One of our most popular courses by far, CPA/Attorney Mark Kohler will blow your mind with new strategies for maximizing your cashflow by minimizing what you pay in taxes. Be prepared and protected! This course covers planning, protection, deductions, entities and assets. Learn everything from the foundational tax and legal strategies, to determining how and when you should form a business, and how to turn that business into a cornerstone of your wealth management program. Learn how to legally move from taking 5-15 typical deductions to taking advantage of over 450 expenses and deductions as a business owner. Small business drives more than 70% of the US economy, as a small business owner you are entitled to take advantage of many of the same (and often more) tax strategies than Big Business. Isn’t it your turn to pay less and spend more? Over two days you will explore how to legally pay your children, how to maximize contributions to retirement accounts, how to protect your assets for the long term, and learn why everyone needs to buy at least one investment property per year. High energy and high impact, Mark will show you how he manages his cashflow to pay the US government as little as possible and how you can too. Discussions will include small business basics, choice of entity and options, rental real estate and advance sale of property tax strategies, and asset protection. Sit back, hold on and take notes, as Mark shares over 100 individual strategies for wealth accumulation and investing success.
Tax & Legal Class Day 1 Segments
This Pre-Assessment is to raise awareness of your current knowledge level and give you a glimpse of the information covered in this course.
02 INTRODUCTION- MARK KOHLER
Mark Kohler, a CPA and Tax Attorney, introduces the topic of his course, which impacts each and every real estate investor and small business owner. He also shares his background and the books he has authored.
03 CLASS GOALS AND OBJECTIVES
Though six goals and eight objectives are presented, the most important part is to support class members in their pursuit of “The American Dream.”
04 SMALL BUSINESS BASICS AND HOT WRITE-OFFS
Setting the tone for the next two days, Mark shares the two common characteristics of his wealthy clients. He also shares an important concept taken from a popular Hollywood movie.
05 DAY JOB AND GOAL SETTING
Good parts of the day job, including security and health benefits, and the perks of entrepreneurship. Mark gives the class a challenge to determine their ideal scene in ten years.
06 HOW TO GROW OR START A BUSINESS
Advisers and plans are two of the vital components discussed that are part of beginning and growing a business. The business plan is the focal point of this segment.
07 STRATEGIC PLAN
Mark dives into the important aspects of the strategic plan and how to create a daily/weekly “Battle Plan.”
08 8 STEPS TO START A BUSINESS
The necessary steps begin with concept design and continue through several important topics to end with legal procedures moving forward.
09 NUMBER 1 TAX STRATEGY
The number one tax strategy is opening a small business, and Mark explains why and how this works.
10 START-UP COSTS AND POTENTIAL DEDUCTIONS
Mark discusses the best way to write off start up costs and he addresses questions from the class on the topic.
There are three types of dining, which are all compared and explained in detail, with emphasis on what is or is not usable as a tax write-off.
Can you use fun team-building activities as tax write-offs? Find out as Mark covers the requirements for business entertainment and events.
Many of the expenses involved in business travel can be write-offs, but you need to know the limitations and regulations, which are discussed in this segment.
14 HOME OFFICE
Determine whether you should use the tradition option or the simplified option for your home office tax write-off.
Mileage and ownership are two of the distinctions you need to understand when writing off your automobile expenses. Mark covers these and other details that may affect your taxes.
16 CHOICE OF ENTITY AND OPTIONS
What type of business should you have, and what are the factors that you need to know to make the best decision for your situation?
17 CHOICE OF ENTITY AND OPTIONS: SOLE-PROP AND C-CORP
The benefits and drawbacks of Sole Proprietorship are explained as well as the importance of registering your business in the right state. C- Corp is also covered briefly.
18 CHOICE OF ENTITY AND OPTIONS: S-CORP
The ins and outs of an S-corp are discussed, and the options of keeping an S-corp to manage other businesses, such as an LLC.
19 CHOICE OF ENTITY AND OPTIONS- LLC
LLCs can be used for holding, for an S-Corp and for partnerships. Mark explores how these options affect your business and taxes.
20 PAYROLL MATRIX
The Kohler “Payroll Matrix” is explained and class questions are addressed to clarify information covered so far.
21 BOOKKEEPING BASICS- THE BEST TOPIC OF THE DAY
This is the nutrient-dense portion of the day, an absolute must for every business owner. Mark points out five mistakes you can avoid.
22 RENTAL REAL ESTATE
Learn the four benefits of owning rental property, and how it can be a great long-term investment.
23 RENTAL TAX BENEFITS
Find out how, even if a rental is losing money on paper, it can be a source of profit through tax benefits.
24 CASH FLOW
Mark addresses the cash flow aspect of rental property tax benefits.
25 REAL ESTATE PROFESSIONALS
Know the requirements for being a real estate professional, and increase your understanding as questions from the class are answered on a variety of rental/tax related topics.
26 SALE PROPERTY STRATEGIES
Seven strategies are revealed and clarified, and 1031 Exchanges are introduced.
27 PAYING FAMILY MEMBERS
Mark discusses the benefits (tax and otherwise) of paying family members for their work, and covers the unique perks of paying people less than 18 years of age.
28 PAYING FAMILY MEMBERS- HEALTHCARE STRATEGY
Techniques for saving money on your health care costs while paying family members who are 18 years or older.
29 PAYING FAMILY MEMBERS- GRAND KIDS
Learn the secret to legally paying grandchildren, as well as nieces and nephews, so they have income and you have a tax write off.
30 ASSET PROTECTION FROM BUSINESS OPERATIONS AND FOR ASSETS
Why own different LLCs in different states and why does the name matter? Mark answers these questions and more from class members.
31 COPE ENTITY
Understand the purpose of Charging Order Protection Entity to better determine if it’s a good choice for you.
32 MAINTAINING YOUR ENTITY
Five simple steps are presented to help you maintain the corporate veil and protect your investments.
33 INVESTING WITH OTHERS
Investing with others can increase risk, but Mark provides a checklist to protect the parties involved and ensure that you make the best choices possible.
34 GOAL OF ASSET PROTECTION
Know the steps you can take to minimize the chances of possible legal losses. This segment discusses how to protect your business and your personal residence.
35 ASSET PROTECTION CONTINUED
Automobiles are another asset for which protection is essential. A quick review of Drawbridge and Castle strategies is given as day 1 is wrapped up.
This Post-Assessment is to measure your increased knowledge and see how much information you have retained from the course.