Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax By Diane Kennedy
I have a friend that is working on his MBA. I, on the other hand, have yet to finish a degree. The difference, I think, is in our thought process. He wants to climb the corporate ladder. He wants to make a difference in the company he works for. I want to OWN the Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax 7 months ago, i graduated from college. two months ago, i was presented a business proposal. i was inches away from rejecting it, so i could find a career working for someone else. but thanks to this book, i am focusing on working for myself. this book goes Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax Diane Kennedy's book is one of Homeschool.com's Top Ten Business Books. For the homeschooling community, creating and running a home based business is an excellent way to teach children early business skills, and allows families to have a parent at home to homeschool while Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax It's Not How Much Money You Make, It's How Much Money You Keep.The title of this book is accurate, and it could have also been entitled, Loop Holes Of Those With Common Sense. There are numerous advantages available to those who take the risk and have the creativity and fortitude to do something on their own. These people are compensated for it if they educate themselves and IF they succeed. And on the contrary, being an employee is for most people. Much less control but some security, the routine of the comfort zone, and a familiar role defined within the job and confines of a corporate or governmental job. But today, for the employee, is there job security? Is there a routine and comfort zone? Will your job be there for you every morning? And, when it's not, will it be gone by your choosing or your employers?After only a few chapters we'll once again be reminded of the futility of being a W 2 working stiff, perfunctorily accepting the crumbs that are left over after taxes. This book will be most beneficial to people who have recently, or have now just started to change, the way they think. Experienced small business folks, entrepreneurs, and MLMers, will likely (but not necessarily) already have most of this information down.The premise of Loop Holes provides us with the facts: since the 1943 federal tax law tragedy Americans work, pay taxes, earn, then spend. All in that order. After taxes and paying expenses, what's left for the middle class person who works as an employee? Ask yourself how much YOU have left. Whether your a service sector employee or upper middle class professional, how much of the money you earn, goes in your pocket? And of what does go into your pocket, how much of it stays there? If you file a W 2 and are classified as an employee you will work a lot, but you are not likely to make money. But you will have the liabilities ( Kiyosaki) of a mortgage, car payment, credit card debt, and dinner out at a local budget franchise, once a week as a treat. Welcome to the reality of 2003, America. The common notion of getting raises at work as an employee to earn a higher income has unfortunately become a fallacy today. The you make, they they take. Congratulations, you've just been bumped up to a higher tax rate.Diane Kennedy provides facts, proven strategies, and common sense than what we get from our educational system, and electronic and print media. Kennedy's information is contemporary, valuable, and necessary knowledge that we need on how to proceed in making our lives better. To pay an advisor for this knowledge would be costly.These is a lot of practical information and real life examples provided in Loop Holes:If your starting a business in hopes of receiving passive income in the future, there are 9 criteria the IRS uses to qualify your gig as a true business and not a hobby business. The latter scenario cannot be used to deduct losses from your earned income.Setting up Limited Liability Companies (LLCs)is highly recommended when investing in income producing real estate for the protection of personal assets. And how this is structured is very important. The C and S corporations are are also covered. When, why, and how should you begin the process. Deductions, leasing, licensing, royalties, trusts and many things are explained also.People often state how great it is to get the the tax deduction on mortgage interest: What do you get on average? For every dollar you pay to the bank in interest on a mortgage, you get 30 cents back with the deduction. I'll take it, but is 30 cents on the dollar a good deal to you?There are several questionaires to fill in, so a person can assess (honestly!) what their true financial situation is. Their risk tolerance, what resources they can tap into, and what timeline can be established. Very important is the team of folks needed for a person or couple to be able go to for advice, support, and information.The most common money people work and toil for is the W 2. As we know this is the 50 percent money we hear about from the Rich Dad Advisors. Great, you just got a raise. And, so did the government. Find out the steps to start making the other 3 types of money with Diane Kennedy. This is excellent, especially for folks without a lot of business background, to understand the some of the nuts and bolts. Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax Excelente, El libro fue entregado antes de la fecha estipulada y llego en condiciones muy buenas, ningun maltrato ni nada todo perfecto 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: Kennedy, Diane: 9780471711780: Books Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax
Loopholes of the Rich is a great book, written in the same candid style as the Rich Dad books by Robert Kiyosaki and Sharon Lechter. Diane simplifies the complicated and confusing tax codes and puts them in terms that I can understand. Small business owners get incredible Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax It's Not How Much Money You Make, It's How Much Money You Keep. The title of this book is accurate, and it could have also been entitled, Loop Holes Of Those With Common Sense. There are numerous advantages available to those who take the risk and have the Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax 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 Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax This is a great book for simplifying our understanding about taxes. I enjoyed it very much, got some great ideas. I also enjoyed More Wealth without Risk by Charles Givens when it was released. Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax Although the book has great content, the concepts are not presented in a way that flow naturally, and the typographical errors are extremely annoying. I found myself re reading paragraphs to get the full meaning of what Diane was trying to say, and a few times I Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax
