What Your CPA Isn't Telling You: Life-Changing Tax Strategies

by Mark J. Kohler

Tackling the fundamental question asked by all taxpayers – “How can I save on my taxes?,” attorney and CPA Mark Kohler empowers frustrated taxpayers to dismiss the common CPA jargon that their tax payment “is what it is” and ignore widely used tax talk like “you just make too much money.” Kohler reveals 8 life-changing tax principles, and teaches both wage earners and business owners how to apply fundamental, but underutilized tax strategies to achieve huge tax savings, greater wealth, and ultimately, a winning pursuit of the American Dream. Kohler presents wage earners with applicable strategies beyond writing off mortgage interest and contributing more to their IRA. Following the story of a typical family, tax payers discover the undeniable benefit of owning a side/or small business, how hiring their spouse and children can help their bottom line, the financial windfall that comes with owning rental real estate, and the secret success behind self directing their retirement plan, which is something 9 out of 10 CPAs don’t know or don’t talk about! Small business owners uncover new avenues for adding to their bottom line including how to save on health care and legitimate bookkeeping techniques that can put thousands back in their pocket—all illustrated through checklists, charts and templates available in the additional resources toolkit provided by Kohler.

Genres: Business, Finance, Nonfiction, Personal Finance, Accounting, Taxation

240 pages, Paperback

First published March 1, 2011

Reviews

[Steve · Rating 4 out of 5]

This book was not what I expected it to be. That is actually a good thing.
The title sucked me in during a library walk through. I expected a bunch of 'how-to' lists by category that I could use to make sure I didn't miss any deductions.
Not even close. Instead, the author uses a storytelling method to convince the reader that becoming an entrepreneur is the only way to make significant strides in saving taxes. Along the way he tucks enough information to convince without getting dry. Basically he advocates either rentals or a small business with stories to illustrate how it works.
More inspiration than information, but enough information to trigger imagination.
I was going to give this 3 stars until I realized the author had accomplished his goal. I have pulled an old business plan out and started thinking of looking into a vacation rental in the Smokies again. So.... 4 stars.

[Rebecca · Rating 5 out of 5]

Excellent! This book really helped us to get our business started!

[Mark Blane · Rating 3 out of 5]

This is an "okay" book to get some information on what your CPA may not be telling you. I have some criticisms:

First, the author uses real estate as an example to help create tax savings, which is great, and I 100% agree. He even briefly discusses IRS Section 469 to achieve Professional Real Estate status, which is also great. But, then, it does not go further with the "coup de gras" which is "cost segregation" in your real estate tax planning. So, even this book, fails to tell you about that one tid bit. Makes me wonder what else may be lacking?

Second, I read the book listening to it via audible. The recording is horrible as it is low and has a very hollow echo, sometimes making it hard to hear the author read his work. Now, this means he was using a terrible room and microphone to record it - that could have been overcome by not being cheap in the recording - actually, the costs would not have been that much. Makes me wonder why the author is not taking pride in his work, and again, as above, what else (details) will be lacking in this work?

Third, the story format - which ideally is a great idea and can help the information be digested, but the manner and writing of the stories was too causal for me, and thus it did not leave a gripping effect on me as the reader or listener. Again, often times it was hard to hear the reader in the recording. Audible should have a warning on bad recordings. Recordings of books should have a minimal standard in quality assurance.

So, despite the above, I still give 3 stars - he did hit IRS Code 469, and I believe the author's intentions are good, but falls short on some areas with real estate and the audio recording is just awful.

[Prerna Lal · Rating 5 out of 5]

While many ideas in this book are familiar to me, if you are new to finance, accounting, tax planning, retirement income and wealth creation, you must read this book!

[Jeremy Schmucker · Rating 3 out of 5]

Not what I expected and it’s written in story format which made it take 5x longer to communicate than it should have.

[Harry Harman]

Demystifies the Master Tax Guide.

When shopping around for a CPA ask, “Who is going to be the fastest and most inexpensive?”

[Harshal Patil · Rating 5 out of 5]

Very good book for personal \ business tax strategies.

[Gunnar · Rating 1 out of 5]

Bogus. I fell for way too many of these books. I'll save you some time: There are no life-changing tax strategies, and certainly none that your CPA isn't telling you.

[David · Rating 4 out of 5]

This book really covers the basic of tax planning and various strategies that a surprising number of people can implement in their lives without too much difficulty. As a CPA myself, I will be keeping this near my desk at work as a reference and would not be afraid to recommend it as being worth your time. At $20 retail, it's a lot cheaper than an hour with your own CPA.

[Wade Anderson · Rating 3 out of 5]

Great, practical financial advice with contrived stories and poor writing.

[Logan · Rating 4 out of 5]

Nothing revolutionary, despite the provocative title: (1) start a business and (2) own rental real estate.