New book by Frisco CPA Larry Stone teaches tax strategies of the rich
If you go…
Who: Larry Stone
What: National launch party of latest book, “Tax Breaks of The Rich and Famous”
When: 5 to 7 p.m. July 23
Where: The Blue Spruce, 20 Main Street in Frisco
At the end of the day, rich and famous people are just like everyone else.
They put their pants on one leg at a time, hold jobs and raise families. But there is one key difference that separates the haves from the have nots; a seemingly insurmountable heap of discretionary income.
And with those funds the rich are able to hire lobbyists to have all kinds of rules changed in their favor, including the income tax code, said Larry Stone, a Certified Public accountant and Certified Tax Coach with a firm in Frisco.
“Most of us can’t afford to do that, so we need to identify what the rich and famous have done to see which breaks can also work for everyday people,” Stone said.
Last month Stone released his second book, “Tax Breaks of the Rich and Famous,” which currently stands at number 84 on the Amazon.com bestseller list. Unlike his first book, “Secrets of a Tax-Free Life,” this publication is the result of a collaboration of 15 CPAs, attorneys and enrolled agents of the Internal Revenue Service who each wrote a chapter about money-saving tax strategies for business owners and real estate investors.
Stone’s chapter focuses on real estate investment.
“Real estate investment has historically been the best way to increase wealth,” Stone said. “Andrew Jackson was notorious for trading legal services for land he later sold when he retired. That’s why you see the rich and famous buying homes all over the country.”
The reason Stone thinks real estate is such a solid investment is because unappreciated gains in home values are not taxable up to $250,000 for individuals and $500,000 for couples.
Even though everyday people may not be able to afford multiple mansions in places like Beverly Hills and Telluride, Stone said there are still plenty of options for people to capitalize off real estate investments.
A couple of options include real estate investment trusts, participating in local real estate investment groups or bootstrapping, the process of buying a home and renting it, using the income to buy something bigger and better in the future.
Although Stone’s new book already is in stores, locals will get a chance to meet the author and purchase “Tax Breaks of The Rich and Famous” during a national book launch party from 5 to 7 p.m. July 23 at the Blue Spruce, 20 Main St. in Frisco.
Stone also is in the process of writing his third book, which is scheduled to be released in January 2014. Though currently untitled, the volume will address specific tax strategies for the construction industry.
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