#507 Accountant Q&A: Tax Advice The IRS Wants You Ignore

Main Street Business

Join hosts Mark J. Kohler and Mat Sorensen on the Main Street Business Podcast as they delve into the topics that matter most to you. From strategies to minimize estate taxes to the complexities of cryptocurrency and S-Corp ownership, there’s no stone left unturned. Plus, get the inside scoop on the Main Street Tax Pro Certification and its many benefits.

Here are some of the highlights:

• Mark and Mat begin with an in-depth discussion on reducing tax on large inheritance from overseas investments.
• Process of changing ownership of an S Corp and its tax implications.
• Explanation of the backdoor Roth IRA process and common mistakes.
• Importance of specifying access mechanisms for off-exchange crypto assets.
• Mark and Mat unpack the various benefits of the Main Street Tax Pro Certification for strategic tax planning.
• Impact of cost segregation studies on active income and real estate professional status.
• Ways to reduce capital gains tax on the sale of a home.

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Chapters

1. Inheritance Tax and S-Corp Ownership (00:00:01)

2. Transferring Company Ownership and Investment Rights (00:05:05)

3. Investor Rights in Real Estate Funds (00:07:56)

4. Asset Protection (00:12:07)

5. Backdoor Roth IRA and Charitable Organization (00:18:43)

6. Reducing Capital Gains and Roth IRA (00:25:48)

7. Tax Strategies for Real Estate Investors (00:31:20)