Getting Your Feet Wet in the Rental Property Business

August 13, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books Thinking of buying rental property can be daunting and overwhelming. Where does one start? Over the years, I’ve developed and created the following 10 steps as a guide for my clients who are new investors. I hope this list serves as a starting point in your venture into owning and operating rental real estate. 1. Make a goal. Set a deadline to purchase your first rental, and stay committed. Let friends and family know your goal. Write it down, and set short, concise deadlines for conducting a property search and deciding, rather than having vague, open goals like, “Buy rental by X date.” However, make sure you set […]

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Hiring Your Children and Grandchildren

You can save money and teach the next generations smart money tactics if you hire them right. August 6, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books Let’s talk about the benefits (and some of the pitfalls) of hiring your children and grandchildren to work for your small business. Hiring children who are under 18 It’s important to follow the right procedures when hiring your kids who are under 18, or this strategy could backfire on you. Here are the pertinent facts and rules to follow when putting your minor children to work in the business. First, you don’t have to withhold any income taxes or payroll taxes. This also applies to workers’ comp as well as state […]

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The 7-Step Health Care Plan for Small-Business Owners

Discover how to maximize your health-care benefits, reduce costs and get tax benefits to boot. July 30, 2019 8 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books Over the past few years, I’ve created and implemented a comprehensive health-care strategy with hundreds of clients. My strategy involves using a coordinated attack of maximizing your health-care benefits, reducing costs and getting tax benefits to boot. It consists of seven steps: Minimize or avoid ACA taxes Choose the right type of insurance policy Deduct your health insurance correctly Use the Small Business Health Care Tax Credit Deduct your medical expenses strategically. Start a Health Savings Account (HSA) Understand Health Reimbursement Arrangements (HRAs) Whether you’re young or old, healthy or unhealthy, single or married […]

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The Most Forgotten Tax Deductions Business Owners Should Take

The most underused write-offs and tax deduction strategies entrepreneurs should consider July 23, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books When I review a client’s tax return, I always try to grab the low-hanging fruit first–simple, easy deductions that can quickly have a big impact on my clients’ bottom lines. Here’s my power list of the most underused write-offs and tax deduction strategies business owners should consider: Technology, Electronic Equipment, and Supplies Electronics, tech, and supplies can be big write-offs. You can write off your phones, computers, laptops, drones, cameras, iPads, speakers, video cameras, and any equipment or supplies used for your business. These expenditures can be critical to running a business, and most of them can […]

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Don’t Be Fooled by These C Corp. Fairy Tales

There are three myths advisors use to sell entrepreneurs on the value of C Corp., but you won’t find a happily ever after here. July 16, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books In my opinion, the C corp is one of the greatest pitfalls in tax planning for the small-business owner, and it astonishes me how many lawyers promote it. If they want to sell setting up a new corporation, that’s fine. However, I wish they’d sell the S corp, which might actually help people achieve their business goals. Essentially, there are three myths used to sell entrepreneurs C-corp packages they don’t need: The myth of extra tax deductions The myth of lower corporate tax rate […]

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How to Protect Your Money from Getting Eaten by Health-Care Costs #FinancialFreedom

Here’s a nuts-and-bolts plan for protecting your savings from high health-care costs. February 21, 2018 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound The cost of health-care related expenses, from insurance to prescription drugs to out-of-pocket copays, is out of control and can eat up our wealth as fast as we make it. Fortunately, there are some things we can do to prepare and insure ourselves against catastrophic health-care costs during our lives. Following are three bedrock strategies to writing off all your health care. Health Savings Account (HSA) The Health Savings Account is one of the most powerful pieces of a well-designed health-care strategy. It includes saving money, saving taxes, building a tax-free […]

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Why Life Insurance Has to Be Part of Your Wealth-Building Plan #FinancialFreedom

The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound Every day, life insurance companies pay death benefits to the beneficiaries of their policies, providing them with needed and certainly welcome funds. In essence, life insurance provides leverage: You pay a relatively small amount of money to the insurance company in the form of a “premium,” and the insurance company will provide a guaranteed payout of a relatively large amount of money upon the death of the insured. While there are thousands of different life insurance plans available, they all fall into two categories: term and permanent insurance. Term, as the name implies, provides a benefit for a fixed period of time; 10 years, 20 years, and so on. Permanent insurance is in place for life. Term […]

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