The Tax and Legal Playbook Game Changing Solutions to Your Small Business Questions 1st Edition by Mark Kohler 161308305X 9781613083055

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Product details:

ISBN 10: 161308305X 

ISBN 13: 9781613083055

Author: Mark J. Kohler

CPA and A ttorney Mark J. Kohler answers the leading tax and legal questions facing small business owners, across all stages of business, and delivers a comprehensive playbook of clear-cut truths, thought-provoking advice, and underutilized solutions to save you time, money, and heartache.

You can read this book straight through or as a reference guide—reading the chapters as needed to answer the questions as they arise. You’ll come away wiser and better equipped to make the best decisions for your business, your family, and yourself.

Covers:

• The ins and outs behind fundamental business decisions
• Underutilized tax and legal strategies that can save you thousands
• Picking the right legal entity for your business
• Common legal scams and deceptions to avoid
• Protecting your assets and planning for retirement
• Issues are illustrated with entertaining, real-world examples

Table of contents:

PART 1: PRE-SEASON PLANNING
CHAPTER 1: YOUR GAME PLAN FOR SUCCESS
Six Characteristics for Success
Game Plan Takeaway and Action Items

PART 2: GETTING THE MOST FROM YOUR BUSINESS ENTITY
CHAPTER 2: SOLE PROPRIETORSHIPS
Examine Your Business Needs
Game Plan Takeaway and Action Items
CHAPTER 3: LIMITED LIABILITY COMPANIES
Three Major Reasons to Use an LLC
Series LLCs
LLC FAQ
Game Plan Takeaway and Action Items
CHAPTER 4: S CORPORATIONS
Reasons to Choose an S Corporation
S Corporation Tax Abuse
Choosing the Proper Payroll Level
The Future of S Corporations
Avoiding the Affordable Care Act Tax
S Corporation FAQ
Game Plan Takeaway and Action Items
CHAPTER 5: C CORPORATIONS
When the C Corporation Makes Sense
Myths about C Corporations for Small-Business Owners
Finding Trustworthy Advisors
Game Plan Takeaway and Action Items
CHAPTER 6: BUILDING CORPORATE CREDIT
What Is Corporate Credit?
The Relationship Between Your Personal Credit Score and Corporate Credit
Seven Steps to Build and Improve Your Personal Credit Score
Eight Steps to Build Corporate Credit
Seven Devastating Mistakes to Avoid When Building Corporate Credit
Game Plan Takeaway and Action Items
CHAPTER 7: MAINTAINING AND PROTECTING THE CORPORATE VEIL
Four Ways the Corporate Veil Can Be Pierced
Corporate Veil FAQ
Game Plan Takeaway and Action Items

PART 3: GAME-WINNING TAX STRATEGIES
CHAPTER 8: THE SMARTEST SMALL-BUSINESS TAX DEDUCTIONS
Write-Offs and Strategies
Home Office Deduction
Don’t Be Too Aggressive
Hobby Loss Rules
Game Plan Takeaway and Action Items
CHAPTER 9: WISE HEALTH-CARE STRATEGIES
The KohlerCare Strategy
Game Plan Takeaway and Action Items
CHAPTER 10: HIRING FAMILY MEMBERS FOR TAX SAVINGS
Paying Children Who Are Under 18
Paying Children 18 and Older
Paying Grandchildren
Hiring Your Family FAQ
Game Plan Takeaway and Action Items
CHAPTER 11: BUYING RENTAL PROPERTIES
Is Real Estate for Everyone?
Ten Steps to Purchasing Your First Rental Property
Four Benefits of Owning Rental Property
Rental Real Estate FAQ
Game Plan Takeaway and Action Items
CHAPTER 12: THE IMPORTANCE OF BASIC BOOKKEEPING
Start with Separate Accounting
Adopt an Accounting System
Get Help Implementing Your Accounting System
Bookkeeping FAQ
Game Plan Takeaway and Action Items
CHAPTER 13: AVOIDING AN AUDIT
12 Ways to Stay on the Good Side of the IRS
Game Plan Takeaway and Action Items
CHAPTER 14: TAX-SAVING STRATEGIES FOR SELLING PROPERTY
Option 1: Pay the Capital Gains Tax
Option 2: Installment Sale
Option 3: Like-Kind/1031 Exchange
Option 4: Charitable Remainder Trust
Game Plan Takeaway and Action Items

PART 4: PROTECTING YOUR ASSETS
CHAPTER 15: AFFORDABLE AND BASIC ASSET PROTECTION STRATEGIES
Asset Protection Myths
Basic Asset Protection that Works
Game Plan Takeaway and Action Items
CHAPTER 16: PRIVACY MEASURES VS. HIDING ASSETS
Reasons to Implement a Privacy Plan
Four Stages of Asset Protection
Going Offshore
Game Plan Takeaway and Action Items
CHAPTER 17: PROTECTING YOUR HOME FROM A LAWSUIT
Six Ways to Protect Your Home in a Lawsuit
Game Plan Takeaway and Action Items
CHAPTER 18: ASSET PROTECTION IN MARRIAGE AND DIVORCE
Who Owns What?
The Risk of Commingling
Rules in a Community Property State
Division of Property in Common Law States
Creating a Valid Marital Agreement
Marital Agreements and Asset Protection
Estate Planning and Marital Planning
Using Irrevocable Trusts to Avoid Marital Planning
Game Plan Takeaway and Action Items
CHAPTER 19: CUTTING-EDGE ASSET PROTECTION STRATEGIES
Review Your Assets and Potential Risks
Charging Order Protection Entities
Foreign Charging Order Protection Entities
Domestic Asset Protection Trusts
Retirement Plans
Game Plan Takeaway and Action Items

PART 5: THE PROPER APPROACH TO PARTNERS AND INVESTORS
CHAPTER 20: DOCUMENTING A PARTNERSHIP
Pre-Partnership Vetting and Documentation
Setting Up the Partnership
The Best Entity for a Partnership
Partnership Management Tips
Game Plan Takeaway and Action Items
CHAPTER 21: BRINGING ON INVESTORS
Investors vs. Silent Partners
Avoiding the SEC Investor Classification
The Crowdfunding Option
Game Plan Takeaway and Action Items

PART 6: PLANNING FOR THE NEXT SEASON
CHAPTER 22: RETIREMENT PLAN OPTIONS
Contribution Options
The Power of the Roth IRA and Roth 401(k)
IRA vs. 401(k)
Small-Business Solo 401(k) Plan
The “Back Door” Roth IRA
Retirement Account FAQ
Game Plan Takeaway and Action Items
CHAPTER 23: SELF-DIRECTING YOUR RETIREMENT FUNDS
Self-Directed IRA Basics
The IRA/LLC Structure
Buying a Future Retirement Home with Your IRA
UDFI and UBIT Taxes
Asset Protection for Self-Directed IRAs
Game Plan Takeaway and Action Items
CHAPTER 24: FAMILY TRUSTS AND ESTATE PLANNING
Avoiding Probate with a Revocable Living Trust
Estate Tax and the A-B Trust Strategy
Don’t Gift Property with a Low Tax Basis
Creative Provisions for Children
Disinheriting a Child
The Living Will/Health-Care Directive
Using an Estate Closer
Game Plan Takeaway and Action Items

EPILOGUE: POST-GAME WRAP-UP

PART 7: APPENDICES
APPENDIX A: HOMESTEAD EXEMPTION BY STATE
APPENDIX B: TENANTS BY THE ENTIRETY BY STATE
APPENDIX C: CHARGING ORDER PROTECTION ENTITIES (COPE) AND SERIES LLC BY STATE

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