Strategies for Building Your Business in the Wake of COVID

live building the dream making money protecting it saving taxes all the above this is dedicated to all you geeks out there like me that have a small business and you're sick of your accountant and your lawyer not speaking english and you're like i need answers well today we're gonna do it i've got my team of lawyers tour i was able to wrangle two of them out of the office today they were like it's friday afternoon get me out of the freaking office so i've got uh our max are a lawyer in training he's coming over he's awesome sitting for the bar this month so but he's still pretty smart and we got allison here she's amazing i was like we need cameras on these teams dave ramsey does i don't know why i can't have cameras on my team but we're going to get there so anyway they're trust me they're off to the side here answering questions of yours typing as you type them down below we're live on youtube facebook instagram um and we're live on facebook entrepreneur mag and my own and i'm here for you today we're going to give away a bunch of stuff we're going to give away books i want to answer questions i want to talk about building your business after covid we're here for an hour in pen drop it's gonna rock it's gonna be good so if you type down a question below and you have someone answer it and they say this is max or this is allison then you know it's my team so you're going to get a mark kohler answer and if there and then corey and the team they're going to throw it at me to talk about questions that they think would be great for the live audience so please i'm here for you so get engaged share this link i'm here for you i'm going to try to do my best i'm a cpa and attorney if you haven't watched before i'm all about main street business i hate wall street i hate taxes we're going to pay our fair share i don't want anybody going to jail but we're only going to pay what we have to and i don't want some someone for consuming you and taking your money so we're going to build the trifecta your master plan for your structure we've got an estate planning special that ends this weekend it's father's day a little promo code for some father's day bling we call it jack spling merch i'm gonna call it merch so i'm here for you i was jamming out to some van halen before the show but i couldn't play van halen because i haven't paid van halen to play their music on youtube and podcast but i'm gonna get there someday i'll be a big enough deal that van halen's paying me to play their music before my podcast so hang tight all right well here's my take on post covered wealth building it is now estimated over 40 percent of working americans have a side hustle it was under 30 percent right before covet hit and more americans millions of americans realized i got to have my side gig cranking because i can't depend on my employer and what the freak if some massive pandemic heaven forbid hits the world stage how am i going to pay my bills so my number one admonition to all of you watching today is saving taxes building wealth is have a side hustle have a side gig which is the gateway drug to having your own business pay all the pills but if you're married it's a great gig because you can have your spouse doing the day job the benefit thing and you're running the small business together you're doing something you love you hope and if you're not don't do it that's the beauty of having your own small business you get to choose what the freak you want to do so i want to talk about that structure so what i call it my claim to fame whatever is i call it the trifecta and this is well i help my clients that are making millions and the clients that are just brand new starting my daughter who's a realtor out in orange county california a little shout out to sydney i love her she's my little small business owner she has her own little llc escort thing she's got a side gig that's her thing she's learning how to be a realtor she'll wait tables she'll do some marketing she'll do other things to make ends meet because she's young and she's this is her college experience she's hating i'm talking about her and so guys she's unavailable right now so stay stay away but here's how the trifecta works for her and for my 10 million dollar clients whatever everyone in between what i do can we see this everybody corey this is good right okay what we do is we take our revocable living trust this is our trust foundation this trust is not about saving taxes and it's not about asset protection it's about privacy it's about hiding it's about having a little more privacy in our life with this internet world and this trust kicks into effect if anything happens to you it's gonna have your will it'll have your powers of attorney pull the plug if i'm a vegetable blah blah blah this is your estate plan that's the foundation you gotta have a foundation what the freak if something happens to you where's all your money gonna go all this small business stuff you're building then i divide your life in half and i wanna put your operations over here your ops a rockstar going today a little sponsorship there for my people that i love rockstar rockstar recovery zero sugar 10 calories is that what i'm supposed to say they never told me what to say i just like rock stars all right i want to be your tax lawyer rock star okay so over here is your ops now here's the combo this is what i've learned even more so after covett but i've been teaching this for years and i'd love it is i want to take your day job w-2 and combine it with the small business this is the combo this is what i want to have in all of my clients lives this could be an llc it could be an s corp i don't know it could just be you you could be married partner who knows all sorts of variations but this is your small business that's generating revenue in combination with your day job that's generating revenue this gives you job security it gives you wealth security so many people say it's too risky to have a small business i say it's too risky not to have a small business now my little you know uh speech here is going to end in a few minutes and then i'm just going to take questions from around the country and i'm going to give away books every freaking 10 minutes and if you say out there on the chatter give me a book i'm not going to give you a book so just chill no no spamming give me a book as much as i appreciate your enthusiasm people just you know just ask good questions corey's going to randomly choose winners here guys and girls east coast west coast international national okay so here's your combination i want you to be building wealth with the day job and the small business if your small business gets so successful that it's costing you to go to work you get rid of it if your small business is there for earning extra money and happiness and enjoyment and it works with your day job then cool don't don't get rid of the day job let's let's do it all let's just be careful where do i want this i want this down here so we want to keep the day job if it works in our master plan because here's what's cool this is our operation side the ops but this is our asset side and this is where we really build the wealth and so what i want is the day job may be funding a 401k and your small business funding of 401k you can have two 401ks you could have a roth ira over here you could have an hsa you could be building tax-free or after-tax money investing in crypto stocks etfs real estate whatever you freaking know best this is your kind of after-tax or pre-tax money here where you're like doing different strategies but you can fund it with the day job and your small business see again we're we're hedging against a crisis this is what kova taught us crisis has come shiz happens we need to have something to fall back on that's the small business this is the day job oh let's use both of them okay then over here we build pre-tax real estate investments land second homes farms real estate whatever you freaking love but you want to use it personally so you overhear these types of assets you can't play with i can buy an airbnb inside my ira but i can't go stay there but over here i might put an airbnb that cash flows and i can go stay in it i can fix on it i can do travel write-offs all sorts of cool freaking strategies so over here we might have llc's and check out here's the trifecta boom boom you've got your operations you've got your holdings and it all flows down into your privacy types trust where we bring everything together this is your 1040. now simply what happens a lot of times is this is what it looks like is this is my kind of a little face there okay this is my realtor this is their rental this is their trust boom this is their s corp this is their llc this is my uh dentist and this is my crypto and this is my trust um this is the restaurant this is the building this is the contractor this is the duplex this is see this is where we're building up all of our wealth and and we're building the wealth living conservatively paying off our debt staying out of debt and we're getting every freaking ride off we can paying the kids travel dining home office computers laptops this is rockstar 100 right off baby okay um i want my headphones bows right off a speaker right off um my glasses right off through an hsa my laptop right off i mean do you see what i'm saying this is going to be my tesla this is 100 164 ratio this someday i'll have my tesla truck all right there's my motivational speech everybody i love small business i love the american dream is it hard yes it's freaking hard i worked till midnight last night but i got to choose the hours i worked it was my business people we're going to work hard it's not a get rich quick scheme but you control your destiny and that's what small business is about but getting a straight answer on what i can write off and how to structure it and how do i protect myself it's crazy out there it's a jungle but not here got it kqs lawyers not it caney cpas directed ira my team how are you answering bunch of questions we rocking okay max and allison over here taking care of you guys i'm gonna start answering questions i'm here for you for the next 45 minutes just having fun let me take a swig of rockstar okay corey who am i answering first you tell me alex thank you i love you robert i've seen you here before thank you i love it look at the cato twins they're here okay i'm going to the keto twins all right over on youtube how would a trust work if you have an llc partnership 50 50 with my sister donny we were talking about this last night boom the cato twins are sisters and they have an llc partnership where you're thinking about a trust for privacy like you mentioned okay you guys ready i love this topic because when it comes to partnerships we got to be careful we unravel this crap all the time okay i'm gonna go to a little thinner pencil here okay for all of you out there that might have a partnership and we're talking to the keto twins kato keto twins okay here's how it works now this is tricky let's put our operations over here why is this gray i don't want gray i just want a thinner pencil do i do this all right whatever i guess i just don't have to push as hard okay here's our operations now let's say the keto twins are doing an operational business let's say they're going to do online store they're going to do affiliate marketing i don't know they're going to sell crap on ebay or etsy whatever so we got the keto twins one and two do i set up an s corp and let them both own the s corp because the number one tax i'm worried about everybody what is it i'm worried about self-employment tax and so with the partnership i i i'm worried about tax right girls that's my first concern and then they go well we want the trust in there too mark so i want my trust to own rlt revocable living trust and i want my trust to own the other part okay cool the privacy trust that works but the problem is you've jacked it up with an s corp now some of you say well mark you preached forever that we need an s corp to save on self-employment tax yes but that if it's if it's your s corp or you're married i got two different twins let's say one of the girls wants to write off cell phone travel home office the other dog the other girl she bought a new laptop a new bose headset and a phone all for business use well they can't write those off in the same s corp without it being unequal it's all jacked up one of the girls wants to buy a new car the other one doesn't what do you do you can't an unreimbursed employee expense doesn't work now we got different salaries we got the w-2 thing going on it's a freaking mess girls so what do we do here's the solution we get rid of everything but the partnership look it but we don't do an s corp we do an llc now you're going to say well mark now the girls are going to get screwed with self-employment tax that doesn't make sense they own a restaurant you've got a partner you own a restaurant together you're doing real estate flips together you're doing online sales you're going to get killed with self-employment tax so what do we do each girl sets up their own s corp okay now i know you in california you're freaking out going mark and this corp in california is 800 you you're you're stupid that's going to cost me two woo boo do you think if i could write off your cell phone your computer and your your car it's gonna be okay to pay 800 for your freaking s corp when i save you five grand in tax people quit stepping over the dollar to pick up a stupid nickel i know it sucks in california i lived in california i know the routine the 800 sucks but don't run away from it run to the light people run to the light i want to save you taxes so each daughter each girl each sister in this the twins then they set up their own trust oh their trust owns their own s-corp and let's say one of the girls says oh well i'm going to do some other stuff on ebay that's my own or i'm married and my husband he's going to do some contracting and i've got another 10.99 because i'm a realtor on the side and the other sister goes well i'm not doing any of that crap my only income is the 50 from the llc okay that's cool each of you can set up your own w-2 hire your own kids write off all the expenses that relate to you because you've got separation now this is a chapter in my book okay where are my books what am i giving away cory where are my books hook me up okay they're down there okay so in my book the tax and legal playbook i have a whole chapter on partnerships all right thanks guys okay we're gonna give away some books corey i need names so this is the chat the book and i have a whole chapter on this issue and i've got videos on youtube on this okay so what's the chapter on partnerships it is documenting a partnership bringing on investors how to set it up this is chapter 22. okay i want to do 22 on this and yep i also like the s corp in chapter four okay corey i want to give away this book my financial freedom and what your cpa isn't telling you right now so give me some names who are we giving away to quentin mason you have just won the tax legal playbook and i just saw your note people are spamming your live with fake bitcoin ads could you you need to block them we're blocking them we're working on it thanks everybody just just enjoy the live you don't need to spam a bunch of crap on there i love bitcoin i own bitcoin let's just save it for another day okay so this goes to quentin now you're writing down these names so i can personalize this book okay who's gets cpa book kyle bender and he asks is there a benefit to setting up a baroque living trust before marriage can it protect your assets in the event of a divorce kyle i literally walked in five minutes before the studio show today did i not i had a phone call i had a phone call consult with this cute girl 21 years old dating a guy she's got money and she might get married that's what i talked about kyle so we're gonna go to that next you're gonna love it prenup but avoiding the prenup okay prenup avoidance kyle we're going to talk about it okay who gets my financial freedom book yvette jones yvette jones of that now all of you that just want a book you've got to email corey he's got your name so if you're not those people please don't email whatever corey is a good looking guy are you are you available this week are you still unavailable uh tell further notice he's still he's on the rebound ladies give them some chance you know give him a chance okay corey's not happy with me at the moment okay corey mark j kohler.com corey mark j kohler.com you email corey give him your name freaking he'll make sure your book goes out to you he'll get your info all right now i gotta finish with the twins now their main concern was privacy you still get the privacy at the trust level i want the trust to own their home i want to not use their personal address on all their documentation i want to do mail forwarding we have a mail forwarding virtual scan service where we get your mail at the law firm we scan it we protect it we give you an email check your mail no one knows where you live the trust is on public records for all your information we don't want your name or your address out there as much as we can that is the revocable living trust and each girl the twins can have their own revocable living trust which owns their own s corp which maximizes their write-offs which does their own w-2 for a self-employment tax planning and then their s corps own the llc 50 50. this is the partnership so i talk about this all the time we love the structure even if you're in freaking california we make it work and if i'm worried about the gross receipts tax i'll just do a general partnership up here in california that avoids the gross receipts tax but i still pay the net tax down here which is okay because you're you're not gonna get killed with it and it's worth it for the self-employment tax savings okay now kyle okay can i take kyle's question real quick corey i'm just gonna say this real quick my like i said my consul before this con this broadcast was on this very issue i'm going to use one of the twins my keto twins i hope you're okay with this kyle said what happens if sister number two wants to get married and she's built up some wealth what do you do can the trust help protect that money from a profession a potential divorce yes it can but it takes some advanced planning here now i'm going to give you option one option one is just freaking do a prenup blame me say my lawyers allison over at the law firm said you can't get married without a prenup will you take the heat allison yeah yeah she's yeah she she'll protect you ladies she's sharp okay so allison neff she's one of our attorneys you can meet with her she'll help you draft a prenup if you need to your prenup you make the guy sign it before they get married and allison will freaking hold your feet to the fire you make the guy sign it and this sister number two is protected now guys this works for you too so option number one is a prenup and then once you get married we redo the trust and we do a marital revocable living trust frankly they're cheaper they're easier they're simpler you're going to be married but we protect this sister's money from a divorce okay that's option one now many of you don't want to talk prenup with your lover because it's no fun i thought you loved me you know right no good okay so option two is i convert this trust to irrevocable okay now max he's good at this max can say oh yeah i know what to do we'll take the revocable living trust make it irrevocable and we're going to convert it to an irrevocable trust and carve out the money you earn before marriage and lock it down so we're going to lock down that money that money is locked down and then you go get the marital revocable living trust for all the crap you're going to earn together now you have two trusts no prenup that saves the argument and so you use the revocable living trust converted to irrevocable lock down the money that you want to protect from a future divorce and then you do a marital revocable living trust for all the future marital assets as long as you keep those assets separate and you respect the revocable and the irrevocable trust you're going to be good you'll be good and this is a grantor irrevocable trust so there's no extra taxes you can use privacy the whole nine yards keto girls thanks for letting me use you as an example big stuff kyle we answered your question um next question corey where am i going joshua sharps from the bay facebook says hey mark we have an llc partnership three partners and plan to designate it as an s corp wrong right josh you just saw what i said look at josh said we have look at this i'm going to use a little straighter line okay boom joshua says we have an llc partnership and we're going to make it an s corp now why is joshua going to do that if joshua was right here i know he'd say mark we got to do an s corp to save on self-employment tax we're each going to do a w-2 and we're going to make an s-election to save on tax yes you would save on self-employment tax but you've jacked up all of the partners individual write-offs terrible not good joshua okay but he says we plan to do this we plan to do this when we designate when we surpass 40 grand is that 40 grand each that's when it wouldn't normally make sense joshua so he's saying once we start making 120 grand we're going to make the s election and do 20 grand salaries and 20 grand um k1s see how that works everybody i've got 60 grand here i've got 60 grand here it totals 120 boom okay and joshua was like mark we're saving self-employment tax but again you've screwed up your write-offs today's all about partnerships for some reason we'll get on to a new topic but corey chose this question if you don't like it okay our question is when it does make sense for each individual partner to assign their ownership in an llc to their individual s corp thanks for all the great knowledge thank you joshua when do we do this right from the beginning if you're ready to make this an s corp don't just set up your three individual llc's at that moment when you think it's time to make this an s corp don't set up the 3s corpse below that's when you do it and joshua i want to see 40 grand net at each level now what i would normally recommend again donnie this is something we talked about yesterday right if you've got enough write-offs to turn this 40 into 30 or 20 just do an llc let each partner make the s election when the time is right see one of the partners may say uh i have no other freaking write-offs i better make my s election boom the other partner goes i got a bunch of right house i just bought a new freaking truck oh i don't even need the s election i'll just stay in llc see each partner can make their own decision that's why you do it this way joshua freaking rocks all right next question uh where am i going corey okay uh richard asks how does it work with the charity richard that's like a whole other conversation how does what work with the charity uh a trust let me tell you everybody once you're making enough money that you can form your own charity i'm all in we set up 501c3s and charitable remainder trusts but everybody get your own crap put together first buying your rental funding your 401k funding your roth your backdoor roth the mega roth you've got your s corp you got your llc you got your rental you got this you got your trust then you want to do a charity call me don't do the charity before then richard you may be ready for the trust the charity richard i don't know but i'm just warning everybody don't think charity until you've got your own house in order that's how it works best narrender okay let's give away some books corey i need three new winners did you do guys last time are we doing ladies this time is that what you were doing last time oh you did two guys with a girl last time so we're doing two ladies and a guy two ladies first tax legal playbook let's go with laurie bearfield lori bayfield barefield lori barefield lori you just won a book tax and legal playbook you're going to freaking love it second edition i will sign up for you lori any of you that win a book remember email corey c-o-r-e-y mark jaycolder.com he'll hook you up okay my next winner uh cpa book terry c look at that pretty picture terry c uh terry c oh keto twin said this is awesome thanks for the info we appreciate it so much you girls you bet be be good out there be safe okay so terry c now a guy wins the financial freedom who's our winner harris ben harris that sounds like a girl's name i'm just joking ben ben harris uh wants business owner's guide to financial freedom he also asked about captive life insurance i talk about it in this book ben and i would recommend mike bennet life is weird like literally that was meant to be that you won the book and it relates to your question you asked about captive life insurance randy lubke my co-author of this book which you're going to receive have a free consult with him or pay for him pay him for a half hour an hour he knows captive insurance backwards and forwards now what i sell tell people about captive insurance that's the dessert menu for those of you that have been to a big buffet before covet after you get all the other food and then you want to get serious with some additional tax planning and wealth building that's when you talk about captive insurance and you better be have money coming out of your butt that's when you go talk to randy about captive life insurance ben okay all right what should i talk about any questions you guys are liking that i should talk about allison where can you buy a book well wouldn't that be a great idea you can go to mark j kohler.com and get the four book combo get all of my books the four book combo which includes i got to give one of these away corey eight steps this is a 99 workbook i want to give away a couple of these during our session today i wanted to give away a bunch of stuff today because i wanted to say thanks to all of you i had 150 000 subscribers on youtube and i want to say thanks just trying to spread the good word and all of you that say great comments i really really appreciate it my marketing team shares a lot of comments with me that people are making i make a lot of return comments that are technical and need to my comment and i just want to say thanks please keep sharing the content with all of your friends and business owner friends and networks um but go to the get the four book combo and jack just told me if you write in the promo code dads space no space dad's day even if you're not a dad even if you just want it it's ten dollars off and that's a lot cheaper than freaking amazon when you add up the four book combo so if you want to put that in at marchjoller.com you can get the four book combo which is this book no not this oh it's matt's book can you hand me one it's right up there so you get financial freedom cpa book and the self-directed ir handbook written by matt sorensen himself if you ask i will sign it it'll make the book more valuable matt hates when i say that okay all right next question oh no no i need to give away this corey who's the winner of the eight steps book mommy birkin life mommy birkin life very unique handle god bless you um so mommy birkin life eight steps workbook 60 videos lifetime access i update the videos all the time it comes with a business plan a marketing plan a strat plan a kind of a town hall workshop for all eight steps of an hour and a half each you'll love it um mommy birkin life okay all right what's the question corey suburban homestead foster ranch how do we buy a rental home inside of an hsa is it possible to buy a rental in my name and deed it to the hsa [Music] okay everybody health savings account my health savings account owns cows it owns rental property and it owns stock you can own all of that in your own health savings account now i've got articles and videos on this and this is a big part of matt sorensen's book the self-directed ira handbook which you can get in the four book combo 10 bucks off this weekend okay now here's how it works i want to answer the question how do you do this all right let's go through it step one you open a freaking health savings account okay you got to open an account now you have to open an account that lets you self-direct so i would recommend you go to www.directed.ira.com go to directed ira.com you can have your hsa set up tonight this year you can fund it if you're married or single i just had a consult with a client today about this this year if you're married you can put in 72 so step two you got to put some money in there 7 200 or if you're single it's 3 600 now if step 3 is if you're like well mark i need more money to go do real estate step three is you can roll over any other hsa money you have laying around even if it's an employer it's your money it's an hsa so go roll over any other freaking hsa money you might have into the account all right so step one open the account step two fund it step three roll over any other hsa money okay now when you go open your account you're going to open a regular hsa self-directable account not at crypto because you're not buying cryptocurrency so don't open the crypto hsa just open a regular hsa all right you'll see that at the new accounts they have a chat line right there on the website the team is wonderful there if you get confused just mark kohler said a regular hsa account that i can self-direct okay step four i've done this i've done this i've been doing it for eight years it's just well merrill lynch and all the banks won't tell you because they don't make money off of you because they're evil okay step four you open an llc so let's go to black again here you're gonna open an llc now the llc could be owned a hundred percent by your hsa it could have partners um it could have iras in it you could have a 401k partner i don't care whatever what you want to do is figure out how much money do you need to go buy the real estate because i i'm going to ask you and this is what allison or donny or any of the attorneys are going to ask you they're going to go what are you going to buy you're going to say well i'm going to buy a rental property in tennessee i need 20 000 well say we only got 7 200 so you need 15 grand more so where are you going to get it oh well i'm going to get my mom's ira my dad's 401k my sister's roth and we're gonna form an llc and go buy a rental in tennessee okay cool see we get on the phone we set up your llc there's your tennessee you meet with a lawyer you have to have a lawyer involved this is not a legal zoom freaking entity this is a self-directed structure we charge 1500 bucks it's not bad plus filing fee plus ira registered agent if you need it and mail forwarding if you want the privacy okay this person might use their trust is this cool this is like high-tech you guys this is freaking you you ask the question i'll answer it all right okay so step four is you create the llc and you have to create an llc that has enough money to do it now suburban homestead um foster ranch says can i buy the property in my own name first and deed it over now why is suburban foster homestead ranch asking this it's because they want to get a loan in their name i know them i've had this question answered question for 20 years no you cannot get the loan in your name to buy this rental now let's say you go well mark why don't you do it with us you've got good credit i'll use my hsa for 80 percent and will use your credit for 20 okay that's cool i can go get the loan in my name and deed it to the llc right after closing because it wasn't my hsa it's not a prohibited transaction that's a whole chapter in matt's book we have a two day summit you can buy for 199 on the website and watch it for two days we go through strategies like this and when you meet with the lawyer the lawyers will meet with you and they'll be like we have 12 lawyers at our office make an appointment they'll walk you through it so you create the llc and i'm going gonna put step five you fund the llc step five with the money you need and if you do need to go into debt it's gotta be a non-recourse loan or a partner that doesn't have their retirement account in the deal so you can't you can't put it in your name because of the loan and then deed it over so think through that and then step six go buy the freaking rental buy it and just follow the rules i bought a little rental in chicago about eight years ago in my hsa it's the cutest little meth lab it's adorable guys are great they're so kind they pay rent and with cash in a little bag every week they're just nice guys lots of bling but they really look out for me and i love them um anyway it is a section 8 rental and it only cost me 40 grand i put down five grand with a non recourse loan with my hsa and i paid for my daughter's braces boom in my hsa baby you can do it i bought five cows three months ago in my hsa the five cows had five baby cows and now i have 10 cows in my hsa and i'm going to sell them this fall and make 10 to 20 percent boom because i watch yellowstone and i love kevin costner and i named it the kohler dutton ranch because an homage to yellowstone all right that's how you do it okay next question where do i go corey coverdales man you guys are killing me today mommy birkenlife the winner of our book she says can i please get a shout out from seattle please love you mommy birkenlife i grew up in washington state i love seattle and because i grew up in the northwest i am a believer um that's bigfoot you know i am a believer in sasquatch i've been squatching on um oh which island did i go to and anyway i i so a little mommy birkin life's regretting the shout out now she's like we don't believe in bigfoot mark you were a nut but hey i've had a bigfoot experience so i'm just throwing that out now if you haven't seen the documentary here's your homework everybody this is a documentary that will you will become a believer you need to go watch um oh what's the name oh my gosh i just forgot it where's my with john lithgow my my bigfoot documentary oh what is it called okay i'm gonna get it for you while we're here okay she says as far as getting my two girls ready for u-dub love the huskies boom love it uw should we go do coverdale plus ugma harry and the hendersons that's right harry and the hendersons okay everybody that's your homework now i know mommy birkenlife she's seen this when you see this documentary some people call it a docudrama i'm just gonna say that but when you see this you'll be a believer so um okay now mommy perkin life says we have two girls now i see a little pitcher so there's there's the little husband wife and husband wife and two little girls and these two little girls they want coverdale esa's to go to uw someday and i love you dub that's university washington for those of you that don't know uw and that's the huskies their stadiums right on the water in seattle gorgeous love it okay they want a coverdale and i would tell all of you in my humble opinion and i might piss off some other people but i don't care i think the coverdale is the way to go i hate 529s because you can't invest in what you want and i hate my accounts because once the kid turns 18 they can do whatever the frick they want so i don't trust 18 year olds and i hate 529s so i love the coverdale now some of you may go well mark you can only put 2 grand in a coverdale every year yes but you can invest the coverdale and whatever the hell you want and if you would have bought doughies coin of two grand in january of this year what would it be worth now jack two grand of good what's your guess deutsche coin in my covered ale my coverdale self-directed coverdell two grand in january what would it be worth today what do you think 500 500 000. i don't know something probably crazy i'm with you i believe you five hundred thousand could you do that in a 529 hell no did you do that an ugh account making one percent at wells fargo no that's why i love the coverdell because you can self-direct it the last question we had about buying a rental property with your hsa buy it with your covered ale you could buy a rental property with your coverdale child number one child number two uh hsa roth that's the beauty of the coverdale and you can buy cryptocurrency with your covered l now i know some of you are like mark cryptocurrency is highly volatile it's highly risky yadda yadda i get it i'm with you i'm joking around a little bit but if i bought some coins sure did i put all my inheritance and coins hell no but why not put five percent of your wealth in a little bit of cryptocurrency stan morgan stanley all the big banks visa everybody's getting behind it it's going to be around why don't you set up a couple coverdales for the girls and throw in a couple grand and start investing it and what you know best that two grand over the next 10 years and then good investments could end up being 50 grand to 100 grand at the end of their i see the picture of these girls they are young five to six years old you got 10 plus years good luck when they're teenagers but that's a whole other topic so um if you make it through their teenage years without shooting yourself in the head but then then this could work out so fund the coverdales and then they can go to uw and you can afford it because you're going to invest the coverdale on what you know best so go over to www.direct.ira.com and you can invest in freaking a crypto covered ale and get it going i'm not a fan of the ugma not a fan of 529 i've got articles out there on this just google coverdale kohler and you'll see what i got all right where are we at on time too are we doing okay ted let's give away some books again corey what are we giving away all right another this is because i love you guys i'm so grateful to be here today tax and legal playbook who gets it uh bob ross bob ross isn't there an odyssey artist named bob is that bob it's bob ross is it the real bob ross no i'm just joking he died okay bob ross wins the book tax on legal playbook okay who wins what your cpa isn't telling you juan cazares juan cazares mark is the man thank you for the great advices thank you juan and i am learning spanish it's on my bucket list so comasta that's how are you today just want to throw that out i'm learning okay and then who wins a financial freedom allison neff wins a bug you are lucky [Music] cory you need a rock star bed it's been a long day has it been a long day okay all right whatever who's winning is this live stream every friday no it's usually on thursdays of four o'clock mountain but uh i was in new york yesterday and so we did it today okay uh i'm at bank setting up a business account as we speak jamie lewis nolte and she's a winner she's a winner you have won the business owner's guide to financial freedom you're writing all this down right okay all right and then let's give away eight steps another 99 workbook this is a big deal who are we giving it to someone that you want to go on a date with this is this is corey flirting with you okay who's the winner not allison neff okay okay uh nicholas nicholas defense wins championships nicholas you're quoting me i said that on my podcast this week defense wins championships that's what i'm talking about when you save taxes you win because when your eye is on the ball with your structure and your finances you're a better business owner and you build more wealth so nicholas thank you you win the 99 workbook and any of you that just won get over to corey at mark j kohler.com now this is a good chance for me before we go into our last couple questions is please subscribe if you're watching on facebook get over to youtube give me a quick subscribe give me a like on facebook it helps other people find this information and i'm trying to give away as much as i can every week for free just trying to help and we're affordable there's a lot of companies out there that are scams and they take way too much money to help people with their small business so please look us up we're here for you yes there's a wait of maybe sometimes a week or two but we're trying to get to everybody as fast as we can so i appreciate your help um oh and the estate planning special ends this weekend so for the trifecta if you call up and say i need the freaking trifecta revocable living trust owns your llc trust is the beneficiary of your wrath and the trust owns your small business or s corp this estate plan this estate plan 300 off for the month of june and well we started in may ended in mid-june um we normally charge 1500 bucks it's only 1200 right now and you get an hour with one of our attorneys helping design it and build it for you so if you want to get into that get over to kkos lawyers before the weekend is over kkoslawyers.com and the special will be over this weekend and then it's back up to 1500 bucks nationwide any state we will take care of you okay question from ex chris collins sx x chris collins x question you'd suggest setting up more than one s corp that owns multiple llc's i already set up two s corps in an llc can i convert it to just one s corp somehow yes you're gonna love this answer chris collins okay now everybody in here i'll just use this diagram i just did okay a lot of folks that end up taking their side hustle and taking it to the next level you're going to go from your side hustle llc and you're going to convert it to an s corp that's typical so that's what chris collins has said he's done so he's gone from the side hustle up to the s corp now why is he doing this everybody what taxes are you trying to save self-employment tax someone in the audience live audience thank you participation okay live audience participation helped us out we're doing this so we can do our w-2 k-1 split all right just a little review now chris says well mark should i set up multiple s corps should is that what should i should i be doing that should i have multiple s corporations guess how many s corp side guys i have i got paralegals at my disposal i got a law firm i got an accounting firm so you probably think i have a lot of s corpse don't you one one s corp now chris i'll tell you how to combine the two you already have in a minute but everybody first why do i have one escort because it's easier i don't want another set of books i don't want another w-2 i don't want another board of directors now my family my kids that are all 18 or over now molly just turned 18 everybody so if you've been a follower of me for years molly my little paper shredder is now 18. that's crazy time goes by board of directors so i've got my own board of directors with my family i write off home office i write off travel i write off computers electronics cell phone but guess what my s-corp is the owner of every operational llc that i get involved in think of it this llc is maybe the law firm this llc might be an accounting firm i might have a trademark i might have a url i might have a real estate development llc but they all flow into one s corp because it makes my life easier that's what i want so i do one 1120s tax return i get 1w2 guys in all of the things i do in my life i have one w-2 see i'm trying to live what i preach i want simplicity now do i have multiple llcs up here yeah i do if you called me up if corey my wonderful producer called me up and said hey mark i want to start doing an online business and we're going to make freaking 100 grand and it's going to rock and we're going to do this online business is that operational or asset it's operational what tax am i worried about self-employment tax what entity helps me s-corp do i want a new s-corp with corey hell no i set up an llc with my s corp and so i'd have my s corp here we'd form an llc and then we'd have corey's s corp over here and and so size matters so this is mark's s corp and this is corey's s corbin even if it's 50 50. all right so i have one s corp in my life and so that's cool now here's the problem chris collins says well mark what the hell i set up two s-corps someone gave me some bad advice i've got two s-corps now i'm assuming chris owns each of them a hundred percent well this is super easy i go back and do an amended stock transfer agreement sorry i do an amendment and i do a stock transfer agreement my stock transfer agreement is sta stock transfer agreement dated 1 1 21. i backdate it i can do that it's my s corp i give away stock retroactively i don't care and who do i give the stock to i give it to my s corp now my s corp owns another s corp you can only do that under tax law when it is called a qualified subchapter s subsidiary it's called a q sub q subs q sub so i make a q sub election we charge 150 how much do we charge for q sub 150 bucks 150 so what we would do is a stock transfer agreement a few hundred dollars 200 okay 200 dollars is that whitney over there we still around 400 do i hear 500 600 jeez i need to know my assistant whitney's in here she's throwing out numbers over there whitney is available so i'm just throwing that out oh i'm not even gonna say okay now okay now here's the deal okay so chris collins has two s corpse and he has another llc he said now with this llc he might have a partner so let's say he owns 50 50 with this other partner but he has this other s corp that he owns a hundred percent of so what i do is a stock transfer agreement and i move the s corp to a fully owned 100 percent q sub which is a 100 own subsidiary now guess what no extra tax return it's a it's a subsidiary wholly owned so i can do a consolidated 1120s tax return boom so now i'm done chris i can do a my own w-2 this goes away i just got rid of a tax return now some of you may say well why didn't my cpa suggest that because your cpa gets paid less to suggest that or maybe your cpa didn't know so i want to recommend what's best for you in the long run because i know you'll come back i don't want to sell you extra crap you don't need my attorneys have heard from me over and over and my accountants over and over again recommend what's best for the client save them money and they'll come back and a river runs through it and that's how it works brad pitt so just throwing that out okay all right well don't go anywhere you must be present to win i'm gonna give away three more books four more books i don't know are we good okay financial freedom who's our winner vic just vic with a hand little hand high five vic on youtube email corey you got a book financial freedom cpa kenneth brenner kenneth bremmer hi mark hi kenneth you are a winner you are a winner today on friday june 17th 2021 you are a winner you can put that in your journal tonight when you're journaling what your cpa is it the 18th damn it it's the 18th you weren't a winner on the 17th you're a winner on the 18th okay jackson legal playbook first von bersie with an f he's the band max vaughn max called you out you are a winner because of max so give him a shout out tell him thanks max said vaughn you are winning make sure you email corey at markjackholder.com give him your contact info he'll hook you up uh and in eight steps the grand prize winner another 99 workbook i'm getting too crazy today giving away way too much crap sheila mcdaniel sitting in her pretty couch out on a green field i did that once sheila i did a post i took a piece of crap couch your couch looks great and i put it out in a field of wheat here in idaho because there's lots of fields of wheat and we did a pitcher you guys remember that wow i just dropped my pen sheila you're awesome don't drop your pen you're going to lose it in that field you're sitting in okay everybody hey i want to say thanks please next week thursday at 4 o'clock set your calendar four o'clock mountain i'll be right here back on youtube and facebook live maybe i won't be giving away as much stuff but i will be answering your questions if i can talk allison and max and anyone else in the law firm to come over and help answer questions we'll be here thank you so much everybody keep keep working hard work on your strap plan work on your trifecta have the day job have the security and have a part-time job sometimes clients come to me and go i quit my job to start a business i go whoa go get a job don't put so much pressure on your business to succeed have a balance until your business is strong enough to support you too many people put too much pressure on their business don't do it your business is like no don't do that no take your time it's not a get rich quick scheme your journey is different than my journey your journey is different than max's or allisons or jacks we all have a different journey it's okay it's not a race it's a journey get your water bottle get your backpack start walking and take a break once in a while and smell the flowers look up at the sky everybody keep living the dream appreciate you i'll see you next week thursday at 4 please subscribe get your four book combo with the special and get the estate plan done get this crap together get your stuff organized the more organized you are the more successful you'll be see you next week i'm going to turn on some van halen now your s-corp is not bigger

Channel: Mark J Kohler

Views: 9,686

Keywords: Mark J Kohler, Covid, Mark Kohler, Small Business, Strategies for Building Your Business in the Wake of COVID, covid-19, Estate Planning, Estate, Self Employment Tax, Tax Savings, Saving your money, Building Your Business, Wake of COVID, covid 19 vaccine, covid 19, Building your small business, Building your small business correctly, Save on taxes while building your business

Id: UdsUjyZ-udA

Length: 59min 54sec (3594 seconds)

Published: Fri Jun 18 2021