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Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax
     

Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax

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by Diane Kennedy
 

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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 won?t need an accountant to find quick and easy ways to pay less. And there?s nothing unethical about these tax loopholes. In fact, the government wants you to take advantage of them! These tax-reducing

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Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax 3.7 out of 5 based on 0 ratings. 9 reviews.
Guest More than 1 year ago
The authors of the eBook version do not allow loaning, giving, printing, copying or 'reading aloud'. Nor do they make the buyer aware of this prior to purchase. By not providing the 'giving' option, you can not move this book to a different computer. So, if your computer dies, so does the book. Without the 'reading aloud' capability, the visually impaired will have a difficult time reading this book. Do not purchase the Adobe eBook version of this book!
Anonymous More than 1 year ago
Anonymous More than 1 year ago
Guest More than 1 year ago
This clearly written book offers a handy guide to tax strategy for the rich and for those who hope to be rich. Author Diane Kennedy, a certified public accountant, provides basic information on common tax risks and opportunities. Without using burdensome jargon, she explains the fundamentals of financial reports and record keeping. Her approach is commonsense and straightforward she doesn¿t make outrageous promises or exotic, inapplicable recommendations. The title is slightly misleading. This book is not really about loopholes, but rather about sound planning and management - especially for business owners. It does get into the minutiae of tax law, which is subject to change, so some of the details may have a short shelf life, and much of the advice will have little applicability outside of the United States. Nonetheless, we recommend this basic guide to anyone who needs a fundamental introduction to personal financial and tax management in the U.S.
Guest More than 1 year ago
Diane truly covered the necessary tips of learning how to make your money work for you.
Guest More than 1 year ago
WHERE SOME OF ROBERT KIYOSAKI'S BOOKS ARE SHORT ON SHOW-AND-TELL, THIS ONE IS GREAT ON BOTH COUNTS. MAYBE THAT'S BECAUSE IT WAS NOT WRITTEN BY HIM. IF YOU ARE IN BUSINESS AND WANT TO UNDERSTAND AND ENHANCE YOUR UNDERSTANDING OF BUSINESS STRUCTURE AND TAX IMPLICATION YOU NEED TO READ THIS BOOK-AGAIN AND AGAIN.
Guest More than 1 year ago
Think only the rich get money off on their taxes? Perhaps you don't even know what a loophole really is! Well if you pay taxes at all, you must read this book. Taxes are the single largest expense that you have (add them all up for yourself and see) and this book clearly explains what you can do to reduce that burden. All those money saving things that you have been doing (from clipping coupons, driving farther to get cheaper gas, finding the best deals on business supplies, etc., etc., etc.) will be unneccesary once you've read this book. It's not just about how much you make, it's about how much you actually get to keep. I highly recommend this book. It will really open your eyes to taxes, how they work, and what you can legally do about them. It will really change your mind about where your money saving priorities should REALLY lie. I only wish I had read it 10 years ago!
Guest More than 1 year ago
All of Robert's books are great!!! He really gets into details and explains himself clearly.
Guest More than 1 year ago
Review Summary: The hardest thing for you to find is simple advice about which financial structure to use 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! Donald Mitchell, co-author of The Irresistible Growth Enterprise and The 2,000 Percent Solution