267: URGENT: Tom Wheelwright Discusses New Tax Legislation!
Wealth Formula by Buck Joffrey
The US tax code is thousands of pages long. What could it possibly have to say for that many pages?Well, as it turns out, only a very small fraction of the pages are devoted to how much you are taxed. The majority of the tax code provides for ways you can potentially pay less tax.You see, the tax code is nothing more than a series of incentives. It is intended to direct your behavior and your investments.Case in point…for years, drilling for oil and gas on US shores has been an initiative of the US government. The idea was to make us oil independent from a bunch of Middle Eastern countries who don’t like us very much.Reflective of that goal, investments in oil and gas drilling operations have been extremely advantageous to investors in terms of tax mitigation. In fact, for the last few years, up to 100 percent of oil and gas drilling investments have been deductible for investors.Well, as it turns out, the US became a net exporter of petroleum in September of 2019 meeting its goal to be oil independent. Then, the Biden administration took over in 2021 and made it clear that green energy was at the top of its agenda.So, if it is true that the tax code is a series of incentives, what kind of legislation do you think reflects the current administration’s values?You might expect the end of all of those tax benefits for oil and gas replaced by green energy benefits. Well, as it turns out, that’s what is on the table right now along with a series of other tax code changes that reflect the Biden administration’s values.Sure we can complain about it. I certainly don’t like a number of the proposals that we are seeing. But our job as investors is to continue understanding what the government wants us to do and to do it. That is…if we want to reduce our taxes.None of the legislation that has been offered is law as of yet. So, it’s not quite time to panic. However, it is time to understand which way things are going and start preparing yourself.So, that’s what we are going to do this week as we talk with my CPA, Tom Wheelwright. You don’t want to miss this show!Tom Wheelwright, CPA is the visionary and best selling author behind multiple companies that specializing in wealth and tax strategy. Tom is also a leading expert and published author on partnerships and corporation tax strategies, a well-known platform speaker and a wealth education innovator.In Tom’s best selling book Tax-Free Wealth, Tom shows entrepreneurs and investors how to build massive amounts of wealth through practical and strategic ways to permanently reduce taxes.Shownotes:Other times in the past when 1031 exchanges have been under attack. What are the legislation changes regarding capital gains?Some good news for real estate developersThe estate tax limitation changeWhy not take the opportunity to plan right now?Wealthability.comThe post 267: URGENT: Tom Wheelwright Discusses New Tax Legislation! appeared first on Wealth Formula.
Many accountants approach taxes as something to fear. You hear them saying that taking advantage of certain tax benefits will trigger an audit. Tom and his team of accountants take the opposite approach. They view the tax code as a series of incentives and that it's their responsibility to help you benefit from these incentives and reduce your taxes. In this episode, we cover a number of important topics: How you're "dead in the water" if you're just a W2 wage earner. To be able to take advantage of tax incentives, you need to be a real estate professional or own a business The importance of tracking hours for real estate professional status The secret to approaching audits the right way! We had an interesting discussion about the evolution of real estate professionals and what multi-million dollar real estate investors are doing differently than the average investor and what makes them successful Semi-Retired M.D. and its owners’, presenters’, and employees are not in the business of providing personal, financial, tax, legal or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this podcast. Semi-Retired M.D., this podcast, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed, and certified professionals should be sought. In addition, Semi-Retired M.D. does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
A Strategy to Convert Active Income to Passive Income - A Tax Interview with Tom Wheelwright
Family Office Podcast - Private Investor & Investment Insights
Richard C. Wilson of the Family Office Club interviews Tom Wheelwright on converting active income to passive income.A Tax Interview with Tom WheelwrightKeywords: Tax, Tax Strategies, Tax Expert, Business Tax Expert, Investment Tax Expert, Tom Wheelwright Author, Tom Wheelwright Books
How The New Spending Bill And Tax Plan Can Impact Your Overall Wealth Strategy With Tom Wheelwright
The Wealth Standard – Empowering Individual Financial Independence
With the new president and administration coming in, a new spending bill has been passed. It tells an interesting story, but what exactly is its difference from the past spending bills? Patrick Donohoe brings back to tackle this very subject. They also go into Biden's tax plan and its implications to the overall economy. Tom is an entrepreneur, bestselling author, and the personal CPA of Robert Kiyosaki. He is studying the goings-on of the Biden administration when it comes to the spending plan that passed, as well as some precedents that are being set for future changes to the tax code that could potentially impact your overall wealth strategy. Love the show? Subscribe, rate, review, and share! Join The Wealth Standard community today:
Today, I am so excited to welcome Tom Wheelwright! Tom is known as a tax and wealth expert, he is a CPA, and the CEO of WealthAbility®. He is the Best-Selling Author of Tax-Free Wealth (part of the Rich Dad Advisors Series). Tom is a speaker, entrepreneur, and host of two popular podcasts: The WealthAbility™ Show and The WealthAbility® for CPAs Show. He is a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post, FOX and Friends, and many other media outlets. We begin this episode, as we often do, with Tom’s background. Tom began his career doing bookkeeping for his father’s company. After getting his master's of Professional Accounting degree from the University of Texas, he managed and led the professional training for thousands of CPAs at Ernst & Young’s National Tax Department in Washington, D.C. He was an in-house tax advisor for Pinnacle West Capital Corporation, at the time a Fortune 1000 company and he also served as an adjunct professor in the Masters of Tax program at Arizona State University for 14 years, where he created the course for teaching multi-state tax planning techniques. Tom now teaches the Rich Dad Education Advanced Tax and Asset Protection class and he is also currently building a network of CPA firms around the world in order to serve more people. We then talk about the importance of planning and thinking ahead when it comes to taxes. Having these discussions with your CPA early on in the tax year helps you to prepare properly. As a successful business owner, you need to know your numbers every single day. And when you know where you stand, it is much easier to plan out your taxes. We briefly touch on the differences between bookkeepers and CPAs. According to Tom, your bookkeeper is there to provide accurate records that help you make right decisions. Your CPA is there to analyze those records. The role of your bookkeeper is to keep you accountable, and it is that accountability that creates profitability. Tom then talks about buying and selling CPA firms, as well as creating them from scratch. He walks us through the process of turning around a CPA firm after the purchase. For Tom, it was all about building appropriate systems. For example, very few CPAs have a system for meeting with clients: when, how often, what is the goal, etc. Tom believes that systems are what creates value in a business, that they are the primary asset of the business. We then move on to talking about Tom's partnership with Robert Kiyosaki. The two met when Tom bought a CPA firm that had Robert as one of the clients. This just proves that you never know where your contacts can lead you. Tom goes into detail explaining how all the pieces came together at the right time and led to him becoming Robert’s tax advisor. We then discuss the current political situation. We talk about how political changes affect us and what should we know from a small-business standpoint. Tom’s estimate is that the taxes will probably go up in the next four years. The incentives will probably shift to clean, renewable energy. From a real-estate point of view, if you have a real estate with solar production or hydroelectric production, that will be a great source of cash-flow. These changes will require an adjustment to how we think when it comes to real estate. Lastly, we dive into the stimulus bill. Tom takes us through some of the most important parts of the bill as far as taxes are concerned: restaurant business meals (both takeout and dine-in) are 100% deductible for the next two years, extending the universal charitable deduction through 2021, and qualifying for PPP loans. Tom then goes on to explain PPP loans even further in regards to the new act. You do not want to miss this amazing and advice-packed episode of the Just Start Real Estate Podcast with the legendary tax expert, Tom Wheelwright! Notable Quotes: “One of the mistakes that new entrepreneurs, new investors get into is that they are catching up on their taxes, instead of staying ahead.” Tom Wheelwright “Good tax records and good tax practices are also good business practices.” Tom Wheelwright “If you are running a good, tight business and you know your numbers, tax season won’t be so stressful because you will have the information available.” Mike Simmons “Your bookkeeper is there to create accuracy, accurate records that you can make good decisions from and your CPA should be there to analyze those records.” Tom Wheelwright “If you don't have the documentation, you don’t get to deduct that expense.” Tom Wheelwright “What a system does is actually create value. Because if you don’t have a system, really all you are doing is constantly selling. If you constantly have to sell, you don’t really have a business, you have a job as a salesman. ” Tom Wheelwright “You can sell a business, but a business has to have assets and primary assets are going to be the systems of the business” Tom Wheelwright “A sellable business is also a well-run business.” Mike Simmons “Once you find the formula that you can repeat over and over again, all of a sudden business is easy. When you are making a new decision every day, that makes business hard.” Tom Wheelwright “I happen to believe that business produces income; workers are necessary but they are not the reason that business survives. The business survives because of the assets in the business.” Tom Wheelwright “Never turn down free money.” Tom Wheelwright “A tax strategy should be a long-term tax strategy.” Tom Wheelwright Links: Tom’s Website Tom on Facebook Tom on LinkedIn WealthAbility Website WealthAbility on Facebook WealthAbility on Twitter WealthAbility on Instagram WealthAbility on LinkedIn Mike’s FREE Coaching 7 Figure Flipping Return on Investments Just Start Real Estate JSRE on Facebook Mike on Facebook Mike on Instagram Mike on LinkedIn Mike on Twitter Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months
10 Ways For Entrepreneurs To Save Money on Taxes Feat. Tom Wheelwright
The Fighting Entrepreneur
I have another eye-opening episode of TFE for you today. Today I brought back on Tom Wheelwright, who happens to be my personal Wealth Adviser and has some of the biggest Entrepreneurs in the world as clients, including Robert Kiyosaki. This topic was very important as an entrepreneur and most entrepreneurs ignore this. You see, Tom’s main job is to help his clients avoid paying as much taxes as possible. And he’s helped save MILLIONS in taxes… While still doing good and making a difference in the world. Today on the podcast, Tom reveals 10 ways to save money on taxes. Listen up so you can learn how Tom can save you money. Listen now for the answer and how you can do the same thing and save money taxes.
In this episode we ask: Who is Tom Wheelwright? Have you read his book, Tax Free Wealth? Would you like to hear his podcast? What was Tom’s childhood like? Where did Tom first learn about money? What was one of Tom’s first jobs? What did Tom learn about rental property? With whom does Tom work? What does Tom’s CPA network look like? What does Tom love about tax education? How did Tom’s relationship start with Robert Kiyosaki? Where do Tom and Robert travel together? What about the tax law around the world? How is the tax law a series of incentives? What is Tom’s paradigm of taxes? How long is the tax law in the U.S.? Is all income taxable? Is anything deductible? What is the majority of the tax law? What’s the history? What about incentivizing the free market? What about tax credits? What about depreciation? What about tax credits for sending your kid to college? What about tax deductions for buying a house? What do most countries have in common? What’s fun about taxes? How does one make more money when they follow the tax law? What about electric cars? Is the free market the best place to build infrastructure? What about the cash flow quadrant? What about tax incentives? Have you read Cash Flow Quadrant by Robert Kiyosaki? Are you an employee? Are you self employed or a small business owner? Are you a big business owner? Are you an investor? What about Trump paying $750 in taxes? What about debt and real estate? Do you have to be big to get the benefits of the big business? Can an employee enjoy the tax benefits of an investor? What about the Wall Street trap? What about “retail” investments? What about “wholesale” investments? What about private equity? Is this available to anyone outside of the 1%? What about “factory-direct” investments? What’s on the horizon for real estate? What’s on the horizon for tax law? Are taxes going down? What’s likely to happen? What about incentives toward clean energy? Where is policy headed? What was one of the best real estate deals ever? Are you looking at cash flow? What is the simple analysis of any deal? What will happen to the size of government? What opportunities come with government expansion? What about the pandemic? What about office space and other commercial real estate? What is Tom doing differently in their office? How many streams of tax-free income can Tom and Mark think up? What about Roth IRAs? What about HSAs? What about depreciation on rental real estate? What about a 1031 exchange? What about reverse mortgages? What about life insurance? What about a business? What is the only thing you can cash out of tax free? How can you combine a business with real estate? What about clean energy? What about oil and gas? What runs out? What wears out? What about renewable energy? Would you like to hear the Wealthability show? Would you like to read Tom’s book, Tax-Free Wealth? Would you like to visit wealthability.com? Would you like to join the NEW Not Your Average Financial Community? Tom Wheelwright is a CPA, CEO of WealthAbility®, Best-Selling Author of “Tax-Free Wealth”, Owner and Active CPA for Wheelwright Manahan, Speaker, and Host of 2 popular podcasts, including The WealthAbility® for CPAs Show. Wheelwright advises CPAs, accounting professionals, small business owners, entrepreneurs, and investors how to permanently and legally reduce their taxes by 10-40%. Previously, Wheelwright was a Manager in the National Tax Office of Ernst and Young, an Adjunct Professor in the Masters of Tax Program at Arizona State University for 14 years, and a Fortune 500 in-house tax advisor and tax lobbyist.
248: New Government, New Taxes with Tom Wheelwright!
Wealth Formula by Buck Joffrey
Political difference aside, I for one was relieved to see some order restored to the government last week. Whatever policy differences I have with Joe Biden, I believe him to be a man who cares dearly about his country and a man of integrity.As a person who loves this country first above any party, I wish him well and I hope that he can guide us through a difficult part of our history—one defined by death and destruction of a pandemic, the ensuing financial hardships inflicted on our people and hyperpolarization and partisanship not seen since the civil war.It is my sincere hope that President Biden can help us to find a new national discourse where we can disagree with one another without being hateful. Perhaps it’s unrealistic to think that we can put the genie back in the bottle. After all, we live in a world without any agreed upon facts. We live in a world of soundbites and gotcha moments. But we are capable of more, aren’t we? I know you are. Our community is made up of a lot of different people with different views on the world. However, I get the sense that there is goodness in all of you. The kindness that you show me and each other when we are meeting is special. The outpouring you had for me when I got sick was genuine. You are good people.As such, I want you to join me over the next several years to do your part in helping to bring the rhetoric down. Let’s be thoughtful people and show respect not only to those with whom we agree, but those with whom we disagree. Above all, we need to remember that we are all fortunate to be Americans and that underlying all of our differences, we all want what’s good for our country regardless of what that might look like through the eyes of any one individual.Now, with that said, let’s get into what is probably going to be the most financially impactful change of the government on your pocketbook: taxes. There is no one I trust more on these matters than my own CPA, Tom Wheelwright, Rich Dad Advisor to Robert Kiyosaki and author of Tax-Free Wealth. This week’s episode is exactly what you need to know about tax law changes right now. Miss this episode at your own risk!Tom Wheelwright is a CPA, CEO of WealthAbility (Tempe, Arizona) and Best-Selling Author of Tax-Free Wealth. Wheelwright is a leading wealth and tax expert, global speaker, and Entrepreneur Magazine Contributor. Tom is best known for making taxes fun, easy and understandable, and specializes in helping entrepreneurs and investors build wealth through practical and strategic ways that permanently reduce taxes.As a Rich Dad Advisor to Robert Kiyosaki (Rich Dad Poor Dad), Tom frequently speaks at conferences worldwide to entrepreneurs on these topics. His work has been featured in The Wall Street Journal, Washington Post, Forbes, Accounting Today, Investor’s Business Daily, FOX & Friends, ABC News Radio, NPR, Marketplace and many more media.Shownotes:What is a Reconciliation Bill?Can we expect dramatic changes for high-paid professionals this year?Bonus DepreciationAre there any possible benefits for tax payers with the recent administration shift?The post 248: New Government, New Taxes with Tom Wheelwright! appeared first on Wealth Formula.
320: Wealth Destroyers: Inflation and Taxes with Tom Wheelwright
Get Rich Education
Learn how to keep insidious thieves from stealing your wealth - taxes and inflation. Higher taxes = lower inflation. I tell you why. The IRS does not recognize inflation in regard to capital gains. I discuss property tax, income tax, and sales tax state-by-state. Many coastal states have high property tax and income tax; southern states have high sales tax. A recent Harris poll showed that work-from-home types value saving money on lunch and gas more than being with their family or having extra time! (Geez.) Subscribe to our Don’t Quit Your Daydream Letter here. Tom Wheelwright joins me. Tax brackets are marginal, so use your childrens’ lower tax brackets. The last dollar you earn is taxed at your highest taxable rate. The first dollar of a tax deduction comes off your highest taxable rate. Tax credits beat tax deductions. Reducing your property tax can be fairly easy. Resources mentioned: Connect with Tom: www.Wealthability.com Show Notes: www.GetRichEducation.com/320 Mortgage Loans: RidgeLendingGroup.com EQRPs: text “EQRP” in ALL CAPS to 72000 or: eQRP.co By texting “EQRP” to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply “STOP” to cancel. New Construction Turnkey Property: CashFlowAndGrowth.com Best Financial Education: GetRichEducation.com Top Properties & Providers: GREturnkey.com Follow us on Instagram: @getricheducation Keith’s personal Instagram: @keithweinhold
Why You Should Be Concerned About Joe Bidens Tax Plan | Tom Wheelwright
In this episode of the Millionaire Mindcast, we have an impressive guest, Tom Wheelwright who shares his wisdom, knowledge, insights on why entrepreneurs and investors should be involved with their tax situation, understanding tax law, tax lien, bonus depreciation, tax rates, capital gain trades, PPP Loan forgiveness, and techniques on how to reduce taxes! Tom Wheelwright is an entrepreneur, investor, a CPA and was an accountant buddy of Robert Kiyosaki, an expert and published author on partnerships and corporation tax strategies, and a well-known platform speaker and wealth education innovator. His best-selling book, Tax-Free Wealth helps entrepreneurs and investors how to build massive amounts of wealth through practical and legal strategies for lowering taxes. Tom’s work has been featured in hundreds of media, including Forbes, The Huffington Post, Accounting Today, CFO Magazine, ABC News Radio, and AZTV Morning News, along with writing columns for Entrepreneur Magazine and Inman News. This man always loves law and numbers. According to him, tax is a nice combination of law and numbers. Thus, Tom always makes taxes look sexy. Accordingly, as taxes are on their way up, you need to have a plan to reduce it. Long term tax strategy is a much better solution. How to come up with the solution? Big vision attracts big talent. Hence, work with tax advisor. Having a tax advisor or an accountant is the most important person in your team. On the other hand, in terms of capitalizing, invest something you enjoy, something you care about, and something you spend the time to get good at. The asset category and actual type of investment doesn’t matter. Choose something that’s fun instead of chasing returns, that’s the journey and it’s not about the destination. Currently, Tom is very excited about technology as it applies to business and investing, as well as changes in education. Tom and his team are currently building a massive international network for CPA firms to be able to help more people around the world. Some Questions I Ask: How did you get into this? Was this always the space you envisioned yourself being in? (01:15) What are some of the biggest pitfalls that you see that most entrepreneurs, investors, and small business owners are missing from a foundational level? (04:28) When is the right time to hire a CPA or Bookkeeper? (07:58) What are some of the things that you guys are seen and paying attention to in general, tied to Joe Biden’s proposed tax plans? (11:57) What are some of the things that you guys are seeing that people should be aware of and think about if they’re going to vote with the pocketbook and their finances? (14:54) What are some of the things that people should be dealing in regards to preparing to lower taxable income, and any future liabilities that might come down the road from after that? (19:56) Have we got any more clarity on PPP Forgiveness and what they’re looking for? What are some of the things that you guys are seeing on your end? (21:20) What type of vehicles, investments, opportunities should people maybe putting on their radar and taking advantage of that might be suitable for lowering their taxes? (25:35) What are some of your favorite investment vehicles? (27:24) What do you most feel excited about Tom in 2020 and beyond just life in general? (29:42) In This Episode, You Will Learn: How to create and sustain wealth growth (00:20) Why Tom loves the Tax Liens (03:24) Why you need to understand the tax law (07:25) What does Tom’s Wealthability Network do (10:35) Common mistakes of accountants and tax advisors (13:40) The Capital Gain Trades (17:23) Quotes: “If you’re gonna change your tax, you have to change your facts.” “We’re all partners with the government whether we like it or not.” “I’ve never planned to be small.” “Taxes are a huge weight against your wealth.” “If you’re consuming, you’re taxable, if you’re producing, you’re not.” ‘If they can do it, you can do it.” “If you’re scattered, you’re never gonna fail to find the deal.”