#542 16 Minutes of Brutally Honest Tax Advice

Main Street Business

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.

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Capitole

1. Tax and Legal Mythbusting for Business (00:00:00)

2. Self-Directed Retirement and Side Hustles (00:10:53)

3. Financial Success Through Tax Deductions (00:15:12)