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

by Diane Kennedy, Robert T. Kiyosaki

Teaches business owners how to take advantage of legal tax deductions to cut their annual tax payments, summing up complicated tax code regulations, rulings, and procedures in an easy-to-follow formula, and providing accounting strategies for keeping earnings safe from frivolous lawsuits.

Genres: Finance, Business, Nonfiction, Money, Personal Finance, Taxation, Self Help

Audio CD

First published June 1, 2001

Reviews

[Adam Floridia · Rating 1 out of 5]

My realtor strongly encouraged me to read this. Don't judge me. Otherwise I won't share the secrets to wealth with you.

Well...okay...just promise not to tell anyone. It's only takes three easy steps.

1) Get a bunch of "good" debt by continuing to refinance your home and taking out every cent of equity you can.

2) Use all of that money to start your own business. How hard could it be to come up with an idea for a home business that you intend to realistically make a significant profit off of? I would recommend an S corporation.

3) Once all the money comes rolling in from your wildly successful business, you can invest it in passive income: real estate. As we all know from 2005 (when the book was published) real estate does nothing but appreciate in value.** Plus, if you rent it out, you're sure to never have problems with renters who can basically stop paying rent and still live in your place for a year or so.

By doing those three easy things, you'll have a butt ton (I think that's the technical term) of deductions, and most of that new income will be taxed at a much lower rate.

Finally, if you write your own book about how to do this, be sure to have three grammatical errors in the first sentence, repeat yourself a lot, repeat yourself a lot. And, use coordinating conjunctions to start most of your sentences.

First sentence: "Are you one of the millions today who keep working harder and harder and receive less and less in return for their money?"

From first page: "And, even more frightening,..."; "And, worse yet,..."; "And, even worse...."


In all seriousness, there probably are some good ideas in here for the right person. Unfortunately, since I'm not that person, it just angers me that I can pay 30+% to taxes and have my deductions cut off because of gross income, yet people with real money can just create companies, dump their money in there and/or in investments and pay 0-13% on that income.

Oh well. Welcome to the middle class.



**That reminds me of why I have a realtor in the first place: I'm trying to sell my house. It's on the market for $25,000 less than I paid for it six years ago. I'm a shrewd real estate investor indeed! (Anyone want to live in Meriden, CT???)

[Jeffrey · Rating 5 out of 5]

Read this . . . and pretty much anything else Kiyosaki writes. (Except for the books that repeat what he says, and he does that). Keep this in mind, if you're luke warm on the idea of reading this book. When asked what was the most important feature to his success, Bill Gates said, "A basic understanding of the tax laws." Consider this, that if you work or are self-employed, you're giving away about 60% of your money to the government: payroll taxes, car tax, home tax, luxury tax, etc. Man, that's got to wake people up to the injustice of it all. I hope.

[N · Rating 4 out of 5]

I was able to utilize the strategies in this book to properly set up my business, and save thousands per year in taxes! This book is good when combines with "Own Your Own Corporation" by Garrett Sutton, also found in the Rich Dad's Advisor's series.

[Mark Dantonio · Rating 4 out of 5]

ISBN = 0471711780 Dianne Kennedy

If you are thinking about starting a corporation this is a good book to read first. It goes into a fair amount of detail explaining the differences between an LLC an S Corporation and a C Corporation. It also gives lists of the pros and cons of each. The back of the book has a section with every state in it and the laws and requirements of that state. I found it to be accurate regarding Virginia, which is the state of my corporation. There is lots of description on real estate investing. Overall an easy read and fun. The book really makes you think how much money you are leaving on the table every 15 April. It also makes one think of how a little effort can really benefit you financially.

The website, www.taxloopholes.com has even more information. I signed up for Diane's newsletters via email and you can too on the website. Book is about $19.95 but you can get it on the web for $11 - $15.

Mark D.

[Aarif Billah · Rating 3 out of 5]

However, you might need to know that the title might be slightly misleading — the book might not really be about loopholes but rather more on sound planning and management — especially if you're 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.
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read the full review on my blog
>> https://aarifbillah.com/2019/11/09/lo...

[Talia Crumb · Rating 4 out of 5]

Definitely a book to keep around to refresh oneself on tax ideas. It is a little out dated in specific tax code and laws, and of course it can’t be specific to every state. But what a great book to expand my knowledge and spark questions to be asked of the business team set in place.

[Craig · Rating 1 out of 5]

Hot nonsense. Should be titled buy a business and tell the government you make nothing.

[Allie · Rating 4 out of 5]

For an older book, this turned out to be surprisingly useful. I'll be supplementing with reading on newer tax laws.

[Kassandra]

this book is very educational its helps to develop your brain an how you look on life it also helps to get you to start thinking big an wise an also different about life an what you should go for in life an about how rich people get their way an some loop holes that we we don't know are look pass..............

[Darin Davis · Rating 4 out of 5]

The fifth book in my recommended curriculum of self-study on personal finances and investing. See www.ProfitableForAllThings.com for more details.

[Cynthia · Rating 4 out of 5]

Great advice in layman's terms. Time sensitive info...