The Main Street Business Podcast hosted by Mark J. Kohler with co-host Mat Sorensen discuss complex tax and legal topics like LLCs, corporations, estate plannin...
#570 Should I Be Afraid to File a Tax Extension (Listen before April 15)
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen show how a tax extension can reduce stress, cut audit risk, and buy you time for smart tax moves. Get the facts on key deadlines, solo 401(k)s, and what to do now if you’re behind.Here are some of the highlights:Mark emphasizes that filing an extension gives time to prepare better, including looking for additional write-offs.Mat clarifies that the IRS is unlikely to shut down and that savvy individuals are extending their tax returns.How rushing tax returns often leads to missed deductions, which can be avoided by extending the deadline.Mark and Mat discuss the six-month extension available for personal returns, extending the deadline to October 15.Mat mentions the need to file an extension for business returns if they haven't been done by March 15.Filing an extension incurs no penalty and is a simple one-page form.The penalty for failure to pay, which is a half-percent per month, and the larger penalty for failure to file.How filing an extension can reduce the chances of an audit, as the IRS assigns audits based on the order of returns received.Don't know how much you should pay when filing a tax extension? Find the answer here - https://markjkohler.com/how-much-should-i-send-in-with-my-extension/ 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!
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#569 Tax Lawyer QnA: Strategies The Rich Use to Avoid Paying Taxes
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen dive into listener questions about tax and business planning. From maximizing deductions on rental properties to creative financing strategies for commercial real estate and smart ways to restructure an LLC, they address the biggest tax and business concerns entrepreneurs and investors face.Here are some of the highlights:Mark explains the benefits of short-term rentals, including accelerated depreciation and cash flow.Mark & Mat provide a detailed explanation of how short-term rentals can be grouped under the 469-4 election and the importance of material participation.The importance of understanding the long-term play when dealing with short-term rentals.A breakdown of various creative solutions like subleasing and seller financing to mitigate the financial burden.The potential of seller financing and the benefits of carrying the paper for a premium.The possibility of condominium conversion as a unique solution to increase a property's value.Mark & Mat discuss the potential pitfalls of borrowing against equity and the importance of generating income to pay debt service.The importance of keeping assets that have great cash flow or appreciation and the potential for 1031 exchanges. 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!
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#568 Asset Protection and Privacy: Reality or Illusion?
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen give you the blueprint for bulletproof asset protection. From LLCs to trusts to holding companies, find out the smart, cost-effective strategies that work without the extra fluff.Here are some of the highlights:Mark & Mat break down the biggest asset protection scams and how shady promoters convince people to buy unnecessary LLCs, trusts, and offshore entities.Mat discusses when you should separate your real estate properties into multiple LLCs vs. keeping them together in one—so you don’t overcomplicate things. Mark reveals the truth about “anonymous LLCs” and how to use Wyoming holding companies for real privacy protection.How to build an asset protection plan that actually makes sense for your wealth level—so you don’t spend money on pointless legal structures.How to avoid setting up LLCs that end up costing you more in taxes than they save you in protection.Why your asset protection structure must match your tax return—or it could get torn apart in an audit or lawsuit.When you should separate your real estate properties into multiple LLCs vs. keeping them together in one—so you don’t overcomplicate things.How to legally minimize tax burdens while keeping your asset protection plan airtight. 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!
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#567 BOI Is Officially Dead!
BOI Reporting Fines Canceled for U.S. Citizens & Businesses! Big news for U.S. business owners! The Treasury Department has announced that U.S. citizens and domestic businesses will not face fines or penalties for failing to file Beneficial Ownership Information (BOI) reports after new deadlines are set.Last week, FinCEN confirmed that updated BOI reporting deadlines will be announced no later than March 21. However, Treasury has now clarified that they will not enforce penalties or fines associated with the BOI!This decision comes as part of the Corporate Transparency Act (CTA) and is being positioned as a win for reducing regulatory burdens on small businesses. Treasury Secretary Scott Bessent stated that this move aligns with President Trump's goal of fostering economic growth by cutting unnecessary red tape.What does this mean for you?No fines or penalties for U.S. businesses and beneficial owners.A significant shift in compliance obligations under the CTA.Stay tuned for more updates as the final rule changes are announced!Need Help Setting Up An LLC? Please check out my law firm here: https://kkoslawyers.com/ 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!
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#566 Can an RV be Deducted on Your Taxes? (RV Tax Strategies for 2025)
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen break down tax-saving strategies for RV owners in 2025! Whether you're a weekend warrior or a full-time traveler, learn how to turn your RV into a business asset, claim deductions, and keep more money in your pocket. Here are some of the highlights:Mark and Mat provide statistics on RV ownership, noting that 13% of US households own a recreational vehicle and 43 million Americans regularly go RVing.Mat discusses the concept of full-time RVers and the opportunities for work campers in RV parks.Mark explains the financial benefits of not selling one's home but renting it out as an Airbnb to cover RV expenses.How full-time RVers cannot write off their RV as a home but can write off a portion if it is used as a home office.Part-time RV owners should determine how many days a year they will use the RV and consider its potential business use.Mark points out that if an RV is 100% available for rent, it can be written off as a business asset.Mat highlights the flexibility of using an RV for both personal and business purposes, making it a versatile asset.The possibility of writing off mileage for business use when moving the RV for work. 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!
The Main Street Business Podcast hosted by Mark J. Kohler with co-host Mat Sorensen discuss complex tax and legal topics like LLCs, corporations, estate planning, raising capital, and retirement planning in an engaging and charismatic way, making it easy for anyone to understand.Mark J. Kohler has done over +10,000 consultations with clients, is a Senior Partner at KKOS Lawyers and CFO/Board Member of Directed IRA Trust Company with $2B+ in managed assets. He’s a best-selling author of six books, national speaker and founder of the Main Street Certified Tax Advisor Program, a program training thousands of CPAs and Enrolled Agents on proven strategies, effectively changing the lives of millions of small business owners in America.
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