Mark J. Kohler
speaker
651 appearances
4 recordings
3 series
first heard Apr 2019
last heard 10 Jul
Mark J. Kohler’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
I think, okay, I'm good. This is hard hitting people that don't make a lot of money. don't want to look in the mirror and own that, whether it's lack of determination, laziness, or just knowledge. They'd rather blame or put this wealthy person in a box and say, oh, they're unethical and bad, rather than look in the mirror and go, you know what? I could learn a few things.
I could freaking, maybe I'm not going to watch TV every night for three hours and I'm going to learn how to digitally market online. Or I'm going to this weekend, I'm going to drive Uber for seven to eight hours and take that money and go buy a rental property next year. I mean, can we get off our ass and do something rather than blame the rich for being determined?
You just hit the word I wanted to say. I got to dive in here because this is exactly the word you said. The tax code, people, everybody, this is so, so important. You want to get theoretical. The tax code is built
to motivate people to do things get married pay less tax a married couple will pay less tax than a single or married filing separate go put handicap access in your business get a tax credit go buy a solar water heater this whatever or efficient water heater at home depot get a tax credit go buy an electric vehicle get a tax right go buy real estate and help
Others have affordable housing, take depreciation. Go do this. Go do that. The tax code, all you're doing is using it to help America get better, and we'll give you a tax break. You get a tax break for doing good things to help the economy, and that's the mind shift. The rich are figuring out, hold on, I can make money doing this, save tax, and make Main Street America better?
Holy shit, sign me up.
Yeah. There's another classic one right now. It's the oil and gas tax credit, and there's depletion credits and all this. If you want to go drop at any income level, you don't have to be materially participating. You don't have to be Quit your day job. There's funds you can invest in for oil and gas royalties, depletion, exploration.
and invest $100,000 and probably get a $90,000 tax write-off, make cash flow, and resell it for $150,000 four years from now. The government needs drillers to go get natural gas and oil in the United States on U.S. soil, and we'll give you a tax credit, and all of a sudden your effective tax rate goes from 25% down to 10%. You're making money. You're helping America be self-dependent.
Okay, stop is first.
Yep, yep. From an accountant. Stop thinking. Okay, here it is. It's a mindset thing. It's going to be easy. I got a few others, but stop thinking you're going to find an accountant to do all of this for you. Stop thinking that, oh yeah, as soon as I find that accountant, I don't have to worry about this anymore. I'm going to find that perfect accountant that speaks Mark Kohler.
And by the way, I got a network of a thousand accounts around the country and growing that speak Mark Kohler. But you're not going to find someone that's going to care as much about your finances and future than you. Now you need a good accountant. They're your first mate, but where are you steering the ship? Are you do understand what strategies they're doing?
Are you understanding what structure you are and why you don't have to know how to do an effing tax return people, but you need to know what numbers are on it and how to read it. A rich person knows their tax return. So you just start doing what rich people do. It's super easy. And they work with their advisor.
They don't have an account that just plugs all that crap in and you pick it up two months later. They have meetings with their accountant throughout the year, at least quarterly, and going, hey, I'm going to do this. I'm going to do that. I'm going to start that. I'm going to sell this. And it's synergistic. So stop thinking you're going to hire someone to take all of this off your plate.
You're taking the number one thing you should be doing and thinking you're going to delegate it. It doesn't work.
Yep. I love it. And you lead right into my second point, and it's so easy, people, this mind shift change. So number one, you're not going to delegate away this tax and legal topic, although you're going to build a team. So I love the way you said that, CEO of that team. What you are going to do, that's a little different though, is I need you to treat your side hustle, your business,
like a business. We've got to start knowing there's a set of books. There's a methodology here. I've got to put in tax deposits. I've got to be engaged in the process. So many people that have a side hustle, they get this mysterious 1099 from selling something on, you know, they got a 1099 from... Etsy or eBay or whatever. They're getting a little 10 a.m.
for side hustle somewhere and they see it as a burden. No, no, no. That's a business. Treat it like that. Treat your rental property like a business. When you start to treat your operation like a business, you're It now starts to work for you. And the profit from it can be redeployed into assets that work for you while you're asleep. And that money can be used to expand and scale.
But if you don't treat your business like a business, it does you no good. It's just a noose around your neck.
No, totally. And you said this at the very beginning of your show. You want to give actionable items. Okay, let me give you some actionable. All of you, at the very least, should have a spreadsheet where you track all of your expenses. Number two, use a credit card or debit card exclusively for your business. If you've got an Amex, use it for business. Use your Visa for personal.
Try to start separating your accounting. If you're using QuickBooks online or some of the easy software platforms, great. But just start tracking your expenses. You don't know if they're a write-off or not, but if you don't track them, you can't meet with your accountant at the end of the process and carve out the ones that will really work for you. Bad bookkeeping loses money.
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