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...
by Tom Wheelwright | Jun 11, 2012 | Tax Strategy
One of the most common tax deductions I see missed on a regular basis is the tax deduction for the business use of a personal vehicle. When I meet with new clients and discuss this deduction, I hear all sorts of reasons as to why they haven't taken this deduction:...
by Tom Wheelwright | May 21, 2012 | Tax Strategy
“I know there has to be a better way” This was a line in a form submitted to me inquiring about how ProVision may be able to help this person reduce their taxes. This person shared that they were paying a lot in taxes and that their current tax advisor...
by Tom Wheelwright | Mar 16, 2012 | Tax Strategy
It's common to hear people complain about the tax law – it's complicated, confusing and making a mistake is punished with penalties and interest. At least once a week I have someone tell me that their prior tax advisor told them there was nothing they could do...
by Tom Wheelwright | Feb 24, 2012 | Tax Strategy
The fear of a tax audit can make people do funny things. I've seen people give up thousands in legal tax savings in an effort to hopefully avoid the possibility of an audit, and many times at the advice of their own tax advisor. I regularly have clients tell me their...
by Tom Wheelwright | Jan 30, 2012 | Tax Strategy
Like everyone, I have been paying close attention to the campaign for the Republican nomination. I wanted to share some insights on the tax policy debate. I think everyone is missing the point of the debate over U.S. tax policy for a number of reasons. The candidate...
by Tom Wheelwright | Sep 1, 2011 | Tax Strategy
When you purchase a rental property, remember that you are purchasing not just the building and the land. You are also purchasing all of the improvements to the land, such as the landscaping, fencing, carport, and outdoor lighting. And, you are buying the contents of...
by Tom Wheelwright | May 10, 2011 | Tax Strategy
In the Sunday newspaper, Kevin G. Hall wrote an article called, “Americans Shouldering Rather Light Tax Burden.” He begins the article by saying, “Here's a dirty little secret that most Americans don't want to hear: We're undertaxed.” By...
by Tom Wheelwright | May 5, 2011 | Tax Strategy
The cover of the Bloomberg Business Week edition for the week of April 11, 2011 had this title, “How to Pay No Taxes” – 11 shelters, dodges, and rolls, all perfectly legal, used by America's wealthiest people. A client of ours forwarded the article...
by Tom Wheelwright | Jul 7, 2010 | Tax Strategy
Recently, I had the opportunity to travel through Europe with Robert and Kim Kiyosaki and Ken McElroy. What a wonderful experience. We met great people who are dedicated to improving their lives instead of following the blind (see “mutual funds”). One of...
