#561 The Step-By-Step "Zero-Tax" Blueprint For Business Owners

Main Street Business

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5M ago 28:27

MP3•Episode home

In this episode of the Main Street Business Podcast, Mark J. Kohler shares the blueprint for tax-efficient business ownership. He explains why smart bookkeeping is key, how to leverage deductions, and when to transition from an LLC to an S corp for optimal tax savings. If you’re tired of overpaying the IRS, this episode is a must-listen!

Here are some of the highlights:

Mark explains what you take out of your business is not what you are taxed on, using a scenario where a business owner makes $60,000 but is only taxed on $50,000 due to write-offs.
The evolution of a small business from a sole proprietorship to an LLC, and then to an S corporation once the business starts making significant income.
Mark discusses the concept of having two sets of books: one for tracking income and expenses through the business account, and another for adding other expenses that may not have gone through the main account.
The concept of phantom income, where business owners reinvest money back into the business and are still taxed on that amount.
Strategies for minimizing phantom income, such as taking a portion of the reinvested money and depositing it with the IRS to cover expected taxes.
How most small businesses should avoid the C corporation structure and stick with pass-through entities like LLCs or S corporations.
The importance of tracking every expense related to the business, as these expenses can be significant tax write-offs.
Mark advises business owners to involve family members in the business to take advantage of write-offs for supporting family financially.

Grab my FREE Ultimate Tax Strategy Guide HERE!
Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification.
You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360
Looking to connect with a rock star law firm? KKOS is only a click away!
Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
Craving more content? Check out my Instagram!

Chapters

1. Maximize Tax Efficiency as Business Owner" (00:00:00)

2. Profit Maximization Strategies for Business Owners (00:07:39)

3. Tax Savings Strategies for Business Owners (00:17:34)

4. Tax Advisor Networking and Certification (00:27:17)

696 episodes

#Taxation #Business #Estate Planning #MBA #Entrepreneur #Mark J Kohler #Mat Sorensen #Mark J Kohler And Mat Sorensen #Tax Strategies #Legal Compliance #Business Structure #Tax Tip #Accounting #Irs Updates #Financial Reporting #Tax Prep #Tax Reform

#561 The Step-By-Step "Zero-Tax" Blueprint For Business Owners

Main Street Business

104 subscribers

published 5M ago

MP3•Episode home

Here are some of the highlights:

Mark explains what you take out of your business is not what you are taxed on, using a scenario where a business owner makes $60,000 but is only taxed on $50,000 due to write-offs.
The evolution of a small business from a sole proprietorship to an LLC, and then to an S corporation once the business starts making significant income.
Mark discusses the concept of having two sets of books: one for tracking income and expenses through the business account, and another for adding other expenses that may not have gone through the main account.
The concept of phantom income, where business owners reinvest money back into the business and are still taxed on that amount.
Strategies for minimizing phantom income, such as taking a portion of the reinvested money and depositing it with the IRS to cover expected taxes.
How most small businesses should avoid the C corporation structure and stick with pass-through entities like LLCs or S corporations.
The importance of tracking every expense related to the business, as these expenses can be significant tax write-offs.
Mark advises business owners to involve family members in the business to take advantage of write-offs for supporting family financially.

Grab my FREE Ultimate Tax Strategy Guide HERE!
Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification.
You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: Main Street 360
Looking to connect with a rock star law firm? KKOS is only a click away!
Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
Craving more content? Check out my Instagram!

Chapters

1. Maximize Tax Efficiency as Business Owner" (00:00:00)

2. Profit Maximization Strategies for Business Owners (00:07:39)

3. Tax Savings Strategies for Business Owners (00:17:34)

4. Tax Advisor Networking and Certification (00:27:17)

696 episodes

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Main Street Business « » #561 The Step-By-Step "Zero-Tax" Blueprint For Business Owners

Chapters

1. Maximize Tax Efficiency as Business Owner" (00:00:00)

2. Profit Maximization Strategies for Business Owners (00:07:39)

3. Tax Savings Strategies for Business Owners (00:17:34)

4. Tax Advisor Networking and Certification (00:27:17)

#561 The Step-By-Step "Zero-Tax" Blueprint For Business Owners

Chapters

1. Maximize Tax Efficiency as Business Owner" (00:00:00)

2. Profit Maximization Strategies for Business Owners (00:07:39)

3. Tax Savings Strategies for Business Owners (00:17:34)

4. Tax Advisor Networking and Certification (00:27:17)

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Welcome to Player FM!

Similar to Main Street Business

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#561 The Step-By-Step "Zero-Tax" Blueprint For Business Owners