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Main Street Business

Mark J Kohler and Mat Sorensen

Get ready to learn from two of the top tax attorneys, investors, and entrepreneurs in the business! Mark J. Kohler and Mat Sorensen bring their wealth of knowledge and expertise to the Main Street Business Podcast (formerly known as the Refresh Your Wealth Show), where they share strategies for maximizing your tax savings, investing in rental real estate, using self-directed IRAs, protecting your assets, and much more. Whether you're a seasoned business owner or just starting out, Mark and Mat make it easy to understand even the most complex topics like LLCs, corporations, estate planning, raising capital, and retirement planning. Plus, with their engaging and entertaining style, you'll never be bored! Their ultimate goal is to help listeners achieve the American Dream, and you can start by signing up for their Free Weekly E-Newsletter and visiting https://mainstreetbusiness.com/. Don't miss out on the opportunity to learn from these two industry leaders and take your business to the next level!

  • 36 minutes 54 seconds
    #544 Buying a Business Series: Asset vs Stock Purchase

    In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen reveal the key legal steps for buying a business, highlighting the differences between asset and stock purchases. They explain why an asset purchase agreement offers greater control, tax benefits, and protection through non-compete clauses, while exploring funding options from cash to SBA loans. With practical advice and insights, Mark & Mat emphasize the role of legal counsel in ensuring a smooth transition, reducing risks, and maximizing your investment.

    Here are some of the highlights:

    • Mark and Mat begin with a discussion of the two main contract options: asset purchase and stock purchase.
    • Mark explains the tax benefits of an asset purchase, including the ability to allocate purchase price to different assets and immediate depreciation deductions.
    • Outline of the key elements that should be included in the asset purchase agreement, such as a detailed list of assets included or excluded in the sale.
    • The importance of funding options, including cash, SBA loans, and seller financing, and the need for a tight operating agreement if investors are involved.
    • Mat breaks down the different funding options available for buying a business, including cash, SBA loans, and seller financing.
    • The benefits of using an LLC or S corp for the new business entity and the importance of not buying the seller's existing entity.
    • The steps involved in closing the deal, including signing the asset purchase agreement, issuing a bill of sale, and handling promissory notes and releases of liens.
    14 November 2024, 9:00 pm
  • 35 minutes
    #543 This Law Will Cost Your Business THOUSANDS.. Do This NOW

    In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen bring you the latest on federal regulations that could land business owners in hot water. With the Corporate Transparency Act now in effect, they’re here to guide you through what the Business Owner Information (BOI) report is, why it matters, and how to tackle it without stress.

    Here are some of the highlights:

    • Mark & Mat unpack the new federal mandate requiring business owners to file a Business Owner Information (BOI) report.
    • Explanation of exemptions, including criteria for "large companies" and "inactive entities" set up before 2020.
    • How maintaining compliance can support asset protection and why business owners should stay on top of annual entity requirements.
    • Non-compliance with BOI filing can result in $500/day penalty and up to 2 years in prison.
    • Insights into the government's reasons for the Corporate Transparency Act, focusing on combating money laundering and fraud through enhanced transparency.
    • Mark & Mat breakdown the challenges for nomadic individuals or those using privacy services to provide residential addresses.
    • Details on Main Street Business Services' compliance services for handling BOI filings and maintaining entity compliance.
    12 November 2024, 10:00 pm
  • 16 minutes 47 seconds
    #542 16 Minutes of Brutally Honest Tax Advice

    In this episode of the Main Street Business Podcast, host Mark J. Kohler breaks down key tax-saving strategies every business owner should know, including why a side hustle is often crucial for effective tax planning. He also highlights the dangers of misleading crypto tax advice and urges listeners to stay vigilant. Mark’s practical approach will leave listeners feeling empowered and informed to make smarter tax choices in a complex financial landscape.

    Here are some of the highlights:

    • Mark emphasizes that setting up an LLC does not change tax deductions.
    • Example of a lemonade stand to illustrate that expenses are deductible regardless of LLC status.
    • Warning against chasing deals solely for tax benefits without considering the underlying quality of the investment.
    • Explanation of cost segregation as a strategy to depreciate rental properties faster.
    • The pitfalls of C corporations, such as double taxation and the temptation to take excessive salaries.
    • Clarification on how the IRS can see all cryptocurrency transactions and that there is no special tax rate for crypto.
    • The importance of finding a real tax advisor who understands myths and truths.
    8 November 2024, 9:00 pm
  • 34 minutes 39 seconds
    #541 CPA EXPLAINS: Optimal Order Of Investing For High Income Earners

    In this episode of the Main Street Business Podcast, host Mark J. Kohler and Mat Sorensen break down essential strategies for high-income earners looking to maximize their retirement contributions. Learn how to utilize "backdoor Roth" and "mega backdoor Roth" methods to surpass traditional contribution limits, gain insights into employer matches and after-tax contributions, and explore the powerful role of Health Savings Accounts (HSAs) as part of your retirement plan.

    Here are some of the highlights:

    • Mark and Mat address the misconception that retirement accounts aren't beneficial for high-income earners due to contribution limits.
    • Emphasize the importance of planning together with one's spouse to understand and align on retirement goals.
    • Introduction to "spousal backdoor Roth IRA" for married couples to maximize their contributions.
    • Advise against prioritizing college savings over retirement contributions, emphasizing the need to secure one's own financial future first.
    • In-depth discussion on advanced retirement strategies for self-employed individuals, including cash balance plans and defined benefit (DB) plans.
    • The concept of "match and out," where one contributes enough to receive employer matches and then focuses on other accounts.
    • Mark and Mat encourage listeners to seek professional advice to maximize their retirement contributions and achieve financial security.
    5 November 2024, 8:00 pm
  • 37 minutes 37 seconds
    #540 Alternative Asset Summit Key Takeaways And Success Stories!

    Live from the Alternative Asset Summit!

    Join Mat Sorensen and Mark J. Kohler in this special live episode from the Alternative Asset Summit, where they talk about powerful strategies for building wealth beyond Wall Street. They share actionable insights, highlight some of the summit’s best takeaways, and invite guest speakers to share their success stories and what they’ve gained from the event. Whether you’re looking to diversify, grow your portfolio, or just start thinking differently about wealth, this episode is packed with expert knowledge and real-life examples to help you take control of your financial future.

    31 October 2024, 10:00 pm
  • 32 minutes 37 seconds
    #539 The 4 Best Tax-Write Offs NO ONE Talks About... w/ Karlton Dennis

    In this episode of the Main Street Business Podcast, host Mark J. Kohler is joined by Karlton Dennis to share essential tax-saving strategies before the year ends. They explain how transitioning from an LLC to an S corporation reduces self-employment taxes and how you can benefit from bonus depreciation. They also cover creative ways to involve your kids in payroll, plus insights on using solo 401(k)s and Health Savings Accounts to maximize deductions.

    Here are some of the highlights:

    • Mark and Karlton discuss their roles as tax strategists focused on saving money.
    • The concept of self-employment tax, which includes Social Security and Medicare contributions.
    • How self-directed accounts can be used to invest in rental real estate and other business assets.
    • Mark and Karlton discuss the benefits of switching from an LLC to an S corporation using Form 2553.
    • Mark encourages listeners to backdate the S corporation election to January 1, 2023, to avoid self-employment taxes for the year.
    • How to properly place children on payroll to reduce taxes and provide financial education.
    • Importance of setting up retirement accounts before the end of the year to maximize tax benefits.
    • Karlton introduces the Tax Free Wealth Challenge, a five-day event focused on tax strategies.
    29 October 2024, 11:00 pm
  • 22 minutes 10 seconds
    #538 15 Strategies To Reduce Your Year-End Taxes IMMEDIATELY

    In this episode of the Main Street Business Podcast, host Mark J. Kohler shares his more powerful and essential year-end tax tips. From managing expenses to charitable giving and real estate strategies, get actionable insights to wrap up the year right and boost your business savings.

    Here are some of the highlights:

    • Mark stresses getting books in order for year-end planning.
    • Mark lays out the best practices and strategies for paying children 18 and older in your business.
    • Detailed considerations and options for paying a spouse in business.
    • Importance of 1099 planning for subcontractors.
    • Short-term, long-term, and self-rental options.
    • An in-depth look at the 529 state deduction strategies for college savings.
    • Mark encourages everyone to discuss strategies with expert tax advisors.
    22 October 2024, 6:00 pm
  • 14 minutes 14 seconds
    #537 LLC & Corp BOI Filing Requirement - Don't get fined or jailed

    In this episode of the Main Street Business Podcast, host Mat Sorensen dives into a crucial new filing requirement that many small businesses need to be aware of: the Beneficial Ownership Information (BOI) report. Mat explains the Corporate Transparency Act, which mandates businesses to disclose their key beneficial owners to FinCEN. While the deadline to file is December 31, 2024, many small businesses should start preparing now to avoid penalties. Mat breaks down who needs to file, what information must be included, and the potential consequences of non-compliance. Whether you're a small business owner, entrepreneur, or advisor, this episode is packed with essential information to help you stay on the right side of this new regulation.

    Take advantage of the current special from KKOS Lawyers: https://kkoslawyers.com/

    For all compliance needs head to Main Street Business Services: https://mainstreetbusiness.com/


    17 October 2024, 9:00 pm
  • 19 minutes 12 seconds
    #536 The Crypto Tax Loopholes The IRS Don't Know About

    In this episode of the Main Street Business Podcast, host Mark J. Kohler unpacks the intersection of traditional tax strategies and the world of cryptocurrency. Learn how the "Trifecta Concept" can streamline your estate planning and operational income, while also addressing the unique tax challenges of crypto mining, NFTs, and gaming revenue.

    Here are some of the highlights:

    • Mark begins by mapping out the Trifecta Structure for client asset organization.
    • Mark breaks down the S corporation strategy: Split income into reasonable comp and K-1.
    • Operational crypto income: Mining, certain staking, gaming revenue, NFT creation.
    • Importance of organizing client's crypto activities within the trifecta framework.
    • Tax strategies: Using IRAs or solo 401(k)s for gaming income.
    • Gaming tokens are taxable income subject to self-employment tax.
    • How to use software to track cryptocurrency basis for reporting purposes.
    15 October 2024, 8:00 pm
  • 32 minutes 38 seconds
    #535 Can't Pay Your Taxes By October 15th? Here's What To Do

    In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Farah Saleh to dive deep into IRS debt resolution strategies. Learn why non-filing is far more dangerous than non-payment, and discover key strategies to resolve debt, from installment plans to creative solutions like leveraging personal assets. Whether you're facing liens, levies, or just seeking relief, this episode provides actionable steps to stay compliant and get back on track.

    Here are some of the highlights:

    • Mark Kohler introduces Farah Saleh, CPA specializing in IRS resolution.
    • Importance of filing taxes even if you owe money.
    • IRS penalties are 10 times worse for not filing, rather than not paying.
    • Mark stresses the significance of immediate communication with the IRS.
    • Explore creative options before getting on an installment plan.
    • Consider partial pay, offer in compromise, or fighting the bill.
    • Use assets to pay off debt (e.g., sell the boat, use HELOC, borrow from 401k).
    •  Defaulting on payments leads to continued collection efforts.
    • Compliance is key for any resolution with the IRS.
    11 October 2024, 8:00 pm
  • 46 minutes 7 seconds
    #534 Buying a Business Series: Offer & Due Dilligence

    In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share expert insights into the process of buying a business. They discuss how to evaluate a company’s financial health, the importance of due diligence, and why seller financing can be a game changer. Whether you're a first-time buyer or looking to expand, use these actionable steps to ensure a smooth and successful transaction.

    Here are some of the highlights:

    • Mark and Mat emphasize finding distressed sellers rather than distressed businesses.
    • Importance of reviewing normalized financials and understanding add-backs.Considering seller's future involvement and non-compete agreements.
    • Strategies for making offers, including contingencies and ranges.
    • Considering seller's future involvement and non-compete agreements.
    • Caution against rushing into agreements and encouragement to walk away from bad deals.
    •  Significance of building a team of advisors for the buying process.
    8 October 2024, 8:00 pm
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