Read Millionaire Fastlane
- Dec 26, 2014
I'd speak to a tax attorney or CPA. Screw reading books about tax law.
I understand your sentiments of outsourcing paperwork to an accountant, but every entrepreneur should have at least some understanding of taxes. Reading a book on tax law should be a minimum requirement for anyone that wants to acquire wealth.
@rsj I can't recommend a specific book, but take a look at textbooks form the past year. They should give you a solid understanding of taxes and how they really work.
Taxes are not something that you should brush off as an afterthought. It's something that should go into your business and life planning.
Unlike other tasks that you can "outsource", taxes make up a huge portion of your revenue. For a lot of people it's between the 20% to 60% mark. That's F*cking huge, and can have a tremendous impact on your life.
Let me give you an example of how studying tax law can help you:
Myself and a handful of other members on this forum are familiar with the "Foreign Earned Income Exclusion" which basically gives you an exemption on the first $102,000 that you make - as long as you're living outside of the country 11 months out of the year. Knowing that piece of information, we can travel the world, blow money on nice hotels, dinners, plane tickets, etc., and live a great life overseas for cheaper than the cost of paying taxes in the U.S.
This is just one example.
There's countless examples like this one that fit your business in different ways and allow you to exponentiate growth and maximize wealth.
End of the day, how much money you have is not what you made pre-tax, but post-tax. Learning about taxes and studying the subject matter is just smart business and essential to maximizing your wealth.
Yeah, it won't make you a better "entrepreneur", but it will make you a much better wealth creator.