5 Year-End Tax Strategies the IRS Doesn’t Want You To Know

[@rram6426]

@0:29 Intro @2:07 The 5 Startegies…. @06:00 The Kohler Trifecta @08:06 #1 Retroactive S-Corp Election @17:45 #2 Nail your Payroll Down @24:30 #3 Make a Sale (Start-up) Costs) @27:39 #4 Hold a board meeting @33:00 Good Question on writing-off extended stays after Board mtg. Sole Props DON’T need Business Checking/Credit Cards. @35:06 #5 HAS Policy (Open Enrollment) As Always, THANK YOU MARK!!!

[@MimaLopez-jt4vq]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

[@Urla..]

Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

[@MimaLopez-jt4vq]

I have thought about it, but haven't figured out how to get consultation, I don’t live in a big city.

[@RafetMert-qs3kw]

Really? Have you searched? Use any investor/advisor tool.

[@RafetMert-qs3kw]

Look for Monica Mary Strigle I am close to retirement with 1.4 M to my name outside of retirement accounts.

[@MimaLopez-jt4vq]

What is her fee structure like? Are her services available to about anyone? Can you share more details?

[@mike2959]

One thing about startup cost, normally the funds for startup are from the owner(s). The other strategy is loan from owner, owner equity, call it what you want. And you can also set the terms. With interest.

[@mike2959]

Mark. I love the content. One thing I wish from you and many others is in the very beginning of covering tax strategies that have anything to do with retirement or health insurance you all start off with the words “when you have no employees”. To many times we’re talking about 401K’s or Health Insurance and it’s assumed there’s no employees. I have a restaurant with 30 employees and could not fathom doing a 401k match on half of them. It would be crushing lol

[@Sahjama]

I back dated the S-corp of my business and my accountant did know about it. I decided to tell him what I want to do and not let him guide me anymore!

[@JaimesMom]

Can you make a clip or KZbin shorts for how funny Mark Kohler is please? He is funny and i think the world needs more of him on the serious topic.

[@daniencio]

16:35 is why Mark is my favorite CPA and Attorney! Haha!

[@steverubio6670]

❤. You are the Best. I never ever feel like I waste time listening to you.

[@fernandosandoval9306]

What is cpa !🤔🧐🤨

[@mrwonderful626]

Super Fire! I will be calling your firm!

[@tarasshelestyuk]

Thanks for the great advices

[@ScottJLetourneau]

Great strategies, as always, Mark! This a good reminder why most business owners should start as a single-member LLC disregarded to put themselves in a position to make the late S election at the end of the year. Your point makes sense about using your personal card, and when you make the complete transition to an LLC, entrepreneurs can stop using their personal credit cards to fund the business, so many sole props will do. This will help protect your personal credit long-term. Writing off medical is a must for people to master (HSA and HRA)!

[@susandecker5558]

Sue here in Maine, Mark your layers created my Grantors Revocable Trust & LLC short term rental that haven't been built yet. Nov 24, 2021. And your layers put LLc into the trust. I have to amend 2021 since I didn't file 1041-ME or filed 2022. 2021 made 50k >my 1040 that paid I paid cash for the land. Can I retro-S-Corp this for 2022 or missed the window completely? NO rental sales but want to right off the $50k 2021 you mentioned I collateralize the cash investment when sale is made.

[@steveDad]

Please do a video on solo self directed 401k Plans with an LLC that is an S-Corp. How much can I put into that account and what would the maximum company match be?

[@ArmandoMartinez-nf9ir]

What about QBI? Wouldn't taking the QBI on the whole amount save more than being an S-corp with payroll?

[@lilo4518]

Great information

[@Goddess8888-Winner]

I am 100 shareholder of my S Corp and purchased 2 properties with the title under my name. Will I be taxed capital gains for excess distribution?

[@GDOSSARY]

I need a tax advisor please I live in southern Oregon

[@ericasherwood]

I have a mobile home park and own it as an LLC taxed as a partnership with my husband. I was told by my CPA all the income comes through to our personal tax returns and I don’t get a K1 like I do on my other parks which I own with other partners outside of my family. Is this the wrong strategy for my park I own with my husband?

[@HailCaesar-lm4bq]

Can I opens a Ireland corp and send my rent payments there and take my income there like Apple does ?

[@carolicasals]

Please send the link to sign up for the event in Phoenix!

[@MarkJKohler]

taxandlegal360.com/ Flash Sale this weekend only! 20 percent off!

[@leongvincent2974]

Can you write off the board of directors meeting expenses when you have no income for that LLC yet and if the losses can be used to offset current year other taxes on your 1040?

[@pmstff700]

So, would this work if my LLC owns rental property? Currently it is rented by a construction co. The income from rent is just used as pass through as the CO lease pays taxes and maintenance on buildings which are metal storage units with pull down garage door style doors.

[@richvillacres2793]

Mark would a defined benefit plan not be better fort me than a mega back door Roth? I could put 200k in the DBP and thus reduce my taxable income for 2023. I understand that I will pay taxes on this when I take funds out at my retirement age in 5 years.

[@EpicSterlo]

This was awesome 🔥💎

[@lavernecurry8726]

I have been trying to enroll in a HSA for several years. I meet the amount for high deductible, but the State of Hawaii has some loophole that if my insurance has a copay under a certain amount, the state does not allow an HSA. Do you know anything about this? Mind you, our health insurance with a high deductible is ridiculously high premium too. Maybe I can qualify for HRA.

[@RonitaElease]

Thanks🎉🎉🎉🎉

[@djas513]

So we have to hire you yesterday still got it 😅😂 Coming soon to an appointment near you mark. If I dont hire you I'm just going to be out here bullying whoever we did hire to be just like you 😂

[@MrDino1one]

It lost sound I can’t hear you after about 5 min

[@MarkJKohler]

Try again!

[@zoomzoomzoom29]

At what dollar amount do we convert to an S corp? Only bringing in about $5k this year. Also if I’m paying employees with the s corp how does that work with a reasonable salary and draws or is that only for the business owner to take that tax advantage?

[@brianspiker4777]

I am an enrolled agent in California and the advice I give my clients is definitely if you have over 45,000 in profit you should be an S Corp. 40,000 in profit would be probably The breakeven line, since you will pay some extra fees (which are tax deductible expenses) such as Scorp tax preparation, and to a payroll company.

[@ScottJLetourneau]

I agree. A reminder to update your operating agreement also to match the S election when you go from a single-member LLC disregarded to an S corp with the late election. @@brianspiker4777

[@bluemoon8268]

I have a 2019 Porsche Cayenne, paid cash about 100,000. … less than 40,000 miles … with depreciation it is valued about 45,000. … MY QUESTION … I am going through a divorce and wondering if I should sell the car and buy a less expensive car … has new $3,000. lithium battery … I will be living off my SS benefits and my prenup settlement of 200,000. … no savings or other major assets ..😞 … some passive income … 😄 … I’m thinking that it won’t depreciate that much more and maybe I should keep it since it has been very well maintained … what are your thoughts please?

[@jerrymaushard3835]

You bought a $100,000 car and you aren’t very wealthy. 😣

[@bluemoon8268]

@@jerrymaushard3835 you apparently missed the part that I am going through a divorce … my husband has the assets … what modest amount I had going into the marriage was manipulated into a loss … I’m not going to share any more personal information than that, except to say that I should not have put trust into a deceptive situation …

[@geoandjr]

Could a non resident alien who over stayed and is now here illegally who has a C-Corp , would they be eligible for S-election?

[@ArmandoMartinez-nf9ir]

YES! He goes over it in minute 20:44 sec. He explains how to do it.

[@jasonmazzy]

I have no spund

[@BoBoBeads]

You're soooo cool 😎

[@edenpagani1243]

Holy F! Our CPA screwed us. I told him not to file....I owe $37,000

[@tubwows]

HSA Question: We have a family HSA. My husband and I are both over 55. We are both self-employed and have an HSA qualified health insurance plan. Can we each contribute the extra $1000 catch up contribution to the family HSA? Our accountant said yes, but I am finding contradicting information online. We have the HSA through Fidelity and they won't answer this question.

[@radicalaccounting]

That statement, he makes no money on his taxx professionals he refers to is not exactly true. He chages them one big cost to get into his program, and charges them a montly fee to stay in it.