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

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

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

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.

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