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

Product Type: Book
Product Price: $19.95
Manufacturer: Wiley
Purchase
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 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 tactics and strategies can give you the freedom to save for your family?s future or for your own financial independence. Plus, you?ll 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.
Reviews
Rating: 4 / 5
Date: 2010-02-21
Summary: "You don't need to read the whole thing"
This is a good reference/resource, but you don't need to read the whole thing.
In fact, if you've done some of Rich Dad's advanced study programs, skip this book completely. It will be redundant.
But if you're fairly new to Rich Dad, or are just looking for useful tax "loopholes", there are some very helpful sections of this book. Unfortunately most of the book is a rant about the tax system.
So if you're on the fence about buying it, or don't have time to read the whole thing, you can use the "Look Inside" feature to get the most important information.
The best sections are actually the Appendices - particularly Appendix B (starts at page 304). It's 5-10 pages of several hundred tax deductions that almost everybody overlooks completely. These deductions are mostly for small business owners &/or investors, but everybody should review it.
The other appendices are useful as well. Also, pg 335-336 (suggested record retention list) is good. And the short section on avoiding an audit is also very good.
Enjoy!
Rating: 2 / 5
Date: 2008-04-17
Summary: "BAD Advice re: homes in LLCs"
This book had a lot of good information but I have to strongly disagree with the idea of putting a persons home into a Limited Liability Company. It sounds great but the IRS has made it clear that they will not find a busines purpose for puting a home in an LLC. Also there are court decisions around the countyr that have found that putting ones home in an LLC does not protect the home from legitamate creditors. LLC are fantastic entities for asset protection, income tax planning, and estate and gift tax planning, in our practice we work them daily, but we never put personal homes into the LLC it is a waste of time and money.
Marty Burbank, Juris Doctor, Masters of Law in Tax
Rating: 4 / 5
Date: 2007-07-10
Summary: "Great Start, For Beginners!"
This book is wonderful, especially for folks without a lot of business background. It was very helpful for me when I began to interview accountants.
This book does an excellent job of educating the average person & Small Bussiness Owner on how to structure a business and to legally take advantage of the Internal Revenue Code. It gives great examples, and gives step-by-step guidelines that I actually understood and used.
There are a few typos, but overall a very informative book.
Rating: 4 / 5
Date: 2006-11-06
Summary: "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.
Rating: 5 / 5
Date: 2006-04-10
Summary: "Information Packed Book! Lots of Great Tips"
I thought this book was excellent! I learned quite a lot from reading it and hope to really apply what I have learned to my finances. It was jam packed with helpful tips and ideas on how to take full advantage of tax loopholes. I would recommend this to any small business owner!!