The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions

The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions

by Mark J. Kohler

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Product Details

ISBN-13: 9781599185613
Publisher: Entrepreneur Press
Publication date: 04/28/2015
Pages: 224
Sales rank: 66,936
Product dimensions: 5.90(w) x 8.90(h) x 0.90(d)

About the Author

Mark J. Kohler, M.Pr.A., C.P.A., J.D., is a best-selling author; national speaker; radio show host; writer and video personality for Entrepreneur.com; real estate investor; senior partner in the law firm, Kyler, Kohler, Ostermiller and Sorensen, and the accounting firm of Kohler and Eyre, CPAs. Mark is a personal and small business tax and legal expert, who helps clients build and protect wealth through wealth management strategies, and business and tax remedies often overlooked in this challenging, ever-changing economic climate. His seminars have helped tens of thousands of individuals and small business owners navigate the maze of legal, regulatory and financial laws to greater success and wealth. He lives in Ladera Ranch, CA.

Table of Contents

Acknowledgments xv

Introduction: Business Planning with Game Plans xvii

Building and Implementing a Game Plan xix

What You'll Learn in This Book xx

How to Read This Book xxi

Part I Pre-Season Planning

Chapter 1 Your Game Plan for Success 3

Six Characteristics for Success 4

Game Plan Takeaway and Action Items 9

Part 2 Getting the Most from Your Business Entity

Chapter 2 Sole Proprietorships 13

Examine Your Business Needs 14

Game Plan Takeaway and Action Items 20

Chapter 3 Limited Liability Companies 23

Three Major Reasons to Use an LLC 25

Series LLCs 29

LLC FAQ 31

Game Plan Takeaway and Action Items 33

Chapter 4 S Corporations 35

Reasons to Choose an's Corporation 36

S Corporation Tax Abuse 38

Choosing the Proper Payroll Level 39

The Future of's Corporations 40

Avoiding the Affordable Care Act Tax 41

S Corporation FAQ 42

Game Plan Takeaway and Action Items 43

Chapter 5 C Corporations 45

When the C Corporation Makes Sense 46

Myths about C Corporations for Small-Business Owners 47

Finding Trustworthy Advisors 53

Game Plan Takeaway and Action Items 53

Chapter 6 Building Corporate Credit 55

What Is Corporate Credit? 56

The Relationship Between Your Personal Credit Score and Corporate Credit 56

Seven Steps to Build and Improve Your Personal Credit Score 57

Eight Steps to Build Corporate Credit 60

Seven Devastating Mistakes to Avoid When Building Corporate Credit 61

Game Plan Takeaway and Action Items 63

Chapter 7 Maintaining and Protecting the Corporate Veil 65

Four Ways the Corporate Veil Can Be Pierced 67

Corporate Veil FAQ 70

Game Plan Takeaway and Action Items 72

Part 3 Game-Winning Tax Strategies

Chapter 8 The Smartest Small-Business Tax Deductions 75

Write-Offs and Strategies 76

Home Office Deduction 81

Don't Be Too Aggressive 83

Hobby Loss Rules 83

Game Plan Takeaway and Action Items 83

Chapter 9 Wise Health-Care Strategies 85

The KohlerCare Strategy 86

Game Plan Takeaway and Action Items 96

Chapter 10 Hiring Family Members for Tax Savings 97

Paying Children Who Are Under 18 99

Paying Children 18 and Older 100

Paying Grandchildren 101

Hiring Your Family FAQ 102

Game Plan Takeaway and Action Items 103

Chapter 11 Buying Rental Properties 105

Is Real Estate for Everyone? 107

Ten Steps to Purchasing Your First Rental Property 108

Four Benefits of Owning Rental Property 110

Rental Real Estate FAQ 113

Game Plan Takeaway and Action Items 114

Chapter 12 The Importance of Basic Bookkeeping 115

Start with Separate Accounting 116

Adopt an Accounting System 117

Get Help Implementing Your Accounting System 119

Bookkeeping FAQ 121

Game Plan Takeaway and Action Items 122

Chapter 13 Avoiding an Audit 125

12 Ways to Stay on the Good Side of the IRS 126

Game Plan Takeaway and Action Items 130

Chapter 14 Tax-Saving Strategies for Selling Property 133

Option 1 Pay the Capital Gains Tax 135

Option 2 Installment Sale 136

Option 3 Like-Kind/1031 Exchange 136

Option 4 Charitable Remainder Trust 139

Game Plan Takeaway and Action Items 141

Part 4 Protecting Your Assets

Chapter 15 Affordable and Basic Asset Protection Strategies 145

Asset Protection Myths 146

Basic Asset Protection that Works 148

Game Plan Takeaway and Action Items 152

Chapter 16 Privacy Measures vs. Hiding Assets 155

Reasons to Implement a Privacy Plan 157

Four Stages of Asset Protection 161

Going Offshore 166

Game Plan Takeaway and Action Items 166

Chapter 17 Protecting Your Home from a Lawsuit 169

Six Ways to Protect Your Home in a Lawsuit 171

Game Plan Takeaway and Action Items 176

Chapter 18 Asset Protection in Marriage and Divorce 177

Who Owns What? 179

The Risk of Commingling 180

Rules in a Community Property State 181

Division of Property in Common Law States 181

Creating a Valid Marital Agreement 182

Marital Agreements and Asset Protection 183

Estate Planning and Marital Planning 183

Using Irrevocable Trusts to Avoid Marital Planning 184

Game Plan Takeaway and Action Items 184

Chapter 19 Cutting-Edge Asset Protection Strategies 187

Review Your Assets and Potential Risks 189

Charging Order Protection Entities 190

Foreign Charging Order Protection Entities 191

Domestic Asset Protection Trusts 192

Retirement Plans 195

Game Plan Takeaway and Action Items 197

Part 5 The Proper Approach to Partners and Investors

Chapter 20 Documenting a Partnership 201

Pre-Partnership Vetting and Documentation 202

Setting Up the Partnership 203

The Best Entity for a Partnership 206

Partnership Management Tips 207

Game Plan Takeaway and Action Items 209

Chapter 21 Bringing on Investors 211

Investors vs. Silent Partners 213

Avoiding the SEC Investor Classification 214

The Crowdfunding Option 218

Game Plan Takeaway and Action Items 220

Part 6 Planning for the Next Season

Chapter 22 Retirement Plan Options 225

Contribution Options 227

The Power of the Roth IRA and Roth 401(k) 228

IRA vs. 401(k) 229

Small-Business Solo 401(k) Plan 231

The "Back Door" Roth IRA 233

Retirement Account FAQ 235

Game Plan Takeaway and Action Items 236

Chapter 23 Self-Directing Your Retirement Funds 239

Self-Directed IRA Basics 241

The IRA/LLC Structure 243

Buying a Future Retirement Home with Your IRA 244

UDFI and UBIT Taxes 245

Asset Protection for Self-Directed IRAs 246

Game Plan Takeaway and Action Items 247

Chapter 24 Family Trusts and Estate Planning 249

Avoiding Probate with a Revocable Living Trust 251

Estate Tax and the A-B Trust Strategy 251

Don't Gift Property with a Low Tax Basis 253

Creative Provisions for Children 255

Disinheriting a Child 256

The Living Will/Health-Care Directive 256

Using an Estate Closer 258

Game Plan Takeaway and Action Items 260

Epilogue: Post-Game Wrap-Up 261

Part 7 Appendices

Appendix A Homestead Exemption by State 269

Appendix B Tenants by the Entirety by State 275

Appendix C Charging Order Protection Entities (Cope) and Series LLC by State 279

Index 285

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The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions 5 out of 5 based on 0 ratings. 1 reviews.
NatoshaM More than 1 year ago
Terrific! book for small business and large. I needed this because of my interest to stat my own business and have no ideas bout the taxes and legal issues. So this book really helped me understand everything and now I'm not fearing or have to be scared for any issue on taxes that may come up!