Mark Kohler on Bulletproofing Your Wealth Between $250K–$1M+
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How can entrepreneurs legally pay less in taxes?
My name's Rudy Moore, host of Living the Red Life podcast, and I'm here to change the way you see your life in your earpiece every single week. If you're ready to start living the red life, ditch the blue pill, take the red pill, join me in Wonderland and change your life. What's up, everyone? Welcome back to another episode of Living the Red Life. Today, we're going to talk about some very important stuff that most entrepreneurs suck at. So you're going to want to tune in. Mark's here with me, the best-selling author, massive podcast, true expert at this, been doing it for many years. He's helped consult over 10,000 small business owners on tax strategies, which we're going to dive into.
What tax write-offs can you take that you didn’t know about?
His company, his firm, sets up a new LLC every 15 minutes. Yeah, this is the foundations of business, the most entrepreneur skit that's going to cost them probably hundreds of thousands, if not millions of dollars over their lifetime. So I wanted Mark on to come help you guys save a lot of money. And when you save it, it will remember me because you can send it my way. Mark, welcome to the show.
Rudy, thanks for having me. This is such an important topic. And I honor you for talking about the topics that are kind of people think are boring or complex. We're going to break it down.
Why should you set up an S Corporation?
I think these topics are boring just to open up until you start paying hundreds of thousands in taxes. And then you go, okay, I got to pay attention. It's kind of like your health. In your 20s, 30s, you don't worry, right? And then you start getting sick. Go to the doctors, get bad blood pressure. And he says, you're going to die early. And you go, okay, I got to worry about it now. So that's why we're here.
How can you legally pay your kids and save on taxes?
Yeah, it's funny. You go hang out at a dinner party and talk to rich people. They love to talk about tax strategies. They're like, oh yeah, I'm doing this. And oh, I'm doing this because that's what moves the needle. It's easier to save money than make money.
you know, especially once you get going, I think even my own journey, we've worked so hard as entrepreneurs to get the business off the ground, to start making money. And then we hit, you know, hopefully everyone in business hits this point where you reach way over the average salary. Now you're making way more than you spend to live. And you've got all this money mounting up.
What is the ultimate wealth hack combining real estate and business?
You want to invest it. You want to do something with it. You probably learned from books and podcasts that you shouldn't just sit in with millions in your bank account, right? You're trying to get it out, invest it. So if Let's dive in, right? We're going to talk about three or four advanced strategies to help small business owners with that tax strategy and being smart with their investments and stuff like that. So how do they start doing this? What's your experience? You want to start with an overview?
How can you write off travel, dining, and your home office?
Yeah. Well, it's funny you say that because my first tip and everybody, this is absolutely critical. We're going to go through four today and I'm going to freaking wow you. I want you guys making money today on this podcast. So the number one is captain your ship. So many people think as a small business owner, I'm like, oh, I'm going to find that perfect accountant. I'm going to find, and then I can just not worry about it. You know, I'll just find an accountant and then I'm all good. No, people, I was just talking to Rudy before the show and he's like, yep, I was teaching my accountant another strategy because he is engaged. I am engaged in learning about my situation, even though I serve thousands of clients.
Can you buy cows and crypto with your retirement accounts?
And so when you captain your own ship, you have the visual picture. I call it a trifecta. You've got a structure with your operations on the left, your assets on the right, and it all flows down into your 1040, your revocable living trust. Now, if I just said something that sounds weird to you, you're not capturing your ship. So make sure that you're learning cool strategies and you don't have to do them, but you have to be able to talk about them and make sure that your professionals are doing them. And if you're not, you're missing out because it is your ship. You get to decide where it goes. And if your first mate's not doing it, throw them over.
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Chapters
10 chapters
1
How can entrepreneurs legally pay less in taxes?
0:00–0:37
2
What tax write-offs can you take that you didn’t know about?
0:37–1:08
3
Why should you set up an S Corporation?
1:08–1:28
4
How can you legally pay your kids and save on taxes?
1:28–1:59
5
What is the ultimate wealth hack combining real estate and business?
1:59–2:26
6
How can you write off travel, dining, and your home office?
2:26–3:04
7
Can you buy cows and crypto with your retirement accounts?
3:04–3:36
8
What is the Mega Backdoor Roth and how does it work?
3:36–4:19
9
What should you ask your accountant if you make over $250k?
4:19–4:56
10
Should you file a tax extension this year?
4:56–24:15
Speakers
2 identifiedMore from Living The Red Life
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