Tom Wheelwright, a tax and wealth strategist and author of Tax-Free Wealth, shares his insights on optimizing tax strategies for wealth creation. He encourages listeners to view taxes as opportunities rather than obligations, explaining how proactive planning can enhance financial futures. Wheelwright discusses upcoming tax changes expected by 2025, emphasizing the differing philosophies of political parties. He also dives into the tax implications of cryptocurrency and innovative philanthropic strategies that maximize benefits for high-net-worth individuals.
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insights INSIGHT
Tax Code as Wealth Roadmap
The tax code is a series of incentives, rewarding behaviors like investing in housing and creating jobs.
Treat taxes as a year-round strategy to leverage them as a tool for financial freedom, rather than just a yearly burden.
insights INSIGHT
Expiration of Trump Tax Cuts
The 2017 Trump tax cuts are set to expire in 2025, which would raise tax rates broadly if not extended.
Key changes like corporate tax rate cut were made permanent, but many tax benefits would revert if laws aren't renewed.
insights INSIGHT
Constraints on New Tax Promises
Trump's new tax promises, like increasing SALT cap and not taxing tips, risk adding trillions to the deficit, unlikely to pass fully.
Deficit hawks in Congress will pressure for offsetting tax hikes or spending cuts, limiting the scope of new tax benefits.
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For most people, taxes are nothing more than a necessary evil—a burden to be minimized and avoided at all costs. But that mindset might not be the most productive one to take.
Consider that the tax code might not just be a drain on your resources but a roadmap to creating wealth. The truth is that the tax code is nothing more than a series of incentives. It’s filled with opportunities for those who understand how to use it.
As painful as it may be, think of the government as a business partner offering rewards for certain behaviors. Invest in housing, create jobs, or produce energy, and you’re rewarded. These aren’t loopholes or tricks but deliberate strategies to stimulate economic growth.
But most people miss the opportunity. Why? Because they treat taxes as a once-a-year obligation rather than a year-round strategy. They react instead of plan. And in doing so, they leave money on the table—money that could be used to fuel their financial future.
Every financial decision has tax implications. Whether it’s how you structure your business, where you invest, or how you time your expenses, the choices you make today ripple through your financial future. When you approach taxes strategically, they become more than just a line item on a balance sheet—they become a tool for helping you achieve financial freedom.
That’s what separates those who feel trapped by taxes from those who use them as a springboard for wealth. It’s not about avoiding responsibility; it’s about understanding the rules of the game and playing it well.
In this week’s episode of Wealth Formula Podcast, I explore the latest incentives with someone who knows the game as well as anyone: Tom Wheelwright. He’s a tax and wealth strategist who has helped countless entrepreneurs and investors transform their approach to taxes, unlocking incredible opportunities in the process.
If you’re ready to stop dreading tax season and start leveraging it to your advantage, this is an episode you can’t afford to miss.
Wealth Formula by Buck Joffrey 
