If you want to build wealth you’ve got to do it strategically, otherwise you can end up with a hefty tax bill. The key to growing your wealth is understanding how the tax code works so that you can plan to make decisions that make you money while maximizing your tax savings. Whenever I have a tax question, there’s only one person I consult: today’s guest: Tom Wheelwright.
On this episode of Investing in Real Estate, expert CPA and Rich Dad Advisor Tom Wheelwright is back to share amazing tax-saving tips from his new book, The Win-Win Wealth Strategy. We’re discussing topics like the tax benefits of real estate investing, finding a qualified CPA, the tax benefits of starting a business, and much more!
On this episode you’ll learn:
- The difference between being an active partner and a silent partner with the government.
- Four real estate investments that the government will pay you to make.
- Two reasons why real estate is a superior investment type.
- And many more great tax tips!
The Difference Between Being an Active Partner and a Silent Partner with The Government
Tom explains that the key is doing what the government wants you to do. Most people are a silent partner with the government, meaning that the IRS just takes their tax money, and they don’t make a tax strategy. An active partner, however, takes advantage of the governments tax incentives.
Four Real Estate Investments That The Government Will Pay You to Make
- Solar Energy
Two Reasons Why Real Estate Is a Superior Investment Type
There are two reasons why real estate is a superior investment type. First, the power of debt; there’s no other investment type that allows you to use other people’s money to build your wealth without paying taxes on that debt. The second reason is the power of depreciation. With the deduction of depreciation, you’re able to keep more money in your pocket. Check out this interview I did with Tom years ago, where he explains the magic of depreciation.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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