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What Your CPA Isn't Telling You summary
Brief summary
What Your CPA Isn't Telling You by Mark J. Kohler is a practical guide that uncovers tax-saving strategies and financial insights to help individuals and small business owners make the most of their money.
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Table of Contents
What Your CPA Isn't Telling You
Summary of key ideas
Understanding the Tax Game
In What Your CPA Isn't Telling You by Mark J. Kohler, we are introduced to the world of taxes and the strategies that can be employed to minimize our tax burden. Kohler begins by explaining the tax game, emphasizing that the rules are not designed to be fair, but rather to reward those who understand and play by them. He highlights the importance of understanding the tax code and using it to our advantage.
Kohler then delves into the different types of income and how they are taxed. He explains the concept of marginal tax rates and how they affect our overall tax liability. He also discusses the various deductions and credits available to taxpayers, emphasizing the need to take advantage of every opportunity to reduce our tax bill.
Maximizing Tax Savings
Next, What Your CPA Isn't Telling You explores the different strategies that can be used to maximize tax savings. Kohler discusses the benefits of contributing to retirement accounts, such as IRAs and 401(k)s, and explains how these contributions can reduce our taxable income. He also highlights the advantages of investing in real estate and the tax benefits associated with rental properties.
Kohler then shifts his focus to small business owners, explaining the various tax advantages available to them. He discusses the benefits of structuring a business as an S corporation or a limited liability company (LLC) and explains how these entities can help reduce self-employment taxes. He also emphasizes the importance of keeping accurate records and maintaining a clear distinction between personal and business expenses.
Advanced Tax Strategies
In the latter part of the book, What Your CPA Isn't Telling You, Kohler introduces more advanced tax strategies. He discusses the benefits of self-directed retirement accounts, which allow individuals to invest in alternative assets such as real estate, precious metals, and private companies. He also explores the concept of income shifting, explaining how it can be used to reduce overall tax liability.
Kohler then delves into the world of tax planning, emphasizing the need for a proactive approach. He discusses the benefits of year-end tax planning and the importance of staying informed about changes in the tax code. He also highlights the advantages of working with a tax professional who understands our unique financial situation and can help us implement the most effective tax strategies.
Putting It All Together
In conclusion, What Your CPA Isn't Telling You by Mark J. Kohler provides a comprehensive overview of the tax system and the strategies that can be used to minimize our tax burden. Kohler emphasizes the importance of understanding the tax code and using it to our advantage, whether we are wage earners or small business owners.
He provides practical advice on maximizing tax savings, exploring advanced tax strategies, and implementing effective tax planning. Throughout the book, Kohler emphasizes the need for a proactive approach to taxes, encouraging readers to take control of their financial future and make informed decisions. By understanding the tax game and employing the right strategies, we can minimize our tax burden and keep more of our hard-earned money.
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What is What Your CPA Isn't Telling You about?
What Your CPA Isn't Telling You by Mark J. Kohler is a comprehensive guide that reveals the often overlooked tax strategies and financial opportunities available to individuals and small business owners. From maximizing deductions to understanding the tax implications of different business structures, this book empowers readers to take control of their finances and make informed decisions with the help of their CPA.
What Your CPA Isn't Telling You Review
What Your CPA Isn't Telling You (2010) uncovers the secrets and untapped opportunities when it comes to managing your finances. Here's why this book is worth reading:
- It provides actionable strategies to optimize your tax savings, allowing you to keep more of your hard-earned money.
- By exploring advanced tax planning techniques and debunking tax myths, the book helps you navigate the complex world of taxes with confidence.
- With its engaging storytelling and eye-opening insights, the book turns a typically dry topic into an interesting and empowering read.
Who should read What Your CPA Isn't Telling You?
- Small business owners who want to maximize their tax savings
- Individuals looking to understand complex tax strategies in an accessible way
- Entrepreneurs who want to take control of their financial future
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What Your CPA Isn't Telling You FAQs
What is the main message of What Your CPA Isn't Telling You?
The main message of What Your CPA Isn't Telling You is to help you understand the hidden secrets and strategies that can save you money and maximize your wealth.
How long does it take to read What Your CPA Isn't Telling You?
The reading time for What Your CPA Isn't Telling You varies depending on the reader's speed, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is What Your CPA Isn't Telling You a good book? Is it worth reading?
What Your CPA Isn't Telling You is a must-read for anyone looking to navigate the complex world of taxes and finances. It offers practical advice and insights that can have a significant impact on your financial well-being.
Who is the author of What Your CPA Isn't Telling You?
The author of What Your CPA Isn't Telling You is Mark J. Kohler.
What to read after What Your CPA Isn't Telling You?
If you're wondering what to read next after What Your CPA Isn't Telling You, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby