#563 Open Forum - HSA's, Picking a CPA, Venmo & More

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen answer your top tax and legal questions. From choosing the right tax advisor (without overpaying for empty credentials) to navigating HSAs, S corp taxation, and solo 401(k) limitations—this episode is packed with practical strategies to keep your business and investments in top shape. Plus, they break down how their Crypto IRA can help you leverage cryptocurrency in your retirement portfolio.Here are some of the highlights:Mark discusses the importance of choosing a good tax advisor and the potential pitfalls of high fees without proper credentials.Mat clarifies the difference between an HSA account and an HSA-qualifying insurance plan, emphasizing that the account can be set up anywhere, including with Direct IRA.Mark and Mat cover the benefits of self-directing an HSA account, including the ability to invest in various assets like crypto, real estate, and private companies.Upcoming changes in 2025 regarding 1099-K forms for payment apps like Cash App and Venmo.A workaround involving picking up FICA wages on a Schedule C and ensuring proper documentation on the 1120-S form.The challenges of setting up an IRA LLC for buying crypto and recommends using the Crypto IRA product instead.The process of transferring funds from a retirement account to a Gemini account for buying and selling crypto.Mark and Mat encourage listeners to invest time in finding the right professional team for their business, including accountants and lawyers.Ready 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...