Product Description

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.

Product Details

• Amazon Sales Rank: #165251 in Books
• Published on: 2002-12-05
• Original language: English
• Number of items: 1
• Binding: Paperback
• 384 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 is a Tax Strategist. She lives in Phoenix, Arizona

Customer Reviews

Solid, Simplified Advice for U.S. Investors!
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
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.

Straightforward information on common tax risks and opportunities
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.