#579 Tax Hacks the Wealthy Use (Attorneys Break it Down)

from Main Street Business · host Mark J Kohler and Mat Sorensen

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen take on your toughest tax and business questions in an open forum style. From setting up the right business structure to handling a home office deduction the smart way, they give you the tips you wish your accountant and attorney actually explained. It’s smart, fast-paced advice that real Main Street entrepreneurs can put into action.Here are some of the highlights:Mark and Mat discuss the benefits and drawbacks of not getting married and having a revocable living trust.Mat shares his experience of owning real estate with a partner without a revocable living trust, emphasizing the importance of a buy-sell agreement.Mark discusses the benefits of having an estate plan and provisions to take care of each other in case of death.The options of treating the rental income as a gift or claiming it as rental income and expenses.How an LLC allows for de minimis expense accounting, which can be beneficial for startups.Emphasize having a home office deduction to qualify for other business-related deductions.Importance of planning for the distribution of assets in a trust to minimize tax implications and ensure the beneficiaries' needs are met.The limitations of umbrella insurance and focusing on proper insurance and asset protection through LLCs.Advise being transparent with the spouse and choosing the right type of lawyer to minimize conflict and costs.Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street America: Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohlerCraving more content? Check out my Instagram!

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This episode is 54 minutes long.

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This episode was published on June 3, 2025.

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