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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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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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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What’s the Best Way to Legally Structure Multiple Businesses?

There are advantages and disadvantages to structuring multiple business, and lots of ways to do it wrong. May 20, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Most entrepreneurs I know are driven, curious and never content with the status quo. These traits are probably why so many of them dabble in multiple ventures. A restaurateur may open a wine shop; a personal trainer may launch a line of fitness apparel. There’s always a new opportunity out there somewhere, and diversifying your income can be a sound strategy.  If you are running multiple businesses or thinking about starting a second one, you may be wondering what is the best approach for legally structuring each business: should you have separate corporations/LLCs for each one or a big umbrella company to hold them all? Are there any limits to the number of companies one person can form?  Generally […]

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This App Helps You Write Your Will On Your Terms

With this streamlined app, you won’t have to worry about expensive fees and complicated legal jargon in order to craft a binding will that will benefit your loved ones. May 13, 2019 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Nobody likes to think about the end of their life, but if you care at all about who inherits everything from your most prized possessions to your money, you should give it some consideration. But where do you start? Trust & Will is a service that claims to help you create a will in just 10 minutes. Right now, a lifetime subscription is available for more than 85 percent off at just $39. With this streamlined app, you won’t have to worry about […]

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Illinois Makes it Legal to Replace Opioids with Marijuana

The new law allows opioid users easier access to medical cannabis. September 14, 2018 3 min read Opinions expressed by Green Entrepreneur contributors are their own. For those who believe marijuana could prove a safe, effective alternative to opioids, they are about to get a major test case in the state of Illinois. Under a new law signed by Governor Bruce Rauner, doctors now can prescribe medical marijuana to patients who already have qualified for prescription opioid drugs such as OxyContin or Percocet. The reason is straightforward. Prescription opioids are considered by the Centers for Disease Control to play a large part in the current epidemic of drug overdoses. The total number of opioid-related deaths reached about 72,000 in 2017, according to the agency. In Illinois alone, almost 2,000 people died from an opioid overdose, according to the Chicago Tribune. Related: Report: CBD Market To Hit $22 Billion By 2022 Combatting […]

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SPI 307: Copyright Infringement and DMCA (with my Attorney)

What if someone copied your written content, online course, or digital products, and used them to make money? What would you do? How would you respond? This happens to me all the time, but it doesn’t have to weigh you down, and it doesn’t have to be difficult to respond. That’s why I invited Richard Chapo from SoCalInternetLawyer.com onto the show, my attorney of almost a decade, to answer these questions and give you practical strategies for responding to copyright infringement. This happens all the time; you may even be dealing with this right now. But even if you’ve never run into these issues, please listen closely. Stealing other people’s work on the internet is so easy these days, and it’s important to know how to handle these cases. It could easily happen to you, and once you reach a certain level with your business, it almost certainly will. Richard […]

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SPI 231: Attorney Roundtable: Money and Legal Considerations for Starting Out

In today’s episode, I’m digging deep into one of the murkiest, most mysterious territories for beginning business owners: the legal ins and outs of running a business. I see too many entrepreneurs abandon their great ideas thanks to legal confusion or copyright snafus, which is why I’ve brought two lawyers here today—Richard Chapo and Alena Herranen—to walk you through everything you need to know. Richard and Alena will answer the questions I hear you asking over and over, covering everything from trademark law and copyright infringement to affiliate marketing and content disclaimers. You’ll get actionable tips for improving the legal language on your website, finding business insurance, knowing when to seek out a lawyer for help, and a whole lot more. Get a pen ready—this is legal advice every entrepreneur needs to hear! Thanks for Listening! Thanks so much for joining me again this week. Have some feedback you’d like to share? Leave a note in the […]

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