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Main Street Business — Business
Main Street Business

The Main Street Business Podcast, hosted by attorneys Mat Sorensen and Mark J. Kohler, is the go-to resource for entrepreneurs, investors, and business owners who want to build, protect, and manage their wealth. Each episode explores real-world scenarios and offers practical advice on business structuring, tax planning, side hustles, real estate, self-directed retirement accounts, and more.

With decades of combined legal and tax experience Mark and Mat make complex financial topics understandable through charismatic discussions and practical education. Their goal is to empower listeners to make smarter legal and financial decisions by turning advanced concepts into clear, actionable strategies for LLCs, corporations, estate planning, tax reduction, raising capital, asset protection, and retirement planning.

Mark J. Kohler is a CPA, attorney, best-selling author of six books, and a nationally recognized authority on small business tax and legal strategies. Mark serves as a Senior Partner at KKOS Lawyers and Board Member at Directed IRA Trust Company, which manages over $3 billion in assets. As the founder of the Main Street Certified Tax Advisor Program, Mark has trained thousands of CPAs and Enrolled Agents nationwide, helping millions of small business owners better navigate tax and legal strategies. Mark also co-hosts The Main Street Business Podcast along with Mat Sorensen.

Mat Sorensen is an attorney, best-selling author of The Self-Directed IRA Handbook, and CEO of Directed IRA & Directed Trust Company, a leading self-directed IRA custodian with nearly $3 billion under administration. He is a national expert on self-directed retirement strategies and a Senior Partner at KKOS Lawyers. Mat also co-hosts The Main Street Business Podcast along with Mark J. Kohler.

Copyright: © 2024 Main Street Business

Latest Episodes:

#480 How To Manage Your Finances in this Economic Climate and Election Year Feb 27, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mat Sorensen and Mark J Kohler delve into managing personal finances and small businesses in an uncertain economic climate. Their lively conversation is packed with insightful advice and practical strategies.

Here's what you can look forward to:

A detailed discussion on the importance of having a clear financial plan, regardless of the economic climate or election year.
Valuable insights on managing personal debt strategically and the necessity of tracking income and expenses.
Practical advice on diversifying income sources and the importance of continually enhancing skills and knowledge.
An in-depth exploration of pricing strategies and product diversification in small businesses.
A thoughtful dialogue on the need to cut low-margin activities and unnecessary costs for better financial stability.
An engaging narrative on the Phoenix Open waste management issue, which serves as a real-life example of the importance of having a plan to weather unexpected situations.

This episode is a must-listen for anyone who wants to navigate their personal finances or small businesses more effectively in unstable economic times. It offers a wealth of knowledge on everything from debt management and budgeting to pricing strategies and cost-cutting measures.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#479 Tax Strategies, Asset Protection, and Estate Planning for Farmers Feb 23, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve deep into the challenges and opportunities of running a farming operation. They provide their expert insights on eight distinct, yet interconnected, farming strategies that can help both budding and seasoned farmers.
Here's what you can look forward to:

A detailed examination of the S Corporation strategy, highlighting how it can enhance tax efficiency and profitability in farming operations.
An exploration of asset protection strategies, focusing on the balance between operations and assets, and the importance of maintaining a proper business structure.
In-depth advice on how to navigate the tricky situation of a C Corporation, offering practical steps to transition to a more efficient structure.
A discussion on the common pitfall of overbuying equipment that farmers often fall into, with tips on how to make smarter investment decisions.
Insights into the challenge of being "land rich and cash poor," emphasizing the importance of diversifying investments and ensuring cash flow security.
Guidance on maintaining your entities and having a board of directors or board of advisors within your family to oversee the business.
An overview of estate planning related to farm transition, stressing the need for a clear and comprehensive plan.
Advice on farm succession planning and the importance of training the next generation and planning for the future of the farm.

This episode is a must-listen for anyone involved in the farming industry, interested in asset protection, tax-saving strategies, and those planning for the future of their farming business.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#478 Four Case Studies of Common Main Street Business Owners Feb 20, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen offer their expertise on wealth building strategies, tax planning, and legal perspectives for both budding and seasoned entrepreneurs. They discuss four case studies, each bringing unique circumstances and challenges to the table.

Here's what you can look forward to:

An exploration of how to buy real estate with an IRA or 401K, providing an alternative to traditional investment options.
An in-depth discussion about the potential of rental properties as a small business, and how to leverage tax write-offs for passive loss carry forward.
Advice on the process and considerations of selling a business, from structuring the deal to tax implications.
Insights into the potential of using a Charitable Remainder Trust (CRT) as a tax-saving strategy during the sale of business or real estate.
They touch on important legal structures, such as S corporations and LLCs, and their role in protecting assets and saving on taxes.
Lastly, they explore the concept of the 'long game' in real estate investment and how the benefits compound over time.

This episode is a must-listen for anyone interested in real estate investment, tax-saving strategies, and those planning to buy or sell a business.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#477 Open Forum - Real Estate, S-Corps, and Electric Vehicles Feb 13, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen discuss various topics related to business, taxes, and legal structures. They answer questions from listeners about tax benefits for small businesses, the benefits of S corporations, and strategies for real estate investing.

Here's what you can look forward to:

A detailed explanation of how an EV vehicle can be written off, even if you receive the EV credit for the vehicle.
An insight into the process of converting a professional limited liability company (PLLC) to an S corporation and how this can help save on self-employment tax.
A discussion on the implications of having multiple businesses owned by an S corporation holding company.
Advice on using an LLC to protect assets, with a particular focus on holding liquid assets.
Tips on managing business expenses for meals and how these can be claimed as business deductions.
The episode concludes with guidance on how to diversify investments into real estate, specifically short-term rentals in different states.

This episode is a must-listen for small business owners, side hustlers, and anyone interested in understanding the complexities of tax law, the potential benefits of different legal structures, and strategies for protecting assets and diversifying investments.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#476 Grant Cardone VS Jon Legere: What is Defamation? Feb 09, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen unpack the defamation case between Grant Cardone and John Legere. They delve into the implications of this case, exploring how it affects the way we communicate online and protect our reputation.

Here's what you can anticipate:

A breakdown of the case, highlighting the key statements made by John Legere that Grant Cardone claims are defamatory.
Unpacking what defamation is, emphasizing the importance of accurate statements when speaking negatively about someone, especially online.
An insight into the legal process of discovery, illustrating how evidence is gathered and presented in court.
Discussion on the elements of fraud and how difficult it is to prove these elements in a legal setting.
Tips on how to defend yourself in a defamation case, including the potential financial costs as well as the implications of going through the discovery process.
The episode ends with a deep dive into the importance of standing up for yourself and defending your reputation, using the actions of Grant Cardone as an example.

This episode is a must-listen for anyone interested in understanding the complexities of defamation law, the potential legal implications of online communication, and the importance of protecting your reputation in the digital age.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#475 The 3 Most Common Lawsuits & How to Avoid Them Feb 06, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into 3 potential legal liabilities for individuals and small business owners. They offer valuable insights into the process of reducing liability through effective planning and documentation.

Here's what you can anticipate:

A discussion on the three most common ways you might get sued in America: incidents at your home, personal injury claims, and contract disputes.
An examination of real-life celebrity lawsuits involving Demi Moore, Gwyneth Paltrow, and Flo Rida, illustrating the potential legal pitfalls in different scenarios.
Tips on how to reduce your liability, such as maintaining a secure perimeter around your property, having a waiver in place, and ensuring proper supervision during events or gatherings.
Advice on how to document and gather evidence in the event of an accident or dispute, including taking pictures, videos, identifying witnesses, and keeping receipts of any related expenses.
A comprehensive overview of having written agreements in place, particularly in business or investment arrangements, to prevent potential legal issues.
The episode ends with a discussion on how to navigate a breach of contract scenario, emphasizing the importance of having contracts in writing and understanding the terms thoroughly.

This episode is a must-listen for anyone operating a small business or engaging in any form of agreement, seeking expert advice on avoiding lawsuits, and looking to maximize their protection against potential legal issues.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#474 Received a 1099…What next? Jan 30, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide an in-depth discussion on the importance of effective tax planning for individuals with a side hustle or small business. They offer valuable insights into the process of reducing tax liabilities by taking legitimate expenses offered by the IRS.

Here's what you can look forward to:

How to effectively reduce the income from a 1099 by deducting legitimate expenses.
Debunking misconceptions about 'under the table' income, stressing that all income, regardless of how it's received, should be reported to prevent legal issues.
Explanation of how to report income from a 1099 using Schedule C, and the importance of understanding your entity structuring.
Detailed discussion on various write-offs like home office, auto, dining, travel, equipment, and supplies, and how to track and gather data for these expenses.
Insights into other non-cash expenses that could be deducted, like hiring your kids in your business, and how this strategy can help reduce your taxable income.
Overview of the next steps after reducing taxable income, which includes building tax-free or tax-deferred wealth through retirement accounts.

This episode is a must-listen for anyone operating a side hustle or small business, seeking expert advice on tax planning, and looking to maximize their deductions and overall tax savings.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#473 The Truth About W-2 Tax Strategies Jan 23, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into various tax strategies for W-2 earners and discuss how to effectively minimize your tax liabilities. They explore the benefits of different deductions, tax credits, and alternative investment strategies, emphasizing the importance of smart tax planning.

Here's what you can look forward to:

A detailed exploration of 'above the line' and 'below the line' deductions, how they affect your adjusted gross income, and their impact on your overall tax savings.
Debunking common misconceptions about tax refunds and explaining why getting a refund may not be an indicator of good tax planning.
Insights into the advantages of Health Savings Accounts (HSAs) and retirement accounts as tax-saving tools, regardless of an individual's income level.
Discussion of the limitations of traditional tax-saving methods for high-income earners and introduce the concept of alternative strategies, such as side businesses and real estate investments.
The hosts emphasize the significance of building wealth through asset ownership, providing examples of successful wealth builders like Warren Buffett and Jeff Bezos.

This episode is a must-listen for anyone seeking expert advice on managing their taxes efficiently, understanding complex tax strategies, and maximizing tax savings.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#472 LLC, S-corp, or C-corp: Which is best for me? Jan 16, 2024

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen unpack the complexities of business structures and their tax implications. They delve into a variety of topics, including the advantages of transitioning a side hustle to an S Corp, the intricacies of tax management for partnerships and LLCs, and the strategic use of different entities for business owners and real estate investors.

Here is what you can look forward to:

In-depth explanation of various legal and tax strategies such as the asset protection benefits of LLCs, the tax savings provided by S-Corporations, and the correct timing and situation for employing these entities.
The hosts debunk commonly held misconceptions about managing taxes for small businesses and provide tried and tested strategies for maximizing tax savings.
A discussion on the vital role of a board of advisors in a business, with insights into how strategic planning can contribute to tax savings and overall business growth.
Mark and Mat explore the tax implications of infusing more capital into your business and aptly handling 'phantom income'.
Both hosts emphasize the importance of seeking professional advice before making significant tax and legal decisions, highlighting the intricate nature of these matters and the potential for costly errors.

Don't miss this episode if you're looking for expert advice on effectively managing your small business taxes, understanding complex tax strategies, and maximizing your tax savings.

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

#471 Open Forum - Tax Strategies That Save You THOUSANDS Dec 26, 2023

Show notes

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen address a variety of questions from their listeners. The topics range from the tax implications of self-rental and equity grants for startups, to the benefits of converting a side hustle to an S Corp, and the complexities of managing taxes for partnerships and LLCs.
Here's what you can anticipate:

Detailed explanations on various tax and legal strategies like self-rental of an office condo to an S Corp, equity grants for startups, and the tax treatment of mortgage interest.
The hosts debunk common misconceptions about managing taxes for small businesses and provide strategies for maximizing tax savings.
A discussion on the importance and role of a board of advisors in a business, including insights into how they can contribute to tax savings and overall business growth.
The hosts also discuss the tax implications of infusing more capital into your business and how to handle 'phantom income'.
The hosts emphasize the importance of getting professional advice before making tax and legal decisions, highlighting the complexity of these issues and the potential for costly mistakes.
Tune in to this episode for expert insights on managing your small business taxes effectively, understanding complex tax strategies, and optimizing your tax savings!

Ready to Take the Next Step?

Work With Mat & Mark’s Law Firm
Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.
[Book a Call with KKOS Lawyers]

Take Control of Your Retirement
Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.
[Learn More About Directed IRA]

Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
[Download the Free Guide]

Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
[Download the Free Guide]

Get More From Mat & Mark

Watch on YouTube
Tax strategies, business planning, investing, asset protection, and more.
[Visit the YouTube Channel...

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