#520 83 Minutes Of Tax Advice That Will Save You Thousands

Main Street Business

In this episode of the Main Street Business podcast, host Mark J. Kohler unpacks the top 5 strategies that can change the way you think about money. Learn about IRS rules for cryptocurrency, why side hustles are more than just extra cash, and the benefits of retirement accounts like Roth IRAs and the Mega Backdoor Roth strategy.

Here are some of the highlights:

• Mark points out how the IRS received $80 billion to enforce more audits and tracking.
• Mark maps out the three ways cryptocurrency is taxed: selling for USD, trading for another crypto, using for purchases.
• The significance of side hustles and how essential they are for saving taxes and building wealth.
• Importance of choosing the right side hustle and developing a business plan.
• Determining capital needs and structuring the business (sole proprietorship or LLC).
• The top 10 write-offs for side hustles.
• Explanation of the 'backdoor Roth IRA' strategy for high-income earners.
• Introduction to self-directed IRAs and their potential for higher returns.

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1. Crypto Taxation Strategies for Business Owners (00:00:00)

2. Debt Management Strategies for Financial Success (00:15:03)

3. Debt Repayment and Wealth Building (00:18:08)

4. Building Wealth Through Side Hustles (00:31:19)

5. Developing and Launching a Side Hustle (00:38:51)

6. Maximizing Side Hustle Tax Write-Offs (00:49:15)

7. Maximizing Tax Write-Offs for Business (00:56:28)

8. Maximizing Wealth With Backdoor Roth IRA (01:05:36)

9. Maximizing Roth IRA Contributions for Wealth (01:18:44)

10. Investment Strategies for Roth IRA (01:23:01)