Tax Lawyer Q&A: Strategies To Save You THOUSANDS In Taxes

Main Street Business

In this episode of the Main Street Business podcast, host Mark J. Kohler and special guest Ashley Burr focus on optimizing business structures and tax benefits. They cover the pitfalls of using rewards points for business expenses, converting 401Ks to Roth IRAs, and selecting the right business structure for spouses. Mark and Ashley also unpack strategies for leveraging HSAs, real estate tax tips, and maintaining a corporate veil, concluding with tax-saving tips via S Corporations.

Here are some of the highlights:

• Mark and Ashley introduce tactics to mitigate tax burden from Roth conversions
• Single-member LLC vs. partnership for spousal businesses
• Strategies for real estate professionals to offset taxable income
• Importance of proper business structure for asset protection
• How to use Roth conversion to eliminate Required Minimum Distributions (RMDs)
• Significance of comprehensive operating agreements for family business transfers
• Balancing S Corp salary with Qualified Business Income (QBI) deduction

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Chapters

1. Tax Lawyer Q&A: Strategies To Save You THOUSANDS In Taxes (00:00:00)

2. Roth Conversions for W-2 Employees (00:00:39)

3. Tax Strategies and Credit Card Points (00:03:09)

4. Family Tax Strategies and Business Ventures (00:08:00)

5. Financial Advisor Selection and Retirement Planning (00:18:42)

6. Tax Strategies for Real Estate Professionals (00:24:27)

7. Business Transition and LLC Formation (00:30:51)

8. Asset Protection and Tax Savings (00:41:16)