The majority of people hate taxes but this is only because they don’t understand how the tax law works, or how to make it work in their favor. Today’s guest, Tom Wheelwright is here to help you understand how to pay less in taxes, and get the most benefits from the tax law!
Tom Wheelwright is one of the most knowledgeable accountants around; he is the creative force behind Pro Vision, as well as Robert Kiyosaki’s personal tax advisor. Tom also authored the book, Tax-Free Wealth, which totally transformed my business. On episode 19 of Investing in Real Estate, Tom is sitting down with Natali and I to share his insights into the world of taxes, accounting and investing!
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Tom Wheelwright posits that throughout his experience closely studying the tax law, he’s realized that it has one clear purpose. The tax law is a series of incentives that the government uses in order to encourage people to participate in certain behaviors.
For example, the government wants us to send our children to college; therefore there is a tax credit for doing so. Additionally, the government wants us to donate to charity. By doing so, you will receive a tax deduction.
He explains that most of the tax law is geared toward business owners and professional investors, because this is the most effective way to stimulate the economy. This principle is actually quite simple, but many people don’t understand it.
Most people hate paying taxes, and are petrified by IRS audits. Tom explains that this stems from the fact that there is so much incorrect information out there about taxes. The truth is, being informed about taxes requires not only an influx of information, but also a mindset change.
Tom clarifies that when you understand the law, there are tremendous benefits that you can receive. The tax law is simply a way that the government enforces policy. All we have to do is understand how the tax law works and start thinking about taxes from a business perspective, then we are able to reap the benefits.
On today’s show, Tom elaborates on what to look for in an accountant, the number one rule of IRS audits, as well as the tax implications of the impending presidential election! Tom has a wealth of experience and knowledge when it comes to taxes, you won’t want to miss this episode of Investing in Real Estate!
We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- What is the one thing that people forget about taxes?
- The two issues of not creating an entity.
- Why you should pay taxes in at least two states.
- Should a family try to incorporate?
- And much more!