#597 Smart Strategies to Pay Yourself and Save Thousands

Main Street Business

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11d ago 39:38

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Are you structuring your business the right way — or making costly mistakes that could be draining your profits? In this episode of the Main Street Business Podcast, Mat Sorensen and Mark J. Kohler team up to answer your questions on taxes, legal structures, and real-world strategies for small business success. Together, they uncover the truth about LLCs, S-Corps, and the $50K rule that determines when to make the switch.

From transferring real estate into an LLC safely to understanding what truly qualifies as business income, this discussion covers the practical steps every entrepreneur should take to protect their assets, reduce taxes, and stay compliant. You’ll also learn how to pay yourself properly, avoid due-on-sale issues, and maximize wealth through smart entity planning.

If you’re serious about building your business the right way and keeping more of what you earn, this is an episode you can’t afford to miss!

You’ll learn:

How to decide when it’s time to convert your LLC to an S-Corp — and how the $50K rule really works
How to transfer real estate into an LLC without triggering the due-on-sale clause or losing financing options
The difference between true business income and passive income (like royalties, rentals, and trading profits)
How to pay yourself correctly as a business owner — and avoid IRS red flags with payroll, draws, and distributions
Simple bookkeeping and payroll strategies to stay compliant and ready for tax season
How to use smart entity structuring to protect your assets and save thousands in self-employment taxes
Practical tips for maximizing retirement contributions through Solo 401(k)s and Mega Backdoor Roth strategies

Get a comprehensive tax consultation with one of our Main Street tax lawyers that can build a tax strategy plan with an affordable consultation that will leave you speechless!!

Here’s the link - https://kkoslawyers.com/services/comprehensive-bus-tax-consult/?utm_source=buzzsprout&utm_medium=description-link&utm_content=msbp597-smart-strategies-to-pay-yourself&utm_campaign=main-street-business-podcast

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Chapters

1. Paying Yourself And Bookkeeping Basics (00:00:00)

2. Welcome And Open Forum Setup (00:00:20)

3. Buying A Business And Form 8594 (00:01:06)

4. Rental LLCs And The Due On Sale Clause (00:04:35)

5. Mineral Rights Royalties Are Not A Business (00:09:31)

6. When To Elect S Corp And Why ~$50K (00:12:03)

7. Trader Expenses, Entities, And IRS Reality (00:18:11)

8. Salary Vs Distributions And Practical Payroll (00:25:12)

9. STR Write‑Offs, Depreciation, And Prudence (00:31:16)

10. Maxing 457s, 401(k)s, And Backdoor Roths (00:37:27)

602 episodes

#Business #Mark J Kohler #Mat Sorensen #MBA #Entrepreneur #Mark J Kohler And Mat Sorensen #Tax Strategies #Legal Compliance #Business Structure #Tax Tip #Accounting #Irs Updates #Financial Reporting #Tax Prep #Tax Reform #Estate Planning