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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!

  • 29 minutes 12 seconds
    #552 Tax Lawyer Q&A: Secrets To Saving Thousands In Taxes...

    In this episode of the Main Street Business Podcast Mark J. Kohler and Mat Sorensen host another open forum and break down key retirement planning strategies, including the mega backdoor Roth IRA, and discuss the benefits and pitfalls of partnership structures. They also explore the potential implications of the Corporate Transparency Act following its recent unconstitutional ruling, with actionable tips for trust management and entity cleanup.

    Here are some of the highlights:

    • Mark and Mat clarify the difference between mega Roth 401(k) and backdoor Roth IRA.
    • Mark expresses concerns about the partnership structure and the potential for inequitable distribution of responsibilities and benefits.
    • Mat emphasizes the importance of understanding partnership structures to avoid getting a bad deal.
    • Explanation of the backdoor Roth IRA strategy and the pro-rata rule for traditional IRA contributions.
    • How the corporate Transparency Act has been ruled unconstitutional, affecting the BOI reporting requirement.
    • Recent ruling in Texas that the Corporate Transparency Act is unconstitutional.
    • Speculation on the future of the Corporate Transparency Act under the Trump administration.
    • Encourages listeners to review their tax and legal situations for year-end planning.
    17 December 2024, 9:00 pm
  • 38 minutes 41 seconds
    #551 ROTH IRA vs IUL: Tax Lawyers Explain The TRUTH...

    In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen break down the complexities of Roth IRAs versus IULs. They discuss how Roths provide tax-free growth and accessibility, while IULs offer insurance benefits but demand careful financial management.

    Here are some of the highlights:

    • Mark and Mat begin by introducing the topic of discussion, noting the popularity of IULs among young people and the confusion surrounding their use as a retirement alternative.
    • Mark shares a personal anecdote about his cousin considering a life insurance policy for retirement, highlighting the need for careful consideration.
    • Mat explains the basics of IULs, including their combination of term life insurance and a cash value component that grows tax-free.
    • Mark and Mat touch on the ease of accessing contributions in a Roth IRA versus the longer-term access of IUL cash value.
    • They identify the ideal target audience for IULs as those with stable income and a need for both death benefit and investment growth.
    • Roth IRAs should be the starting point for most people, followed by a consultation with a trusted advisor for IULs.
    • The importance of individualized advice and the potential benefits of IULs for those with specific financial needs and stable income.
    • How Roth IRAs offer a simpler, more accessible entry point for long-term wealth building.
    10 December 2024, 9:00 pm
  • 45 minutes 10 seconds
    #550 Tax Lawyer Explains: How To BEAT Taxes As An Influencer...

    In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen reveal the hidden tax traps influencers often overlook. From claiming the fair market value of gifted products to understanding which deductions won’t raise red flags, they provide practical, actionable insights to keep your business compliant and thriving.



    Here are some of the highlights:


    • Mark Kohler discusses the IRS's perspective on expenses and how companies that send free products to influencers can claim them as business expenses.


    • Mat underlines the importance of influencers claiming the fair market value of products they receive, even if they are not sent a 1099 form.


    • Mark and Mat explain how gifts can be a write-off for businesses but emphasize that influencers must claim the fair market value of products they promote.


    • The IRS has a task force specifically targeting influencers and has been given additional funding to audit them more effectively.


    • Explanation of the importance of understanding the value of promotional posts and ensuring that influencers are compensated appropriately.


    • How influencers should focus on optimizing their tax situation to keep as much money as possible.


    • Debunk the myth that luxury items like Rolex watches or Lamborghinis can be written off as business expenses simply because they appear in videos.


    • Encouragement for influencers to embrace their role as business owners and take advantage of available tax strategies.
    3 December 2024, 9:00 pm
  • 30 minutes 26 seconds
    #549 5 Year-End Tax Strategies The IRS Wants You To Ignore…

    In this episode of the Main Street Business Podcast, Mark J. Kohler shares valuable insights on year-end tax strategies that can help business owners save money and optimize their financial planning. With over 20 years of experience as a CPA and attorney, Mark breaks down five key strategies that every business owner should consider before the year ends. From retroactive S elections to maximizing health savings accounts, this episode is packed with practical advice for navigating the complexities of tax season.

    Here are some of the highlights:

    • Mark explains the importance of making a retroactive S election to potentially save thousands in self-employment taxes.
    • He discusses how to determine reasonable payroll amounts for S corporations, emphasizing the benefits of strategic compensation.
    • The episode highlights the necessity of making a sale before year-end to unlock deductions for startup costs.
    • Mark introduces the concept of holding a board meeting as a tax write-off opportunity, encouraging listeners to engage family and friends in their business discussions.
    • He emphasizes the significance of health savings accounts (HSAs) and the upcoming open enrollment period, detailing how HSAs can provide substantial tax advantages.
    29 November 2024, 8:00 pm
  • 52 minutes 13 seconds
    #548 Open Forum - How To Legally Minimize Your Taxes

    In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen host an open forum, addressing your top tax and legal questions. They dive into why having an LLC is crucial for protecting your assets, how Medicaid clawbacks can impact your estate, and the benefits of elder law planning. Whether you're looking to safeguard your wealth or prepare for the future, this episode has essential insights.

    Here are some of the highlights:

    • Mark & Mat Matt explain how Medicaid can go after significant assets if the parents have them, but the home is typically exempt.
    • Mat warns about potential estate planning issues if the parents sell the house to their children for less than market value.
    • Mark and Mat advise against using a Lady Bird Deed alone and recommend setting up a trust instead for a more comprehensive estate plan.
    • How you can either take mileage deductions or actual expenses, but an LLC provides better asset protection.
    • LLC provides asset protection and can be converted to an S corporation if needed.
    • Airdropped crypto is considered a disallowed contribution to the Roth IRA and should be moved to a personal wallet.
    • Children under age 18 do not require a 1099 or W-2, and paying them as outside labor is best.
    • Mat emphasizes the importance of understanding the tax rules for paying children and offers strategies for maximizing tax benefits.
    26 November 2024, 9:00 pm
  • 42 minutes 40 seconds
    #547 Year-End Tax Strategies The IRS Haven’t Heard Of w/ Carter Cofield

    In this episode of the Main Street Business Podcast, Mark J. Kohler welcomes Carter Cofield to discuss must-know year-end tax strategies that can save you money and set you up for success. They dive into the "December loophole" for vehicle depreciation, maximizing health savings accounts (HSAs), and using Roth conversions to lower your future tax burden. Whether you're a seasoned business owner or just starting out, these actionable tips are essential for closing out the year on a strong financial footing.

    Here are some of the highlights:

    • Mark and Carter discuss the tax benefits of renting out a primary residence for business purposes, emphasizing the $14,000 tax deduction and tax-free income potential.
    • Mark comments on the current market trends, including rising markets, crypto, and interest rates, urging listeners to invest in their future and business.
    • How to hold board meetings during family gatherings to write off travel and dining expenses, making it a tax-efficient holiday activity.
    • Carter highlights the importance of reviewing entity structures in the last quarter of the year, especially for LLC owners with unexpected profits.
    • They emphasize the need to finalize payroll amounts before year-end to avoid last-minute adjustments and penalties.
    • Explanation of the "December loophole" for healthcare, where health insurance must be in place before December 1 to qualify for the entire year's HSA contribution deduction.
    • The importance of planning and using tax savings accounts strategically to maximize tax benefits.

    Need more Carter Cofield in your life? Check him out on the Melanin Money Show

    22 November 2024, 11:00 pm
  • 33 minutes 29 seconds
    #546 Secrets To Supercharging Your Wealth With A HSA, FAST

    In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen break down the incredible tax advantages of Health Savings Accounts (HSAs). Learn how to save big with tax-deductible contributions, tax-free growth, and withdrawals for medical expenses, plus tips on FSAs, HRAs, and the IRA-to-HSA rollover strategy.

    Here are some of the highlights:

    • Mark and Mat emphasize the importance of deducting 100% of health insurance premiums for self-employed individuals and S corporations.
    • Reminder to use FSAs before the end of the year, including medical, co-pays, and dental expenses.
    • An in-depth discussion on the ability to invest HSA funds in various assets, such as crypto, real estate, and small businesses.
    • Explanation of the requirements for HSA qualifying plans, including high deductibles and out-of-pocket limits.
    • HSAs do not require earned income for contributions, unlike IRAs and 401(k)s.
    • Introduction to the HRA (Health Reimbursement Account) plan as an alternative for small business owners with high medical expenses.
    • A strategy learned from the community, allowing S corporation owners to reduce FICA liability by having the corporation pay for HSAs.
    19 November 2024, 9:00 pm
  • 21 minutes 48 seconds
    #545 The Tax & Legal Playbook To Buying Businesses Part 3

    In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen share the ultimate toolkit for buying and running a small business. Whether it's managing payroll, setting up the right entity, or preparing for the unexpected, they’ve got you covered. Tune in for tips on creating a thriving company culture, building strong employee relationships, and ensuring operational excellence in the critical first 100 days

    Here are some of the highlights:

    • Mark and Mat discuss the importance of the seller's involvement in the transition, especially if the business has a strong brand associated with the seller.
    • Mat emphasizes the need to document processes and procedures to ensure smooth operations and growth.
    • The importance of understanding the business's current state and making necessary changes.
    • Employee interviews are recommended to understand the current culture and identify areas for improvement.
    • Focus on the need for a transition budget to cover expenses and improvements in the first six months.
    • The need to add value to customers and the potential for increasing revenue through new products or services.
    • The importance and realization of being in control of one's destiny as a business owner.
    15 November 2024, 10:00 pm
  • 36 minutes 54 seconds
    #544 The Tax & Legal Playbook To Buying Businesses Part 2

    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
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