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Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax Paperback – December 6, 2004

ISBN-13: 978-0471711780 ISBN-10: 0471711780 Edition: Revised Edition

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Product Details

  • Paperback: 336 pages
  • Publisher: Wiley; Revised Edition edition (December 6, 2004)
  • Language: English
  • ISBN-10: 0471711780
  • ISBN-13: 978-0471711780
  • Product Dimensions: 6.1 x 0.9 x 9.1 inches
  • Shipping Weight: 14.9 ounces (View shipping rates and policies)
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (56 customer reviews)
  • Amazon Best Sellers Rank: #114,326 in Books (See Top 100 in Books)

Editorial Reviews

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.

More About the Author

Diane Kennedy is a CPA, Tax Strategist, Business Owner, Investor and most importantly an Educator. As the author and co-author of 8 books, she discloses the wealth-building, tax-saving strategies that her rich clients use.

She is a past recipient of the Blue Chip Enterprise Award for the small business showing the most entrepreneurial spirit in Nevada, has been invited to the White House for round tables on small business financial issues and provided guidance to one of the first joint ventures from the People's Republic of China. Her testimony was included as part of the guidelines still in force in Beijing for government approved joint ventures.

She and her husband Richard divide their time between Reno, Nevada and their beach-front home in Baja California. She actively supports a number of charities with money and volunteer time including a dog rescue for street dogs in Mexico and several Mexican orphanages. She loves to garden, cook, fish and drink good anejo tequila.

You can find Diane and daily tax tips at http://www.USTaxAid.com and http://www.DianeKennedyCPA.com

Customer Reviews

This book will give you tons of ideas on how to save money and pay fewer taxes.
Amazon Customer
The book is also written is a clear concise way to help the reader navigate through what could become complicated if you didn't have foresight into taxes.
This book is made excruciatingly BORING by long, tedious conversations with a fictitious couple, Ted and Ellen.
Robert Scott

Most Helpful Customer Reviews

155 of 163 people found the following review helpful By Donald Mitchell HALL OF FAMETOP 500 REVIEWERVINE VOICE on June 28, 2001
Format: Paperback
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.
Read more ›
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49 of 52 people found the following review helpful By A Customer on August 30, 2001
Format: Paperback
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.
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54 of 59 people found the following review helpful By A Customer on July 19, 2003
Format: Paperback
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.
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31 of 33 people found the following review helpful By William M. Burbank on April 17, 2008
Format: Paperback
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 business purpose for putting a home in an LLC. Also there are court decisions around the country that have found that putting ones home in an LLC does not protect the home from legitimate 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
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63 of 72 people found the following review helpful By John Harris on September 17, 2002
Format: Paperback
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 tax benefits as Diane points to specific benefits for them. Diane also explains how to start your own business, if you don't have one, painlessly and easily!
Based on the principles that I've read in Diane's book, I've been able to save a lot of money in taxes, not to mention a considerable amount of liability protection strategies in using corporations as a safe way to manage my assets.
I strongly recommend this book for someone who is trying to make a difference in their financial situation, especially if they are attempting to start their own business. As a small business owner, I would have saved a considerable amount of time and money if I had this resource years ago. Rather than paying a CPA hundreds, if not thousands of dollars, you can gain Diane's expert advice at a great price-not to mention a great reference source for years to come.
I'd agree with other reviewers to a point when they say that Diane's material can be difficult to understand. But I wouldn't call it boring. Instead, it's material that you can't just read like some Clancy novel-it requires more thought and comprehension than that. She presents the complicated tax laws in diagrams and case studies, which is helpful. Still, this isn't a book for those people who want some quick fix to their tax problems, but a book to change one's financial success in regard to legal tax strategies.
I would strongly recommend this book. In fact, I hope that Diane writes another book!
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