After 31 years… Major Tax Reform — and what it means to you True overhaul of the tax law only happens about once every 30 years. In the past 75 years, the U.S. tax law has only seen three major revisions; one in 1954, the next in 1986 and most recently at the end of 2017.
Tax Free Wealth Summary
Tax-Free Wealth is about tax planning concepts. It’s about how to use your country’s tax laws to your benefit. In this book, Tom Wheelwright will tell you how the tax laws work. And how they are designed to reduce your taxes, not to increase your taxes.
Tax-Free Wealth is written by Tom Wheelwright, a veteran CPA who has spent most of his career focusing on tax strategies to reduce taxes, particularly for real estate investors and small business owners. It’s not about simply avoiding taxes, but how to utilize current tax law to your advantage. Tax Free Wealth!
His core belief is that the government creates tax law not to penalize you, but to incentivize you into certain actions – again to primarily consider becoming a real estate investor and/or a small business owner. This is because real estate investors provide housing, and small business owners ultimately create jobs and grow the economy.
Wheelwright’s recently released second edition of Tax-Free Wealth will teach you the fundamental principles of this country’s tax laws so you can best direct your investments (and your life) to take advantage of them.
I should also note that a full understanding of Wheelwright’s book links directly into the idea of the cashflow quadrant, and I highly recommend reading up on that subject as well. Tax Free Wealth!
As is so often the case, every time we hear about changes in tax law, physicians are very rarely the beneficiaries. When tax brackets rates are raised, we’re usually in those top tax brackets, so we’re taxed more heavily. When tax breaks are put in for business entities, rarely are physicians in a position to take advantage of those breaks.
But it doesn’t have to be that way. We can be smarter investors, we can have side hustles, and we can create businesses to take advantage of those breaks. You never want to make your decisions purely on taxes, but planning for those breaks should definitely be a component. Tax Free Wealth!
My hope is that we can begin to better understand the benefits of having a good understanding of tax law – not only for the savings but because it can alter your returns, and those returns are the single biggest thing that accelerates your journey toward financial freedom.
And ultimately isn’t that what we all want? A life of financial freedom and the choice to practice as we choose.
Let’s just say that I’ve learned some MAJOR lessons when it comes to home remodel so if and when it happens again, I’ll know what to ask and look for in a contractor and subs.
You might be asking yourself, “What does a home remodel have to do with tax free wealth?”
Similar to our home project, if you want to take control of your financial future, then you must obtain a basic foundation and know how tax laws work. Tax Free Wealth!
If you give up TOTAL control your entire career to your financial advisor and tax preparer without having a basic understanding of what they’re doing regarding your situation, then their decisions can have a HUGE impact on your finances.
Download Other Books ==>>
- Ruthless People Pdf Download | 349 Pages
- Bronze Age Mindset Pdf Download | 128 Pages
- Case in Point Pdf Download | 367 Pages
About the Author
Tom Wheelwright, CPA is the visionary and best selling author behind multiple companies that specialize in wealth and tax strategy.