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
