PHOENIX, Sept. 10, 2001 (PRIMEZONE) -- Whether it's the downturn in the economy, the fear of being deserted by the Social Security program, layoffs galore, or baby boomer dreams that never die, more folks than ever are expressing interest in learning how to keep more of the money they make by paying less tax. It's no wonder that a straight-shooting new book, "Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax," by Diane Kennedy, CPA and tax strategist (Warner Books June 2001) has captured the imagination of the American public and is climbing the personal finance book charts. In the past few weeks, the book has made the bestseller lists of Business Week, The Wall Street Journal, Amazon.com, and can be found at www.legaltaxloopholes.com.
Frequently updated tax tips can be found for free on Diane Kennedy's website for TaxCents(tm), the tax educational arm of her business. TaxCents is designed to encourage individuals to make informed tax-advantaged financial decisions, and provides do-it-yourself tools so taxpayers can take advantage of the legal loopholes they are entitled to use to decrease their taxes.
BusinessWeek noted the "Loopholes" book as "Beyond Swiss banks."
"While getting laid off can initially be an emotional shock, financially it could be the best thing that ever happens to you," says Kennedy. "It's important to keep things in perspective and plot your best financial course. Often a side hobby can be turned into a thriving business, or your area of expertise can be launched as an independent consultant that is far more lucrative than your existing traditional job. Learning how to save taxes and invest that money is crucial," added Kennedy. "Often people find the benefits, quality of life, and real income surpass their expectations."
Premises of the "Loopholes" book include:
-- In the past, only the rich were able to afford high priced tax
advisors, but Loopholes of the Rich now tells the tax secrets of
the rich.
-- Everyone has a responsibility to pay taxes but no one has the
requirement to over pay.
There are two tax truths:
1. No one likes to pay taxes
2. Smart people pay less tax
-- Loopholes are government incentives that support public policy.
One of those policies is to help business owners, because Congress
and the IRS know good business makes for a strong economy
-- The best way to take advantage of legal tax loopholes is by having
your own business.
Good record-keeping and financial "scorecards" (financial statements) help you find your "hidden business deductions" and make for good business management. The number of new businesses continues to catapult. Of the 22 million known businesses in the U.S. in 1995 -- almost two-thirds operated full-time, the rest part-time. That figure has steadily grown and is again going through a resurgence as layoffs from traditional companies escalate with each passing day during the summer of 2001. As a result, interest in starting and owning a small business has skyrocketed, and part-time entrepreneurs have increased dramatically.
Kennedy is the founder and owner of DKA, a leading tax strategy and accounting firm based in Phoenix, AZ, and is the co-owner of TaxCents(tm), a tax education company designed to encourage individuals to make informed tax-advantaged financial decisions. TaxCents(tm) provides do-it-yourself tools and education so all taxpayers can take advantage of the legal loopholes they are entitled to and decrease their taxes. At www.legaltaxloopholes.com, TaxCents offers books, tapes and seminars, and the latest in what's hot in tax loopholes.
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CONTACT: Klein Communications
Sherri Klein, APR
203-323-2600
sklein@kleincomm.com