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what if I told you that reading a few books could be the difference between you paying the IRS zero and thousands of dollars in taxes would you read them well today you're in luck because I'm going to share the best business books that I've read on taxes for self-employed entrepreneurs and I thought this would be a good video to make after one of our loyal subscribers Tommy asked for my personal recommendations and so if you're someone who is currently running a profitable business or you're considering starting one then reading a few of these books may open your eyes and change your perspective of the tax system and potentially save you thousands of dollars in tax payments so in this video what I want to do is rank my favorite business and tax books going from number five to number one I'm also going to give a quick summary of the book and then lastly give you my personal Sean review rating so if all of that sounds good to you then please consider liking the video while the intro plays foreign hey there and if you're new welcome to the channel I'm Sean with life accounting the accounting company that helps you save on taxes and build more wealth as always I'll have the time stamps down in the description below so that you can skip to the next book if you've already read it all right let's go ahead and dive in with the first book on my list number five who not how by Dan Sullivan now this book is number five on my list because it isn't specific to business or tax but hear me out okay because I think many entrepreneurs are strong-willed and strong-minded so naturally what we want to do is learn as much as we can so that we can solve problems ourselves and not rely on anyone else for the outcome of our success so basically we like being in control but this book totally changed my mindset on that it goes into detail of how if you leverage other people's knowledge and experience and time then guess what that's going to accelerate the time it takes you to make progress in your life or in your business and overcome many difficult challenges and one of my favorite quotes that I highlighted from the book is real leadership is creating and clarifying the vision the what and given the vision a greater context and importance the why for all the who's who are involved and so this book totally shifted my mindset from trying to avoid paying experts to the point where now I have a monthly budget dedicated to paying coaches and Consultants who have 10 000 hours of experience in a specific area so they can either a teach me the most important things I should know to shortcut My Success or B just let them handle things for me and there are a lot of entrepreneurs and business owners who would probably benefit much more by simply hiring a tax strategist rather than trying to learn how to do everything themselves now as far as my review on the book the pros are it's very easy to read I think I finished this in like a weekend or something like that it also reinforces the idea again and again for hard hidden entrepreneurs like me however the biggest con is it is very simple and it's not very tactical so I would rate it a four out of 5 on the Sean rating scale all right so if you're interested in picking up this book or any other other ones on this list what I'm going to do is put my affiliate link down in the description below so that you can buy it off of Amazon and credit me for the recommendation all right moving on to the first tax book on the list I have number four Tech strategies for a high net worth individuals by Adele makawani now even though the title of this book has high net worth individuals in it I found that the Tax Strategies here can be applied to just about anyone and this book wastes no time with storytelling or really explaining the tax system instead it goes straight into giving some great Tax Strategies such as setting up accept Ira maximizing life insurance contributing to a 401k and so on plus it's very specific it will tell you exactly what you need to do to in order to implement each strategy which is awesome now as far as my review of the book well I love how short sweet and to the point the book is it's only about 100 pages long and as you can see the words inside of the book are pretty big so many people could probably finish it within one day and also implementing some of these strategies may be able to save a lot of people a few hundred dollars in extra tax payments however it's not really ideal for people who are beginners and they need a little bit more context because it is very technical and many people wouldn't know which strategies to use based off of their goals and some of the strategies do conflict with one another and although these strategies can be used by anyone I found that they are particularly good for people who are doctors attorneys or Executives who earn at least six figures in their full-time profession also he doesn't really have any specific business Tax Strategies and for those reasons I would rate it a 3.5 out of 5 on the Sean rating scale all right moving on to the next tax and Business book I have number three the tax and legal Playbook by Mark J Kohler this book is fantastic because it really opens your mind to all the different structures of how you can arrange your business your taxes and your personal life Mark lays everything out into five parts part one is all about planning this part gives some brief context of how important it is to embrace your journey as an entrepreneur and tips on Building Wealth then part two is about business entities where their book covers the basics of the different types of legal entity structures that entrepreneurs can choose from like a sole proprietorship a partnership an LLC Corporation and so on then things start to get juicy in part three where the book gets into some Tax Strategies here it starts to highlight some key tax deductions that are available to business owners like the vehicle tax deduction and then it starts to explain stuff like the basics of bookkeeping and a lot lot of other things that we cover in detail on our YouTube channel as well after part three then things start to get legal which by the way this book is written by Mark who is also an attorney so part four is all about protecting your assets like your home your business what happens in the event of a divorce and overall how to prepare for a lawsuit then in part five it gets into some details on how to bring on partners and investors which I view is a little bit of a bonus and then finally everything comes back full circle in part six planning for the next season because of course you want to create a tax plan the year before tax season begins so in my opinion the book does a great job of giving a high level overview of all the things that go into creating a solid tax and legal plan but of course there are some details missing but that's expected because the tax code is over 70 000 pages long and there's no way you could squeeze it all into a single book so as far as my review for the book well it covers a lot of useful information there are some great suggestions and ideas to use and there's an action plan after each chapter but I do have some cons for example the book is very entity structure heavy it involves having a lot of different entities in order to maximize your tax savings and legal protection but there is a financial cost and a mental cost to having all of these entities and a book doesn't really cover that plus this can add some unnecessary complexity to your life if you're just blindly following these strategies and some of the stuff can be overwhelming and probably best suited for business owners who are making some serious profits but that's not really mentioned as well so the book can be a little bit Advanced but even with these cons it still is my second favorite textbook so I have to rate it a 4.5 out of 5 on the Sean Rainey scale moving on to number two I have tax free wealth by Tom wheelwright now if you're starting from ground zero and you want to build yourself up to become very knowledgeable about how the tax system works and this is my number one recommended book it really breaks down the intention behind the tax system and government incentives for business owners and investors with examples of how the rich and wealthy pay zero dollars in taxes how to use tax savings to build wealth and tons of easy math and calculations to follow for example the book has a flow chart that shows how one of the goals of the US government is to create more jobs and provide more affordable housing and so they give tax breaks to entrepreneurs and Real Estate Investors to encourage job growth and housing and thus that helps build a sustainable economy and a thriving economy that everyone benefits from right the government entrepreneurs investors and everyday hard-working Americans and so that's why business owners can write off stuff like vehicle expenses travel expenses meals and entertainment expenses uniform and clothing expenses take depreciation on assets that provide value get job tax credits and much more but after eloquently explaining how the tax system works the book also gives some practical strategies and advice that many business owners can take advantage of even going into detail on how to survive an IRS audit so as far as my review for the book I think it is fantastic for all skill levels because if you're just starting out then the first few chapters will get you up to speed and then if you are already a sophisticated business owner or a tax professional then you'll definitely enjoy the specific strategies that are later on in the book so I would have to give it a 5 out of 5 on the Sean rating scale now before I move on quick question have you read any of these books if so I'm curious so tell me down in the comment section below moving on to number one I have principles by Ray dalio now this isn't specifically a tax book but whenever I talk about business books this is always at the top of the list because following these principles can lead you to build a successful business in the first place which is the whole point of starting a business and becoming an entrepreneur right right like there's no point in trying to save on taxes if you don't even have a successful profitable business all right so let's get into the book the book is divided into two parts part one is kind of like an autobiography where Ray dalio reaccounts his personal life and his work journey and if you're not familiar with who Ray dalio is the quick rundown is that he's an American billionaire investor and built the world's largest hedge fund has thousands of employees and so yeah he's definitely a very successful entrepreneur anyway part one started off good but somewhere down the middle of reading I started asking myself why do I care it's not like I'm a super big Ray dalio fan or something like that I was just picking up this book to learn some more business tips so then I skipped a part two where he shares his exact principles that he developed from his personal life in his work life and that part was life-changing you see when I picked up the book I had already built a million dollar company so I had some experience to see whether or not these principles were legit or not really and as I was reading I literally saw some of the exact same challenges I faced and some of the solutions that he offered were some of the same ones that I used so then I started to take the other predicted challenges and principles much more seriously because I knew if I truly digested the principles I could basically shortcut my own path to success through his experience and one of my favorite aspects of the book for business is the process of where you should first establish your business goals then build a machine or business that can run without you to help you accomplish those goals and he goes into detail about how a good machine has good people or employees who can help design the machine or make a better machine and then you want to look at how with the different outcomes the machine produces and see if it overall meets your goals and then running through the process again and again until you have a business that you love and enjoy but the book goes into detail about how you can build this process effectively so like I said it's one of my favorite books of all time and of course I would rate it a 5 out of 5 on the Sean rating scale all right now here's a very important note which is some of the Tax Strategies inside of these books and what we teach on our channel are all very good but if you're not careful or execute these strategies incorrectly then you're going to end up in big trouble with the IRS so you'll want to watch this next video to avoid triggering an IRS audit and I'll see you over there