Business Owners Tax Strategy Update - Keep More of Your Money in 2021

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[@MikeSmith-nu9wt]

I just hit the 40k mark this year .I'm a sole proprietor landscape/tree business with a farm that I live on , which might be worth a lot (like a million ). Trying to protect what I got , need help , it's a high-risk business .I've spent more money on equipment than I've made , but I've managed to climb almost out of debt from the last business attempt ( trucking company )

[@alexcenteno8034]

Excelent strategies!!

[@toniamoore1]

Roth IRA.....and IUL policies are GREAT!!!

[@penguinscantfly]

Thanks, very useful. Roth IRA option was a news to me, going to research that

[@candlesbypurplerose1010]

How do you pay your adult children ages 18-25 What is acceptable ? What has to filed? Do you need a payroll? Paycheck?

[@productpulse]

Who in the world would thumbs down this video. Well done guys! High-fives all around!

[@wearitsquirrel5679]

Hi, at around the 40 minute mark you said to pay kids over 18 by using a 1099. In WA state, I was told that I am unable to pay someone (not specifically my children, but anyone) using a 1099 unless they have their own business license (i.e. registered as a business with the State) and have to pay them using a W2 or the State will likely audit me for not paying unemployment tax, etc. because if the person isn't a registered business, they won't be paying the state required taxes. A 1099 is good for federal tax but not State is what I have been told.

[@key2motivationismindset]

Is there a 2022 version of this topic?

[@wowwee1679]

What about grandchildren what can we do there?

[@nwphillips2003]

Is there an article that explain how I can get back the SSA tax paid by our scorp. The employee portion is being credited on our personal return. I met my SSA obligation through my full-time employer

[@jonathanharter3212]

I’m a 1099 electrician apprentice and you have given me allot of ideas about how to move forward, thanks for the education and that electrical thing is technically a non-contact voltage tester (or hot stick, hot or not, widow maker, tic tester, etc). I look forward to looking through your previous videos for better ideas and clarification.

[@esixx17]

1099 apprentice? Sounds like they are taking advantage of you. Research employee vs contractor.

[@khongcolong]

Lol 57:23 your watch is an office expense mark because you use it to be on time to your appointments hahaha..

[@rd1ops1]

Need to make that a logo shirt

[@hanumanjichalisa]

Great video

[@kalleybowen7248]

Thank you! 😊

[@scad1992]

What’s a tax strategy for real assets such as heavy equipment t? These are taxed as personal business property tax.

[@colinkrieger909]

More like Kohler commentary

[@natebender6095]

Hey Mark i was wondering why its best for a revocable living trust to own your s-corp and all your llcs. What type of complications that would entail. Etc. Thanks man your content is great.

[@obcane3072]

1. Simplifies accounting upon death (won't have to convert accounts) 2. Better asset protection once it becomes irrevocable as it can't be pierced 3. Anonymity: if you don't want anyone to know who owns your rental property and other long term assets (he recommends short term businesses such as consulting firm to me in your name for advertising)

[@kentlbrown5810]

Do you mean writing off the Dr or Lawyer or the plane?

[@monikabartkobak9900]

Thank you guys...You rock!!

[@vividlo123]

Great video. I need help on utilizing my S-corp LLC better and set up HRA for this year. Who should I contact to book a consultation?

[@FloridaLivingMoments]

If you are the owner of S corp, you cannot use HRA for yourself. You can just deduct on your 1040.

[@AB-fq4mr]

If you have two unrelated sources of income, should you have two separate S-corps or bundle it all together under a general S-corp? I currently have an S-corp with $90,000 income and my LLC is approaching the $40,000 soon. Convert the LLC into a new S-corp or just move it into ownership to the already existing S-corp even though the S-corp is unrelated work? Advice?

[@candlesbypurplerose1010]

Can real estate or property be bought by the trust? Keep that land, real estate, etc in trust to pass down to generations?

[@yvetteepstein1002]

Are you taking new tax planning clients?

[@puja4079]

Hi Mark - do you help with forming a self employed s Corp or llc

[@spurkster]

Yes, his firm absolutely does

[@MarkJKohler]

Hey Mike, reach out to my assistant [e-mail] and she can get you the help you need!

[@claudiasbusinessemail8589]

I bought a brand new Nissan Pathfinder May 2020, need to know if I can deduct anything other than regular mileage for that car?

[@MarkJKohler]

Hey, I would recommend reading my article on this: markjkohler.com/maximizing-your-car-or-truck-deduction/ I break down every strategy that pertains to deducting auto, and how to do it. I really try hard to make it easy to understand, hopefully this helps! If you need additional help, email my assistant [e-mail] and she can help you get set up with a consult!

[@fonzycooper9135]

Would braces count as dental under hsa?

[@tomparsons9509]

can I have two HSAs? I am aware of the overall contribution, but my employer contributes to an HSA, can I set up my contributions to a separate HSA (Directed IRA...), so I could self direct my contributions? I assume these have an account with checkbook control. Where can I find out more info about this?

[@MarkJKohler]

Just like any other retirement account, you can have as many as you would like! But, like you mentioned, the overall contribution limit is a fixed number across all of your accounts. To learn more about this here is the podcast we do that is all about self-directed questions: directedira.com/podcast/ Directedira.com will also have multiple other resources for you, including a best in business customer service team :)

[@alliesteamalliesdc3194]

How to contact Mark for consultation?

[@MarkJKohler]

Call my office at 888-801-0010