In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen debunk five viral tax strategies that are often oversold and misunderstood. Here are some of the main points they discussed:
- The top five deceptive tax strategies: The QSBS 1202 strategy, setting up an entity in another state to avoid state tax, cost segregations, setting up a C corporation for a small business, and the overselling of life insurance.
- Insight into why these strategies often don't work for the majority of people, despite being pitched as universal solutions.
- Advice on seeking a second opinion from a non-salesperson before implementing any tax strategy.
- Thoughts on the importance of considering the credentials of those offering tax advice and ensuring they are licensed professionals.
- Practical guidance on what to do if you've already implemented one of these five strategies and find it isn't serving you well.
This is a must-listen episode for anyone who is navigating their tax strategies and wants to ensure they are making informed decisions!
