#547 Year-End Tax Strategies The IRS Haven’t Heard Of w/ Carter Cofield

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 ShowReady to Take the Next Step?Work With Mat & Mark’s Law FirmGet 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 RetirementWant 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 ResourcesMat Sorensen’s Optimal Order of Investing GuideLearn 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 GuideDiscover practical tax strategies and planning opportunities every business owner and investor should know.[Download the Free Guide]Get More From Mat & MarkWatch on YouTubeTax strategies, business planning, investing, asset protection, and more.[Visit the YouTube Channel...