Tax Facts You Need to Know – Tom Wheelwright

Tom Wheelwright’s mission is to help entrepreneurs and investors to be able to pay less in taxes, help them to understand this tax code, and be able to align their interests with the government to do what the government incentivizes them to do.  Join Steven and Tom as they discuss how you earn your money has a major impact on how much tax you pay,  how paper assets are of little benefit to you tax-wise, how behaving like a big business can bring lower taxes and so much more.  

Key Takeaways

1. You have the choice to pay the maximum out of tax or make those investments that reduce taxes and make money at the same time
2. If you get the professional investor designation that the government wants you to have to increase your protection, you can actually get a very low tax rate
3. If you take your money and reinvest it in the economy, particularly in those ways that the government prefers, you’re going to get a major tax benefit
4. Debt is what makes real estate powerful from a tax standpoint, as well as from an investment standpoint
5. If you are a passive investor, you can only offset your deductions from that passive investment against passive income.

Resources Mentioned

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About our Guest:

Tom Wheelwright – Tax and Wealth Expert is a CPA, CEO of WealthAbility®, Best-Selling Author of Tax-Free Wealth (Rich Dad Advisors Series), Speaker, Entrepreneur and Host of 2 popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show. Wheelwright has spoken on stage on every continent to over 100k entrepreneurs, small business owners and investors. His goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. Wheelwright is a Contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX and Friends, Marketplace / NPR, ABC News Radio and hundreds of media. For more information, visit https://tomwheelwright.com/ and https://wealthability.com/tom/.