Product 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.

Product Details

• Amazon Sales Rank: #73541 in Books
• Published on: 2004-12-20
• Original language: English
• Number of items: 1
• Binding: Paperback
• 336 pages

From the Back Cover
"In this book, Loopholes of the Rich, you are going to legally learn

how to make more money, keep a whole lot more, and pay less taxes".
—from the Foreword by Mark Victor Hansen
Co-creator, #1 New York Times bestselling series Chicken Soup for the Soul®

Taxes are the single biggest expense for the average American today. In fact, small changes in the amount of taxes you pay can lead to big changes in you and your family's quality of life. This newly revised edition of Loopholes of the Rich covers all the most effective and legal tax strategies—and loopholes just like the rich use—so that people from every tax bracket can pay less and keep more of what they earn.

There's nothing unethical about tax loopholes. The government wants you to take advantage of them! Even better, these tactics and strategies are a great way to save for your family's future or achieve financial independence. Packed with motivational true stories and practical tax strategies, the book covers the vital areas of business structures, tax-advantaged wealth building, and asset protection. And there's more:

• Take control of when and how much you pay in taxes
• Develop a personalized tax loophole strategy
• Create a systemized approach to building wealth through the tax advantages that the IRS wants you to use
• Structure your business to lower its tax burden and protect your wealth
• And legally and ethically lower your tax bill

You'll also find a helpful checklist of 300+ business deductions, real-life tax strategy examples, useful sample forms, and details on IRS codes and rules.

About the Author
DIANE KENNEDY, CPA, is a top real estate author and investing expert. She holds seminars across the country on how to legally and ethically minimize tax obligations. She is the founder and owner of DKA, a leading tax strategy and accounting firm. She is also the coauthor of The Insider's Guide to Real Estate Investing Loopholes and The Insider's Guide to Making Money in Real Estate, both from Wiley.

Customer Reviews

Solid, Simplified Advice!
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!

Informative yet Easily Readable
I started out my career as a highly compensated employee, but discovered that I was working at building a business for other people. I was also in a field (micro-electronics) that had a lot of highs and lows and I had gotten caught in a few lay-offs throughout the years. I made the decision to start building my own business. I was fortunate to find DKA (Diane's CPA firm) and they were able to help me restructure my rental properties into a real business and take advantage of many of the loopholes described in this book. I think the timing for this book is excellent as we see more and more lay-offs happening in businesses. It's no coincidence that there is a huge upsurgence in small and home based businesses at the same time. But, most small business owners are never taught how to take advantage of their businesses plus what it takes to have legal tax deductions. This book tells in simple, how to language how to find your own legal loopholes. It's also quite entertaining to read the stories of what others have done (or should have done). If you are tired of paying too much in taxes and tired of worrying about protecting your assets, this is the book for you! Be prepared to get motivated to take action.
This is an excellent book for beginners as well as experienced business people. Great job Diane.

Not only the rich pay less in taxes!
I am continually amused when I hear people say that only the Rich get the tax breaks and the poor and the middle class have to "pick up the slack."The fact is, if you are paying too much in taxes, whose fault is it? In this outstanding work, Lechter and Kiyosaki lay out numerous strategies to substantially reduce your taxes. And by the way, reducing taxes is not only morally and ethically right, it is also smart.The biggest expence we pay is taxes. Use this book to plug up the dike on excess tax spending.Other books I recommend are More Wealth Without Risk, Brilliant Deductions and How to Pay Zero Taxes in 2003.