Define your financial goals and once you know exactly what you want, create an action plan to get you there. Rely on the support of your financial team to identify key action items and follow up regularly. The following is adapted from “Loopholes of the Rich” by Diane Kennedy, CPA The best plans in the ...
A C corporation offers many financial benefits-it’s just a question of using the right strategies to take advantage of them! You also need to be aware of potential tax traps. The following excerpt from “Loopholes of the Rich” by Diane Kennedy, CPA, discusses both scenarios. There are two kinds of money problems—not enough money and ...
There are many factors involved in the logic used by the IRS when selecting potential audit candidates. From math errors to reporting discrepancies to random selections-it’s best to always be prepared for this possibility. The following is adapted from “Loopholes of the Rich” by Diane Kennedy, CPA. The IRS makes a series of computer checks ...
Change the way you view your home. This simple shift in perspective will allow you to see it not only as a roof over your head but as a key financial asset that will play a critical role in your wealth building plan. The following is adapted from “Loopholes of the Rich” by Diane Kennedy, ...
You receive a letter from the IRS. Don’t panic and take quick action. The following excerpt from “Loopholes of the Rich” by Diane Kennedy, CPA, explains the three different types of IRS audits along with the very common possibility of an IRS mistake. First of all, you are not going to jail! But don’t ignore ...
Owning and managing real estate can be an extremely beneficial venture. There are several ways to make money from the real estate you own. Take advantage of the cash flow provided by your property and explore the pros and cons of refinancing or paying down your debt. The following is adapted from “Loopholes of the ...
Why is the C corporation one of the most common business structures? There are many reasons! The following excerpt from “Loopholes of the Rich” by Diane Kennedy, CPA, explains 7 facts that will help you decide whether a C corporation is the right choice for you A C corporation is a unique type of structure ...
There are many simple and effective ways to greatly reduce the possibility of an IRS audit. Since there is no definite method to avoid it all-together, being prepared is always the best strategy. The following excerpt from “Loopholes of the Rich” by Diane Kennedy, CPA, provides straightforward information on IRS documentation requirements and record retention. ...
Have your home work for you! It takes a change in outlook and a different line of attack-but taking advantage of home loopholes will definitely benefit your wealth building plan. The following is adapted from “Loopholes of the Rich” by Diane Kennedy, CPA. The second biggest expense for the average American is their home. Many ...
The way in which you decide to hold title to your real estate investment property should be the result of careful consideration. There are many available options. The following excerpt from “Loopholes of the Rich” by Diane Kennedy, CPA, examines the most common ways of holding title. One of the questions you’ll have to deal ...
