Millionaire Mindcast podcast

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

0:00
41:57
15 Sekunden vorwärts
15 Sekunden vorwärts

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.

  • [00:29:00] – Roth and Backdoor Roth Strategies: Understanding the mega backdoor Roth strategy and how to contribute up to $76,000 tax-free in retirement accounts.

  • [00:33:00] – Playing the Tax Game: Mark’s philosophy on pushing the envelope, staying compliant, and how to audit-proof your business while using advanced tax-saving tactics.

 

 

Notable Quotes:
  • Mark J. Kohler: "It’s easier to save money than to make money. If you’re not focusing on taxes, you’re leaving thousands of dollars on the table every year."

  • Matty A: "This game of money has levels, and understanding the tax game is a critical part of playing it right."

 

 

Links & Resources:
  • Mark J. Kohler's Website: MarkJKohler.com

  • Financial X-Ray with Ryan's Team: Text 'Xray' to 844-447-1555

  • Directed IRA: Learn more about self-directed retirement accounts at DirectedIRA.com

  • Free Business & Tax Content: Subscribe to Mark J. Kohler’s YouTube Channel for tax strategies, updates, and live Q&A sessions.

 

 

Calls-to-Action:
  • Get Your Tax Strategy Right: Check out Mark's certified tax advisors and build a tax plan that keeps more money in your pocket.

  • Maximize Tax-Free Growth: Open a self-directed Roth IRA and start building your tax-free wealth.

  • Listen to More Tax-Saving Tips: Tune in to Mark's Main Street Business Podcast for the latest in tax and financial planning strategies.

 

Episode Sponsored By:

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