The Tax & Legal Playbook
Welcome to my The Tax & Legal Playbook book summary!
One-Sentence-Summary: An expansive guide for both individuals and small business owners covering many topics with a focus on taxes and legal liability.
booboo real-time book rating: ★★★★★ (percentage of books with this rating: 18%)
As you start to make more money and are able to save, start from the bottom (a traditional IRA which lets you save about $6,000 annually) and move up the tower only when your income level makes sense to enter into these more complex retirement savings schemes:
This blog contains both my summary and review of the book The Tax & Legal Playbook.
A tip for managing your credit history: pay a day or two before the credit card bill due date because your reported balance will be lower and the ratio between your balance and your total credit available is a factor.
Fun facts from The Tax & Legal Playbook by Mark J. Kohler:
- Schedule C/E/F small-business return are audited 12x more frequently than that of an S or C corp
- A Paydex score is the rating system for your business credit report.
- Consider Opportunity Zones for real estate investing. Lead more: https://www.cdfifund.gov/
- For a prenuptial or postnuptial agreement to be valid, both parties must consult with separate attorneys, disclose fully their assets and liabilities, and be given adequate time to consider the terms of the agreement.
- Or, consider an Irrevocable Trust.
You are reading my book review and summary by Mark J. Kohler. Be sure to check out my digital bookshelf for 100+ book summaries.
A quality estate plan typically cinldues:
- an RLT
- a will
- powers of attorney for finances and health care
- advanced medical directive or living will
- burial instructions
- directive for organ donation
- final instructions
Top three mistakes made by individuals completing their own estate plan: improper signatures and witnesses for wills, failure to fund the trust, and general forms that don’t address a unique situation.
Did you know I’m an author? I wrote four books on real estate investing, travel, and language learning.
Thanks for visiting and thanks to Mark J. Kohler for writing The Tax & Legal Playbook!
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