#474 Received a 1099…What next?

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide an in-depth discussion on the importance of effective tax planning for individuals with a side hustle or small business. They offer valuable insights into the process of reducing tax liabilities by taking legitimate expenses offered by the IRS.

Here's what you can look forward to:

• How to effectively reduce the income from a 1099 by deducting legitimate expenses.
• Debunking misconceptions about 'under the table' income, stressing that all income, regardless of how it's received, should be reported to prevent legal issues.
• Explanation of how to report income from a 1099 using Schedule C, and the importance of understanding your entity structuring.
• Detailed discussion on various write-offs like home office, auto, dining, travel, equipment, and supplies, and how to track and gather data for these expenses.
• Insights into other non-cash expenses that could be deducted, like hiring your kids in your business, and how this strategy can help reduce your taxable income.
• Overview of the next steps after reducing taxable income, which includes building tax-free or tax-deferred wealth through retirement accounts.

This episode is a must-listen for anyone operating a side hustle or small business, seeking expert advice on tax planning, and looking to maximize their deductions and overall tax savings.

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Free Resources

Mat Sorensen’s Optimal Order of Investing Guide
Learn how to prioritize where your money should go and build a smarter investing strategy.
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Mark J. Kohler’s 30-Point Tax Guide
Discover practical tax strategies and planning opportunities every business owner and investor should know.
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