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What Your CPA Isn't Telling You: Life-Changing Tax Strategies Paperback – March 1, 2011
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About the Author
Mark J. Kohler is a partner in the accounting firm Kohler & Eyre CPAS, LLP and the law firm Kyler, Kohler, Ostermiller, & Sorensen, LLP, where he specializes in the areas of business, estate and tax planning. Mark is also an entrepreneur, radio show host, national speaker, and author of Lawyers are Liars-The Truth About Protecting our Assets. Learn more about Mark Kohler at www.markjkohler.com.
Top Customer Reviews
In all seriousness, you will get some interesting tidbits of strategies. And depending on where you are, just starting or experienced business owner, will depend on how much you get. I didn't learn anything new until the last few strategies of pay your family, rental properties and self directed 401k's. You could get more out of it. But he doesn't explain anything in detail to the point where you could do anything with just this book. I can't really recommend it.
Unfortunately, the majority of the book consists of a long, drawn out story about a married couple's experiences with their new CPA. I get that tax strategies are a dry subject, and I appreciate the author's attempt to make it more palatable and entertaining. Unfortunately, the writing in the fiction sections is rather amateurish, and you have to slog through a lot of storytelling to get the bits of information that are scattered few and far between.
This is in contrast to the summaries and appendices, which are very clear and well written. The author has a knack for non-fiction but, in my opinion, his fiction writing still needs some work. Definitely read the first few pages here on Amazon to see if the writing style is for you.
About real estate in general, you also don't get to write off that much - depreciating value of improvement - not land - over 27.5 (or 49 for commercial) properties. What you do deduct, you also also do have to pay capital gains later. Yes capital gains is delayed, and yes capital gains is supposed to be taxed lower, but don't forget you have to pay property tax, maintenance, etc. over the years. I am not saying real estate doesn't offer a tax benefit, much have been written about it. And whether it is good depends on many factors, but the tax benefit should be considered tangential, not primary. What drives you to real estate investment should be the business of real estate investing, not tax.
Also about self directed iras, one needs to be very careful about the many "prohibited transactions." The book barely touch on that. If one isn't careful, one might even think that one can use self directed iras to fund one's small business ideas when it's strictly prohibited!
About HSAs. Yes, it's a good idea. But remember you have to keep careful receipts of ALL medical expenses. Also - when I was shopping last year, HSA premiums seemed pretty high, too. Again, for some this can work ... for others (say a family of four, including 2 young children), it depends...
Most Recent Customer Reviews
If you already own a business, this is extremely elementary. I can't believe I didn't read more about the book before purchasing. Read morePublished 16 days ago by Amazon Customer
Didn't provide enough info outside of you starting your own businessPublished 3 months ago by Mr. GA 88
Another great book to read for finding out what may not be in a CPA's best interest to tell you, or who lacks knowledge to share with you. Read morePublished 3 months ago by L. Brown
Fantastic book; a very concise and easy read that explains why everyone should have their own business (pay yourself before Uncle Sam) and a real estate portfolio to boot! Read morePublished 4 months ago by Pedro B.
Excellent book and very common sense to beginner as myself. Working on these guidelines can build true American Dream. Thanks Mark and team.Published 6 months ago by HSINAN SU
Very entertaining book. I was blown away by how interesting it was. Written in a 3rd person narrative.Published 7 months ago by Tanner Morrill