by Tom Wheelwright | Aug 3, 2009 | Tax Strategy
I recently received this note from a customer: “I need to start my legitimate business to be able to write off my leisure (golf, travel). I now am better educated than my tax preparer….scary.” Is this really possible? Unfortunately, the answer is...
by Tom Wheelwright | Jul 7, 2009 | Tax Strategy
I have never seen anybody be put out of business by the IRS over nonpayment of income taxes. There are two other types of taxes that can put you out of business. The first is payroll tax. Employers have a fiduciary responsibility to pay over employment taxes to the...
by Tom Wheelwright | Jun 25, 2009 | Tax Strategy
There is a lot of talk right now about itemized deductions. Remember itemized deductions? Those great deductions on Schedule A for taxes, interest, charitable donations and investment expenses? The big discussion right now is about President Obama's proposal to limit...
by Tom Wheelwright | May 24, 2009 | Tax Strategy
The Issue: The states are all short on funds with the current condition of the economy. As a result, they are aggressively going after any business that makes sales in their state and has not been collecting sales tax. One of my friends recently found this out the...
by Tom Wheelwright | May 24, 2009 | Tax Strategy
Many of you have spent thousands of dollars on seminars in the past few years. One of the more common questions I get when I am speaking at a seminar or later when I am doing a tax evaluation is whether the cost of these seminars is deductible. Like most tax...
by Tom Wheelwright | Apr 1, 2009 | Tax Strategy
One of the great books of all time is “How a Man Thinketh” by James Allen. The premise of this book is that we will do according as we think. And we will never do something that is not first a part of our thought process. Allen says, “All that a man...
by Tom Wheelwright | Mar 2, 2009 | Tax Strategy
I was in Orlando, Florida a couple of weeks ago speaking to 1,400 people at the Rich Dad Annual Forum. During my presentation, I mentioned a prospective client whose entity structure was likely to cost him over $200,000 in taxes if all he did was refinance his real...
by Tom Wheelwright | Jan 28, 2009 | Tax Strategy
Early this morning I arrived in Calgary, Alberta, Canada to teach at Greg Hasbritt's Master Wealth real estate seminar. My topic? U.S. tax strategies. So why would Greg ask me to teach U.S. tax strategies at his Canadian real estate seminar? For two reasons. First,...
by Tom Wheelwright | Jan 21, 2009 | Tax Strategy
Many clients of ProVision have chosen as their preferred growth asset category stock and option trading. When done properly and with the right set of systems, this category and be very lucrative. We have clients who are doing as well as 7-10% per month on their...
by Tom Wheelwright | Nov 7, 2008 | Tax Strategy
We all know how important reducing taxes can be for our family finances, especially in these difficult times. But are some tax strategies better than others? Are there some that can provide benefits to our children for generations to come while others may actually...
