Main Street Business

#563 Open Forum - HSA's, Picking a CPA, Venmo & More


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Feb 11 2025 44 mins  
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In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen answer your top tax and legal questions. From choosing the right tax advisor (without overpaying for empty credentials) to navigating HSAs, S corp taxation, and solo 401(k) limitations—this episode is packed with practical strategies to keep your business and investments in top shape. Plus, they break down how their Crypto IRA can help you leverage cryptocurrency in your retirement portfolio.

Here are some of the highlights:

  • Mark discusses the importance of choosing a good tax advisor and the potential pitfalls of high fees without proper credentials.
  • Mat clarifies the difference between an HSA account and an HSA-qualifying insurance plan, emphasizing that the account can be set up anywhere, including with Direct IRA.
  • Mark and Mat cover the benefits of self-directing an HSA account, including the ability to invest in various assets like crypto, real estate, and private companies.
  • Upcoming changes in 2025 regarding 1099-K forms for payment apps like Cash App and Venmo.
  • A workaround involving picking up FICA wages on a Schedule C and ensuring proper documentation on the 1120-S form.
  • The challenges of setting up an IRA LLC for buying crypto and recommends using the Crypto IRA product instead.
  • The process of transferring funds from a retirement account to a Gemini account for buying and selling crypto.
  • Mark and Mat encourage listeners to invest time in finding the right professional team for their business, including accountants and lawyers.
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