569: Rich Dad's CPA Shares 5 Steps to Eliminate Income Taxes through Real Estate w/Tom Wheelwright

10 snips

Feb 10, 2022

Tom Wheelwright, a CPA and advisor to Robert Kiyosaki, shares invaluable insights on tax strategies for real estate investors. He discusses how the wealthy minimize their tax burdens while everyday investors can also benefit. Learn about depreciation, tax incentives versus loopholes, and how to build a systematic investment approach. Wheelwright emphasizes leveraging real estate debt and understanding IRS guidelines to maximize deductions. His practical steps could lead to significant savings and empower investors to grow their portfolios without the tax pinch.

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INSIGHT

Tax Rates and Risk

Tax burdens vary based on income source (employee, self-employed, business owner, investor).
Higher-risk income sources, like investing, often have lower tax rates.

INSIGHT

Government Incentives

Governments incentivize investments in areas like real estate, energy, and agriculture.
They offer tax breaks to encourage investment and stimulate economic activity.

ANECDOTE

Amazon Tax Incentives

Governments often make more money from successful entrepreneurs due to job creation and increased economic activity.
They view tax incentives as investments that generate higher returns in the long run.

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More Important Than Money

An Entrepreneur's Team

Rich Dad Advisors

Robert Kiyosaki

In 'More Important Than Money', Robert Kiyosaki and the Rich Dad Advisors highlight the crucial role of a trusted team in turning business ideas into successful ventures. The book features contributions from experts in real estate, asset protection, taxes, sales, and more, emphasizing the B-I Triangle and the 8 Integrities of a Business. It underscores the value of surrounding oneself with specialists who are 'smarter than you are' to achieve financial success.

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The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make is a guide to tax-advantaged investments. It explores seven specific investment strategies that can help readers reduce their tax burden while building wealth. The book provides practical advice and examples of how to utilize these strategies effectively. It emphasizes the importance of understanding tax laws and regulations to make informed investment decisions. The book is written by Tom Wheelwright, a renowned CPA and author, known for his expertise in tax planning and wealth management.

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This book, now in its third edition, provides strategic approaches to minimizing tax liabilities and accumulating wealth. Tom Wheelwright updates his work to include the latest tax reforms and strategies, emphasizing proactive tax planning and dispelling common misconceptions about taxes. The book covers topics such as tax deductions, credits, and incentives, and explores various avenues for individuals and businesses to legally minimize their tax burdens, leading to increased profitability and financial freedom. It includes practical examples, case studies, and actionable strategies for achieving tax-free wealth and securing a brighter financial future.

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What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not

C.P.A. Sharon L. Lechter

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