gino introduces the three-step framework of buying, financing, and managing, explaining how each pillar contributes to the overall success of a multifamily investment.
  • Gino emphasizes the importance of community and education in real estate investments, sharing how the Jake & Gino platform provides a supportive network and comprehensive resources for investors.
  • The significance of due diligence, understanding the risks involved, and partnering with experienced individuals in multifamily real estate investments is also discussed. 

Learn more from Gino Barbaro at Jake & Gino: https://jakeandgino.com/

#464 Corporate Transparency Act - The New Law Affecting Every Business Owner14 Nov 202300:34:45

Get Your Company Compliant with Main Street Business Services

Dissolve Your Entity with KKOS Lawyers: https://kkoslawyers.com/

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into the complexities of the Corporate Transparency Act. Here are some of the main points they discussed:

  • The ramifications of the Corporate Transparency Act for small business owners, including the need to report to the Financial Crimes Enforcement Network (FinCEN) if they own 25% or more of an LLC or are a manager or officer in an entity.
  • The severe penalties for non-compliance, such as a $500 per day fine and potential jail time.
  • Advice on how to ensure compliance, including the need to update FinCEN of any changes in entity ownership or management within 30 days.
  • Insights into the exceptions to the Act, such as an exemption for large companies with 20 or more full-time employees or generating $5 million in revenue.
  • Guidance on the importance of properly dissolving unused entities to avoid complications and penalties.
#463 Real Estate Expert Reveals Their Millionaire System - With Kathy Fettke12 Nov 202300:41:16

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In this episode of the Main Street Business Podcast, Mark J Kohler welcomes Kathy Fettke, a prominent real estate investor and co-CEO of the Real Wealth Network. This exciting discussion delves into the dynamic world of real estate investments, particularly in the residential housing market. 

Here's what you can expect to hear about:

  • Kathy provides a unique perspective on making money in real estate, with a focus on identifying problems and creating win-win solutions.
  • The duo discusses the current state of the residential housing market, including the impacts of rising interest rates and the shift in housing demand.
  • Kathy shares insightful information about her real estate funds, explaining how they provide a hands-off investment opportunity for busy professionals.
  • The conversation also explores the potential risks involved in real estate investments, emphasizing the importance of understanding the market, reading investment documents carefully, and working with experienced partners.
  • Kathy also emphasizes the importance of personal health and well-being in the context of wealth building, and shares her plans for future women's retreats aimed at empowering women in the real estate industry.
  • The importance of due diligence, understanding the risks involved, and partnering with experienced individuals in real estate investments is also discussed.

For more opportunities to learn from Kathy Fettke, follow the link below to her website and stay connected: https://realwealth.com/

#462 Revealing Tax Strategies That Will Leave You BROKE07 Nov 202300:27:30

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen debunk five viral tax strategies that are often oversold and misunderstood. Here are some of the main points they discussed:

  • The top five deceptive tax strategies: The QSBS 1202 strategy, setting up an entity in another state to avoid state tax, cost segregations, setting up a C corporation for a small business, and the overselling of life insurance.
  • Insight into why these strategies often don't work for the majority of people, despite being pitched as universal solutions.
  • Advice on seeking a second opinion from a non-salesperson before implementing any tax strategy.
  • Thoughts on the importance of considering the credentials of those offering tax advice and ensuring they are licensed professionals.
  • Practical guidance on what to do if you've already implemented one of these five strategies and find it isn't serving you well.

This is a must-listen episode for anyone who is navigating their tax strategies and wants to ensure they are making informed decisions!

#461 Ex AirBNB Employee REVEALS How To Maximize Profits - With Daniel Rusteen05 Nov 202300:36:39

In this episode of the Main Street Business Podcast, Mark welcomes Daniel Rusteen, a former Airbnb employee and author of 'Profitable Properties', to talk about the intricate world of short-term rental investments. Here's what you can expect to hear about:

  • Daniel compares Airbnb with other forms of real estate investment and explains how hosts can optimize their listings for maximum profit.
  • The importance of listing optimization, including pricing strategy, photo quality, and listing descriptions.
  • The key factors influencing the success of an Airbnb listing - the quality of the property, how it's marketed online, and the host's attention to customer service.
  • Highlighting the potential returns, cash flow, and tax savings of an Airbnb. Daniel also shares his unique pricing strategy to maximize profits.
  • Daniel shares his vast experience in the short-term rental industry and provides a practical perspective on Airbnb investments.
  • The importance of due diligence and understanding the risks involved in short-term rental investments is also discussed.

Check out Optimize My Airbnb and use code MAINSTREET to unlock 50% OFF the Profitable Properties Program: https://optimizemyairbnb.com/optimized-business-airbnb-hosting-course-profitable-properties-short-term-rental-program/

Profitable Properties: Airbnb Insider Secrets to Find, Optimize, Price, & Book Direct any Short-Term Rental is out now on Amazon: https://www.amazon.com/Profitable-Properties-Short-Term-Investment-Year-Round-ebook/dp/B0BZBS4C4F

#585 New Tax Bill Signed Into Law By President Trump - What’s In and What's Out? 05 Jul 202500:23:15

To get a comprehensive tax and legal plan get to my law firm KKOS Lawyers: https://kkoslawyers.com

In this special episode, Mat Sorensen breaks down President Trump’s newly signed tax legislation, known as the “Big Beautiful Bill," and what it means for your personal and business taxes. With sweeping changes taking effect in 2025, Mat outlines the most impactful provisions for individuals, small business owners, and real estate investors. 

0:00 - Introduction to The Big Beautiful Bill

5:14 - Individual Tax Breaks Explained

9:19 - State and Local Tax Deductions

15:34 - Senior, Tips, and Overtime Benefits

18:42 - Small Business Owner Benefits

19:39 - Next Steps and Bill Timeline

#460 Unlocking the Power of the Solo 401k31 Oct 202300:42:31

Set up your Solo-K with KKOS: https://kkoslawyers.com/services/solo-401k-set-up/

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen delve deep into the intricacies of the Solo 401K retirement account. Here are some of the key points they discussed:

  • An explanation of the Solo 401K, its appeal for self-employed individuals, and the role it plays in wealth-building.
  • Discussion on the contribution limits of Solo 401K, the difference between traditional and Roth dollars, and how to make the most of these contributions.
  • The significance of self-directing in a Solo 401K, the flexibility it offers, and the potential for diversifying investments beyond traditional stocks and bonds.
  • Clarification on the types of businesses or employment scenarios that qualify for the Solo 401K, and nuances around part-time employees and rental income.
  • Real-world examples of how Solo 401K can be leveraged for maximum benefit, including the strategy of "rolling over" funds from traditional IRAs or old employer 401Ks and the option of loaning oneself money from the account.
  • This episode is a must-listen for anyone self-employed or with a side hustle, looking to understand and maximize their retirement savings.
#459 The Real Benefits of S-Corps24 Oct 202300:18:19

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In this episode of the Main Street Business podcast, host Mark J Kohler delves deep into the nitty-gritty of S Corporations, LLCs, and the concept of the Trifecta in business. Here are some of the significant points discussed:

  • An extensive walkthrough of S Corporations, the misinformation surrounding them, and why they're valuable for business owners.
  • The comparison between an LLC and an S Corporation
  • An in-depth explanation of the Trifecta, and how it provides a solid foundation for business owners.
  • An explanation of how an S Corporation plays a vital role in tax management strategy.
  • Real-world examples of how transitioning to an S Corporation can result in significant tax savings.
  • The importance of maintaining compliance with an S Corporation, including managing payroll, ensuring proper legal documentation, and regular meetings with a tax advisor.
#458 Charting a Sustainable Path in the Fashion Industry w/ Entrepreneur Allison Boyes19 Oct 202300:20:57

In this episode of the Main Street Business podcast, host Mark J Kohler invites special guest Allison Boyes, a young fashion entrepreneur and designer onto the show. They delve into Allison's journey from selling vintage clothing in high school to launching her own luxury label. Here are some of the topics they cover:

  • The significance of hands-on experience and learning by doing in entrepreneurship.
  • Allison's unique venture into creating luxury cowhide coats, discussing her sourcing methods and the challenges of material costs.
  • The process of finding a manufacturer, with Allison's emphasis on keeping production within the US.
  • Insights into the development of a brand identity, from selecting a color scheme to conducting photo shoots for marketing.
  • The concept of a 'core collection' in fashion, and how this helps in brand recognition and consistency.
  • Allison's plans for future collections, adding new elements to her existing line, and her ongoing efforts in marketing and brand promotion.
  • The challenges and rewards of balancing entrepreneurship with personal responsibilities like motherhood.
  • A discussion on the importance of staying true to one's values in business, as exemplified in Allison's decision to keep production local despite potential cost savings overseas.

Check out my daughter Allison's business and website here:
https://www.allimarye.com/

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