Podcast Episode Details

The Quickest Way To $1,000,000 Tax Free And Other Tax Strategies You Aren't Using To Save Money and Grow Your Wealth Faster | Mark Kohler

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Season 8 Episode 124

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Host: Matty A Guest: Mark J. Kohler, CPA, Attorney, and Financial Expert

 

 

Episode Summary:

In this episode, Matty A welcomes tax expert Mark J. Kohler to share powerful tax-saving strategies for entrepreneurs, business owners, and investors. They dive deep into real-world tactics for maximizing tax savings, the fastest ways to accumulate tax-free wealth, and how to play the long-term wealth-building game. Mark simplifies complex tax strategies and explains how small businesses can keep more money in their pockets while growing their wealth.

Whether you're a seasoned entrepreneur or just starting out, this episode will provide actionable insights to help you optimize your tax strategies, protect your wealth, and create a plan that aligns with your financial goals.

 

 

Key Topics Covered:

• The Power of Tax Strategy: Understanding why taxes are the number one cost for small business owners and how focusing on tax savings can be as important as making more money.

• Fastest Way to a Million Dollars, Tax-Free: Mark shares the importance of Roth IRAs, self-directed IRAs, and the strategy to maximize tax-free growth.

• Real Estate Tax Strategies: From real estate professional status to short-term rental loopholes, Mark outlines the best tax strategies for real estate investors.

• Business Tax Hacks: Mark highlights key strategies for business owners, including S Corps, home office deductions, auto write-offs, and family payroll tactics.

• Backdoor Roth Strategies: Explaining how high-income earners can still maximize Roth IRA contributions using the backdoor method and how to turbocharge savings with mega backdoor Roths.

• Maximizing Compliance and Documentation: How to ensure you are audit-proof while leveraging aggressive but legal tax-saving strategies.

 

 

Time-Stamped Sections:

• [00:00:00] – The Biggest Expense: Taxes: Matty and Mark start the conversation on why taxes are the biggest lifetime cost and how small business owners can make strategic decisions to lower this burden.

• [00:03:00] – Critical Questions to Ask Your CPA: Mark rattles off key questions business owners should be asking their tax advisors, from S Corp elections to maximizing payroll and family deductions.

• [00:08:00] – The Fastest Path to $1 Million Tax-Free: How to use Roth IRAs and self-directed IRAs to create tax-free income streams over time.

• [00:16:00] – Real Estate Professional Status: Breaking down how to qualify for real estate professional status and use rental property depreciation to offset high incomes.

• [00:21:00] – Maximizing Small Business Deductions: Mark shares top tax tactics, from auto deductions and home office write-offs to medical strategies for small business owners.

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  Published on 1 year, 2 months ago