So I just finished reading Rich Dad Poor Dad.
I know, a little later, but I just got around to it. I read it in one sitting. Great book.
Robert talks a lot about forming corporations for the tax benefits.
He doesn't go into much depth though.
Can anyone tell me a little bit more in depth about how they use corporations in their RE business to shelter them from taxes? Any input on formation, setting up, and any other information would be great!
Most of those strategies are not really for the new investor. In all reality I would not read anymore of his books as he has been proven to be a scam. Check this article out for proof.
How about the advanced investor - what is one thing that is an expense for a corporation but not for any other kind of business?
@Nathan Astrup Read Rich dad books because of large themes and "big idea" principles.
Do not read the book to get practical tips on HOW to invest in real-estate.
As fay as the Tax question, there are several different kinds of corporations that help companies reduce their taxable impact but you should seek out a CPA to help you with that.
Remember though, focus on making profit as #1, there is no such thing as 100% tax rate you can always make more money.
I appreciate the info. I had wondered if his anecdotes were true.
Regardless of the truth; The ideas conveyed in the book are solid and I think it helps a new investor and businessperson open their mind to the endless opportunities available to someone who can see the possibilities and think critically.
Yet my question still remains. Are the tax shelters described by Robert in a corporation as beneficial as he describes? When operating on a high level can investors really shelter most of their income from the Tax Man?
That question was answered.
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