A debut guide offers tips for those actively investing in real estate or considering the move to boost income and build wealth.
In this book, Han and MacFarland detail tax-saving strategies, stressing the need for proactive tax planning before any real estate investments are made and explaining why full and accurate record-keeping and documentation remain vital to business success. The manual covers how related expenses, such as traveling to view potential properties and catering at open house events, can be broadly defined but still legally deducted as long as they are an ordinary and necessary part of doing business. The correct way to establish and use legal entities such as Limited Liability Corporations and S Corporations to protect assets is also discussed. Furthermore, the authors address how investors can avoid the dreaded IRS audit and demonstrate why striving to become as audit-proof as possible is so important: “Unlike the U.S. criminal court system, which deems a person innocent until proven guilty, the IRS has a completely different viewpoint: the taxpayer is guilty until proven innocent.” Another section identifies the ways in which flipped properties are taxed differently than other real estate investments and what effect that has on individuals. The authors write in a friendly, engaging style, explaining complicated real estate tax and legal matters clearly and without condescension. Although some of the tax strategies outlined may sound familiar to investors, other information may be new. For example, the authors explain how an individual’s retirement account can be designated as self-directed rather than based on the stock market and then leveraged to finance property purchases. Their main points are underscored and enlivened by case studies describing the experiences of their clients who’ve made good and bad decisions in their real estate investments and the consequences that resulted. It’s not necessary to be a tax expert to follow the arguments in this guide, and the appended glossary of terms provides additional help.
Well-written, comprehensive advice and strategies detailing the whys, the hows, and the potential pitfalls of real estate investing.Pub Date: Feb. 18, 2016
ISBN: 978-0-9907117-6-6
Page Count: 210
Publisher: BiggerPockets
Review Posted Online: Feb. 15, 2017
Kirkus Reviews Issue: April 1, 2017
Review Program: Kirkus Indie
Categories: BUSINESS | MOTIVATIONAL & PERSONAL SUCCESS | PERSONAL FINANCE
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“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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SEEN & HEARD
An exploration of the importance of clarity through calmness in an increasingly fast-paced world.
Austin-based speaker and strategist Holiday (Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue, 2018, etc.) believes in downshifting one’s life and activities in order to fully grasp the wonder of stillness. He bolsters this theory with a wide array of perspectives—some based on ancient wisdom (one of the author’s specialties), others more modern—all with the intent to direct readers toward the essential importance of stillness and its “attainable path to enlightenment and excellence, greatness and happiness, performance as well as presence.” Readers will be encouraged by Holiday’s insistence that his methods are within anyone’s grasp. He acknowledges that this rare and coveted calm is already inside each of us, but it’s been worn down by the hustle of busy lives and distractions. Recognizing that this goal requires immense personal discipline, the author draws on the representational histories of John F. Kennedy, Buddha, Tiger Woods, Fred Rogers, Leonardo da Vinci, and many other creative thinkers and scholarly, scientific texts. These examples demonstrate how others have evolved past the noise of modern life and into the solitude of productive thought and cleansing tranquility. Holiday splits his accessible, empowering, and sporadically meandering narrative into a three-part “timeless trinity of mind, body, soul—the head, the heart, the human body.” He juxtaposes Stoic philosopher Seneca’s internal reflection and wisdom against Donald Trump’s egocentric existence, with much of his time spent “in his bathrobe, ranting about the news.” Holiday stresses that while contemporary life is filled with a dizzying variety of “competing priorities and beliefs,” the frenzy can be quelled and serenity maintained through a deliberative calming of the mind and body. The author shows how “stillness is what aims the arrow,” fostering focus, internal harmony, and the kind of holistic self-examination necessary for optimal contentment and mind-body centeredness. Throughout the narrative, he promotes that concept mindfully and convincingly.
A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.Pub Date: Oct. 1, 2019
ISBN: 978-0-525-53858-5
Page Count: 288
Publisher: Portfolio
Review Posted Online: July 20, 2019
Kirkus Reviews Issue: Aug. 15, 2019
Categories: GENERAL BUSINESS | PHILOSOPHY & RELIGION | SELF-HELP | BUSINESS | MOTIVATIONAL & PERSONAL SUCCESS
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