Academic journal article Career Planning and Adult Development Journal

Loopholes of the Rich

Academic journal article Career Planning and Adult Development Journal

Loopholes of the Rich

Article excerpt

Loopholes of the Rich, by Diane Kennedy 2001. New York, NY: Warner Books, Ine 339 pages, Softcover, $19.95

Intended Audience: All

Major Headings from Table of Contents:

The Five Steps to Financial Freedom; The Three-Step Tax Formula; Picking the Right Business Structure; Tax Planning E-T-C; C Corporations; Keeping it Safe and Legal

How is the book most useful for its intended audience?

This book is useful in creating a financial strategy based on individual goals and resources.

The top five things you learned from reading this book:

1. How to analyze my financial situation.

2. How to make business set-up decisions based on my long-term goals.

3. What determines the legal tax deductions I can take within a specific business structure.

4. The difference between sole proprietor, S Corporations and C Corporations.

5. How to take advantage of the many legal tax loopholes allowed for businesses and how to keep good records in case of an audit.

Diane Kennedy presents a thorough process that will assist individuals in business and financial planning. If you would like to create a strategic plan that provides the best cash flow and tax advantages for your type of business, this book would be of great assistance.

Using case studies, Kennedy walks the reader through a systematic design for analyzing individual business needs. She explains the difference between sole proprietorships, S and C corporations, when to use each, and the advantages and disadvantages of each. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.