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Mark J. Kohler, M.Pr.A., C.P.A., J.D., is a best-selling author, national speaker, radio show host, writer and video personality for Entrepreneur.com, real estate investor, senior partner in the law firm Kyler, Kohler, Ostermiller & Sorensen, and the accounting firm of Kohler & Eyre, CPAs. Mark is a personal and small business tax and legal expert who helps clients build and protect wealth through wealth management strategies, as well as business and tax remedies often overlooked in this challenging, ever-changing economic climate. His seminars have helped tens of thousands of individuals and small business owners navigate the maze of legal, regulatory and financial laws to achieve greater success and wealth.
Make sure you keep a separate credit card for #business expenses and one for personal expenses to maximize your write offs and to make your #bookkeeping easier and more organized! #taxtips #smallbusiness #entrepreneur
(If both the Failure to File and Failure to Pay penalties apply, the Failure to File penalty drops to 4.5% per month (or part thereof) so the total combined penalty remains at 5%.) Then, the failure to file penalty continues for another 1/2 per month for 4 months (making sure you don’t pay on June 1st or you get charged the penalty for the entire month of June), for a hit of another $800. It’s important to remember that an extension of time to file your return does not mean you have an extension of time to pay your tax bill. The fee for entering into an installment agreement is $105, except that the fee is $52 when the taxpayer pays by way of a direct debit from the taxpayer’s bank account, and, notwithstanding the method of payment, the fee is $43 if the taxpayer is a low-income taxpayer.
Just released a new #podcast that many of you would benefit from! This latest episode is about S-Corps and when to use them in your business. Keep living the #Americandream
In fact, even properly planned holiday travel can generate significant tax deductions while we are visiting family or going to our special/romantic locations around the U.S. or the world. You would be shocked to know how many new clients’ tax returns come across my desk every year with literally zero travel deductions. Keep in mind that travel days include the ‘day’ you get there, the ‘day’ you do business, and the ‘day’ you travel back home! Thus, a properly planned 3 day trip, with a legitimate business purpose, could be coordinated with some personal relaxation or fun and still be a 100% tax write-off.
Don’t forget to deduct the interest on your auto loan, even if you are doing mileage and not actual, the interest is still #deductible. #taxtips #markjkohler #entreprenuer #smallbusiness #mainstreetbusiness
Essentially, it’s a pre-established statutory amount (set by each State’s Legislature) to protect some amount of equity or value in a person’s home from a creditor or bankruptcy. I have listed each State’s Homestead Exemption amount in Appendix A of I like to start with this strategy because every state has this law on the books. Essentially, it’s a pre-established statutory amount (set by each State’s Legislature) to protect some amount of equity or value in a person’s home from a creditor or bankruptcy. I have listed the States with the Tenancy by the Entirety law in Appendix B of If your State allows for this special type of law (on top of the Homestead Exemption), a married couple can really provide some significant protection for their home.
For some of you, mandatory business #travel has still been very relevant even during COVID. If you want to read more about travel #taxwriteoffs, you can click the link in my bio! Keep living the #americandream !
How you classify a ‘worker’ in your business, whether as an employee or sub-contractor, can have far reaching effects to you AND your business. The IRS consistently warns taxpayers that if they are caught paying ‘employees’ as ‘sub-contractors’, they will pay stiff penalties on top of the taxes and interest owing for payroll withholdings that should have taken place. It’s a 3 part subjective analysis and some facts may indicate that a ‘worker’ is an employee, while other factors indicate that the worker is actually a sub-contractor. A Sub-contractor by contrast is one that typically carries their own tools, supplies, bills for their time and/or services, controls their hours worked and serve multiple customers or clients and aren’t supervised or directed by one employer in particular.
The OPEN FORUM episode recording for Main Street Business Podcast is now live! We will also be doing a live Q+A on Facebook today at 4:00 pm MST. You don't want to miss the opportunity to ask critical #tax and #legal questions. #mainstreetbusiness #entrepreneur #smallbusiness #financialfreedom
My number one #taxtip will always be to have a #smallbusiness. As an #entrepeneur you can convert personal expenses to business expenses to save on taxes and increase your income!