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Loopholes of the
Rich
Loopholes of the Rich will reveal how to control how much
tax you pay and when you pay it, condense 500,000+pages of IRS Tax law into 3
easy rules that keep money in your pocket and how to find the right business
structure for your business to pay less tax and protect what you
have.
Author: Diane Kennedy, C.P.A.
ISBN: 0-446-67832-5
Buy Loopholes of the
Rich
Book Description: Loopholes of the Rich helps Americans
from all walks of life use the same tax loopholes that the wealthy use to lower
their tax bill. With this handy guide, you wont need an accountant to find
quick and easy ways to pay less. And theres nothing unethical about these tax
loopholes. In fact, the government wants you to take advantage of them! These
tax-reducing tactics and strategies can give you the freedom to save for your
familys future or for your own financial independence. Plus, youll find a handy
checklist of more than 300 business deductions, real-life tax strategy
examples, useful sample forms, explanations of IRS codes and rules, and much
more.
Synopsis: In easy-to-follow and straightforward language, this
guide teaches business owners how to pay only those taxes which are due to the
government - and save the rest. By learning the rules that the wealthy play by,
business owners can take advantage of legal tax deductions to cut their annual
tax payments.
Solid, Simplified Advice for U.S. Investors!, July 19,
2004
Reviewer: Donald Mitchell from a happy Patriots fan in Boston
Review Summary: The hardest thing for you to find is simple advice
about which financial structure to use in the U.S. for self-employment and
small business activities and how to balance cutting taxes, having flexibility,
and avoiding asset exposure. This book is the best simple version of how to do
all of this I have seen. You will obviously need experts to help you do your
planning to match your needs, but this book will prepare you to work
knowledgeably with those experts. Over a career as a small business owner, this
book may be the most valuable one you will ever read.
Review: I am a big
fan of Rich Dad, Poor Dad and wrote a review of that book that caused me to get
a lot of e-mails asking tax-related questions. I am delighted to see this book
because it means that those who wonder how developing passive income can cut
taxes can start to understand why that occurs.
"Loopholes . . . are
government incentives." For many years, Congress has provided tax incentives to
encourage certain kinds of business development and investing. As a small
business owner, you have the opportunity to benefit from some of those
incentives, legally and morally.
This book will be most valuable for
those who know little about the structure of the income-tax code and
regulations, how property is protected against legal suits, and ways of
creating financial flexibility. The tools you can use differ from year to year,
as the rules change. This book is good for explaining the general concept of
how these rules usually work. It also tells you what kinds of advice and
expertise you need from others. Most people don't know where to start, and this
book gives you a step-by-step process to assess where you are today, get the
resources you need to help, evaluate a potential strategy, create a plan to
implement a strategy, and monitor how well your strategy is working and whether
you need to make any changes or not.
There is a tendency for popular
books about business and investing to overpromise what can be accomplished. I
thought that Ms. Kennedy avoided that problem. Based on my understanding of
these issues, she describes things accurately and appropriately. When she gets
into more problematical areas like VEBA, her cautions are well-stated and
complete. I have heard many people try to explain these concepts simply, and
her explanation is the briefest, accurate one it has been my pleasure to read.
Knowing more detail will not help you all that much.
The main drawback
of the book is that it doesn't go into enough detail about the advantages of
real estate investing. Rich Dad, Poor Dad makes quite a point about how taxes
paid can be low on such businesses. Basically, the answer is that you get to
charge off part of your investment as an expense (depreciation) and that there
are special incentives for specific classes of real estate that reduce tax
bills even more. So I expect that I will still get e-mails about why Mr.
Kiyosaki is so positive on real estate businesses. After you finish reading and
applying this book, I suggest that you think about how your family life should
be structured for optimum happiness. If you think about that subject as much as
you do the structure of your finances, you will truly be wealthy in all the
ways that count.
Live life with rich spirituality!
Great
Book, January 29, 2004
Reviewer: timgleeson2 from Stockholm,
Sweden
Rich Dad's Advisors: Loopholes of the Rich is a well written and
very clear and simple book to read. In the book contains many clear example and
stories from her experience and how they overcame this although you can't use
the exact details from them(legal reasons) it does teach you about the
priinciples and kinds of situation your likely to be in. A very good read also
and is one of the best advisor series book i've read.
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Rich |
