Tax Strategies EVERY Business Owner Should Know - Open Forum Show

[@xperiencesaecm]

The wealth of knowledge you are offering the citizens is phenomenal. Sending you so much appreciation. ❤

[@aryanasmith4426]

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

[@77curlygirl]

Greetings from Savannah

[@alexandersims1613]

Would love a vid on s or c corp vs non profit. NFL is a non profit...why? Benefits? Drawbacks?

[@maisis.2139]

Thanks for sharing your knowledge… watching from Florida.

[@vaskenderboghossian8061]

min 7:00 what would be the house evaluation in the shift .. ? .. at present market price, chances are your property tax will quadruple .. you didn't ask when the house was initially purchased , what capital gain would be applied on a personal level ? i'm surprised you didn't factor in the NEW property tax on "the house" ..

[@MarkJKohler]

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!

[@vaskenderboghossian8061]

@@MarkJKohler no thanks. I'm just helping you reflect.

[@KaylaG-du6ux]

If I have a family management company, and pay my kids, Do they have report the income as self-employment income with the IRS if it's over $400?

[@wompol7117]

well then can an llc owned by my trust buy homes (cash sales on these) for my adult children legally and allow them to just pay annual taxes and insurance? they will be working in family owned businesses

[@Someguy1000k]

When is the Raleigh, NC IRA event? I’m close and would like to attend

[@susanmcguinness5611]

You can get the exemption if you take the sale $ monthly thru rents. You have to make a little more than the 250k single or 500k couple and charge interest like a bank would do with a mortgage.

[@postholewoody208]

IF I want to start an ATM business inside a ROTH SDIRA, can I research locations, cold call, and do contracts, and not violate the Passive income regulations?

[@TheKstone7063]

Can we build a workshop in our backyard for a small business and write it off?

[@HTRmark]

What about when it’s profit income more than 40,000

[@martinnormand7458]

I have a 40x60 commercial building that I’ve only used for storing a couple of my Classic cars. I will be moving the cars to my home and would like to lease out this property, Should I do a LLC on this rental property? Or?

[@briandrmoreau3710]

Yes. Give yourself asset protection.

[@tomwehr6022]

Now that you are "renting" the home to the business or part of it, what does it do to any sort of exemption you are getting for "homestead" use that may have been making your property taxes lower? Also eventually lose a "sale of personal home" exemption. That matter less if you plan on keeping the house indefinitely. I'm kind of with Matt, though. I wanna be wrong.

[@michaelengler750]

Great answers guys. You always provide the best information. Tack on question to the catch22moe question. Wouldn't you get all the benefits of the rental property? Depreciation, expenses, losses, etc.?

[@77curlygirl]

What is 1031?

[@wompol7117]

swapping out one property for another of equal or greater value

[@lettruthprevail9820]

I wouldn’t bother trying to get the assets out of your parents name for elder care. Not many provide the care, you’ll have little control, and the place won’t be great. Rent the house.

[@rthilson]

You aren’t renting from yourself you are renting from the LLC

[@graphicdesignandwebsolutio365]

Why don't we have a show about pure common law trusts and privacy (as in Article I, Section 10, Clause 1 of the US Constitution),