by Tom Wheelwright | Nov 17, 2012 | Tax Strategy
A tax strategy is more than just wishing you could pay fewer taxes. A tax strategy ensures you pay the least amount of tax allowable by law, regardless of your business or investment situation. I'm often asked what is involved in creating a tax strategy. When it comes...
by Tom Wheelwright | Nov 2, 2012 | Wealth Strategy
The big secret really isn't a secret. Many of you will read this big secret and think to yourself, “Of course! I know that. Tell me something I don't know.” The big secret to creating wealth is to take action. A Typical Wealth Plan When I meet with a new...
by Tom Wheelwright | Oct 29, 2012 | Tax Strategy
Real estate is one of my absolute favorite areas in the tax law because there is so much flexibility in how to do things to legally maximize the tax benefits available. Real estate is also one of the most complex areas of the tax law. This makes it easy to overlook...
by Tom Wheelwright | Oct 14, 2012 | Wealth Strategy
I recently received this question from an Ask Tom Live: Tax Edition subscriber: I have $171,000 in a traditional, self-directed, checkbook IRA. That is where my wealth is stuck. I know I'll have to pay taxes since I didn't pay any while in the 401k and now a...
by Tom Wheelwright | Sep 21, 2012 | Tax Strategy
I refer to inflation as a hidden tax because it can dramatically increase a person's taxes without that person ever realizing just how much more in taxes they are paying because of inflation. Inflation is the increase in price of goods and services over time. I was...
by Tom Wheelwright | Sep 7, 2012 | Tax Strategy
Never ever put a tax shelter investment inside another tax shelter. This is Rule #15 from my book Tax-Free Wealth. What many people don't realize is that this is exactly what they are doing when they invest in rental real estate through their retirement plan (like an...
by Tom Wheelwright | Aug 31, 2012 | Wealth Strategy
Real estate is one of the most complex areas when it comes to tax law. It is also one of the most complex when it comes to reporting. Both of these factors can make accurate reporting challenging – it's easy to overlook important steps, which can lead to missing...
by Tom Wheelwright | Aug 17, 2012 | Tax Strategy
I'm big on education. With education, your knowledge increases and your risk decreases. Taxes are a great example of this. As a person's knowledge about taxes increases, their risk of overpaying their tax decreases as does the risk of incurring penalties and interest....
by Tom Wheelwright | Jul 20, 2012 | Wealth Strategy
If you've heard me talk about reporting, you know the Balance Sheet and Income Statement (Profit & Loss Statement) are not my favorite reports. While they are the most popular, I don't think they are the most effective when it comes to managing your wealth and tax...
by Tom Wheelwright | Jul 16, 2012 | Tax Strategy
A like-kind exchange, also referred to as a 1031 or Starker exchange, allows a taxpayer to defer paying tax on the sale of a property. Like-kind exchanges are wonderful and powerful tools to use in tax and wealth strategies, but ONLY when used correctly. If like-kind...
