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

by Kennedy, Diane

• ISBN13: 9780471711780
• ISBN10: 0471711780
• Edition: 1st
• Format: Paperback
• Copyright: 2004-12-20
• Publisher: WILEY

Summary

"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.

Author Biography

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.

Table of Contents

Foreword by Mark Victor Hansen	vii
Introduction: The Rules Have Changed	ix
PART I The Five STEPS to Financial Freedom	1	(68)
CHAPTER 1 Starting Point-Understanding Your Financial Story	3	(19)
CHAPTER 2 Team-Building a Team That Supports You	22	(17)
CHAPTER 3 Evaluation-Constructing a Tax Loopholes Strategy	39	(15)
CHAPTER 4 Path-Creating an Action Plan	54	(7)
CHAPTER 5 Starting Point-What Worked, What Didn't Work	61	(8)
PART II Jump Start! Your Wealth	69	(134)
CHAPTER 6 Jump Start! Principles for Tax-Advantaged Wealth Building	71	(10)
CHAPTER 7 Creating Income with Less Tax	81	(15)
CHAPTER 8 Using Business Structures to Create Legal Tax Loopholes	96	(36)
CHAPTER 9 Discover Your Hidden Tax Loopholes	132	(14)
CHAPTER 10 Control When and How Much You Pay in Taxes	146	(21)
CHAPTER 11 Smart Real Estate Investing	167	(11)
CHAPTER 12 Real Estate Loopholes to Take Money out of Your Property	178	(8)
CHAPTER 13 Buying a Home the Right Way	186	(9)
CHAPTER 14 Home Loopholes So Your Home Pays You	195	(8)
PART III New Tax Strategies for C Corporations	203	(18)
CHAPTER 15 Avoid C Corporation Pitfalls	205	(9)
CHAPTER 16 New C Corporation Tax Loopholes Strategies	214	(7)
PART IV Take Your Loopholes and Still Sleep at Night	221	(16)
CHAPTER 17 Eliminate IRS Red Flags	223	(4)
CHAPTER 18 How to Have a Painless IRS Audit	227	(10)
Appendix A Tax Loopholes Strategy Success Stories	237	(11)
Appendix B 300+ Business Deductions	248	(13)
Appendix C IRS Principal Business and Professional Activity Codes	261	(20)
Appendix D Sample Forms	281	(26)
Index	307	(4)
Meet Diane Kennedy	311