Loopholes of the Rich (eBook)

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.

Foreword vii
Mark Victor Hansen

Introduction: The Rules Have Changed ix

Part I The Five STEPS to Financial Freedom 1

Chapter 1 Starting Point--Understanding Your Financial Story 3

Chapter 2 Team--Building a Team That Supports You 22

Chapter 3 Evaluation--Constructing a Tax Loopholes Strategy 39

Chapter 4 Path--Creating an Action Plan 54

Chapter 5 Starting Point--What Worked, What Didn't Work 61

Part II Jump Start! Your Wealth 69

Chapter 6 Jump Start! Principles for Tax-Advantaged Wealth Building 71

Chapter 7 Creating Income with Less Tax 81

Chapter 8 Using Business Structures to Create Legal Tax Loopholes 96

Chapter 9 Discover Your Hidden Tax Loopholes 132

Chapter 10 Control When and How Much You Pay in Taxes 146

Chapter 11 Smart Real Estate Investing 167

Chapter 12 Real Estate Loopholes to Take Money out of Your Property 178

Chapter 13 Buying a Home the Right Way 186

Chapter 14 Home Loopholes So Your Home Pays You 195

Part III New Tax Strategies for C Corporations 203

Chapter 15 Avoid C Corporation Pitfalls 205

Chapter 16 New C Corporation Tax Loopholes Strategies 214

Part IV Take Your Loopholes and Still Sleep at Night 221

Chapter 17 Eliminate IRS Red Flags 223

Chapter 18 How to Have a Painless IRS Audit 227

Appendix A Tax Loopholes Strategy Success Stories 237

Appendix B 300+ Business Deductions 248

Appendix C IRS Principal Business and Professional Activity Codes 261

Appendix D Sample Forms 281

Index 307

Meet Diane Kennedy 311