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Features of Tax Free Wealth PDF
Tax Free Wealth PDF-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. I have been fortunate as a tax professional to be heavily involved in the last two reforms. In 1986, I was a manager in the National Tax Department (NTD) of Ernst & Whinney (now Ernst Young). My primary responsibility during my three years there was to create, teach and administer tax courses to the Firm’s U.S. tax professionals. Just as I arrived in the summer of 1985, I discovered that much of NTD’s resources were being devoted to following the tax reform bill that had been introduced that year. This gave me, as a young tax professional, some amazing insight into the legislative process as well as the horse trading for tax reform. President Reagan wanted two things; simplicity (the 1985 act was call the Tax Simplification Act of 1985) and he wanted it to be revenue neutral (no net increase to the deficit). It took another year before bill was finally passed as the Tax Reform Act of 1986. (Simplicity took a back seat to other goals of the reform.) In 1986 the big winners from tax reform were individuals, with significantly lower tax rates, insurance companies (who got by relatively unscathed) and businesses. The big loser was real estate investors (the passive loss rules were used as a last-ditch effort to make a “revenue-neutral” bill. The result a few years later was the Savings and Loan debacle accompanied by a massive real estate depression and the government bailing out real estate through the RTC (Resolution Trust Corporation). Fast forward 31 years to 2017. President Trump had promised economic stimulus and had stumbled out of the blocks with the failure to repeal ObamaCare. Everyone thought tax reform would take two years to complete like it had in 1985-1986. Instead, the Republican-controlled Congress was able to use slick procedural rules to pass major tax reform in record time (less than three months from start to finish). The result was a bill the consequences of which and application of which are still largely unknown. Known are the clear winners and losers. Losers include employees with lost deductions for moving, investment expenses and reductions in home mortgage interest and state income tax deductions. Winners include big corporations, with a major tax reduction from 35% to big corporations, with a major tax reduction from 35% to 21%, small businesses, with a 20% net income deduction, and real estate, with major depreciation incentives and the 20% net income deduction given to other small businesses. The key to remember is that very few people had the chance to influence this legislation. Everyone has the same chance to take advantage of the windfalls given to the winners. Employees can choose to be independent contractors and receive the 20% small business deduction. Service professionals who were left out of the 20% deduction can now become C corporations and reduce their tax rate to 21%. Investors who received tax benefits from the costs of investing in the stock market can either begin investing in real estate, with its massive tax benefits, or invest through their Roth IRA or Roth 401(k) and avoid tax altogether on the income and gains from their investments. Tax-Free Wealth is about using the tax law the way it’s meant to be used – as a series of incentives to do what the government wants you to do. This Second Edition incorporates some ideas of how to use the new incentives. The reality is that the incentives don’t really change that much. The government still wants businesses to hire employees, so businesses receive tax benefits for doing so. The government still wants investors to provide housing for renters (even more so now), so real estate investors receive large tax breaks for following through on the government’s goals. Energy is still favored, both traditional energy (oil & gas and coal) and renewable energy (wind, solar and hydroelectric). For U.S. taxpayers, you will find helpful tips in this new edition to help you apply the new tax incentives to your situation. As a bonus, I have included information and a link to a free eBook that you can download detailing the Top Ten Tax Benefits from the Trump Tax Reform. For you who live outside the United States, and no matter what country you live in, this edition should help you look for ways to apply your government’s incentives. You may even decide that now is the time to do business in the United States as that country. is, to some degree, a tax haven. You can take advantage of the tax incentives offered by your government only if you understand how the tax law works. Every day, you have the opportunity to reduce your taxes. Once you have digested this book, take it to your tax advisor and have them read it (or better yet, buy them their own copy). Then your tax advisor, who is responsible for understanding all of the technical details of the law, can help you apply them to your specific situation. Enjoy this book and let me know what you think. You can always reach me at [email protected]. Here is to your Tax-Free Wealth.
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Description of Tax Free Wealth PDF
Tax Free Wealth PDF Any lawyer who aspires to be the best in the world must resort to this book as it is a treasure for those who read it and excell at their studies and in their professional lives in a speed and manner that no other of their field can accomplish. It is a must read atleast once for all advocates and lawyers.
The Authors
Tom Wheelwright is a CPA, CEO of WealthAbility (Tempe, Arizona), Best-Selling Author of Tax-Free Wealth and an international authority on tax. Wheelwright is a leading wealth and tax expert, global speaker, and Entrepreneur Magazine Contributor.
Tom is best known for making taxes fun, easy and understandable, and specializes in helping entrepreneurs and investors build wealth through practical and strategic ways that permanently reduce taxes.
As a Rich Dad Advisor to Robert Kiyosaki (Rich Dad Poor Dad), Tom frequently speaks at conferences worldwide to entrepreneurs on these topics. Wheelwright is also a Contributor to two new Rich Dad books: More Important Than Money: An Entrepreneur’s Team (July 2017) and Why The Rich Are Getting Richer (July 2017).
His work has been featured in The Wall Street Journal, Washington Post, Forbes, Accounting Today, Investor’s Business Daily, FOX & Friends, ABC News Radio, NPR, Marketplace and many more media. http://wealthability.com
Dimensions and Characteristics of Tax Free Wealth PDF
- Publisher : BZK Press; 2nd edition (June 26, 2018)
- Language : English
- Paperback : 320 pages
- International Standard Book Number-10 : 1947588052
- International Standard Book Number-13 : 978-1947588059
- Item Weight : 12 ounces
- Dimensions : 6 x 1 x 9 inches
- Book Name : Tax Free Wealth PDF
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Top reviews
foxleema “According to this book, the only way to save money on your taxes is by starting a business, becoming a landlord, or investing in high risk commodity based things like oil wells, farms, and wind mills. You’re out of luck if you are a W2 based wage earner, just pay your taxes and enjoy being broke.
This book is full of ridiculous ideas but, here are few of the more nonsensical tax saving strategies: Start a business and hire your kids. Start a business and make your kids partners. Trade stocks and options in your IRA.
The list goes on and on. And the tax savings examples are just as ridiculous…one example uses a wage earner in the 40% tax bracket…really? The tax system is tiered and the highest tier is 37%. In fact , the entire book is chock full of over simplified examples showing how financially awesome it is
to be an entrepreneur or landlord. I guess if you hate your job and are ready for a change, this book can certainly give you hope that one day, if you can be successful at some form of entrepreneurship, high risk investing, or being a landlord, you may be able to save money on your taxes. For the rest of us, we’re stuck.”
Melissa “I find it funny how people or “employees” are giving this book a one-star rating. It is not the author’s fault that employees get taxed the highest and, therefore, do not obtain significant credits or deductions. The fact is that employees and small businesses pay a top % in taxes compared to corporations or investors. That’s a fact. Now, if you are unhappy about that, you can go and complain about it to the government, not to the author of the book!
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I enjoyed studying this book; I’ve read so many books about taxes, and this one is by far the best one I’ve read. The author knows what he is talking about and gives you all the facts rather than opinions. Thank you!
Thank you!
Why is this review marked as “sensitive”? This is an honest review.”
Some of the “top” reviews complain about not being able to use this book as only a wage earner, or “sketchy ethics”. These people are ignorant and lazy. They want free money. They want maximum return from minimal or no effort. Ignore them. As far as ethics are concerned, unless it’s NOT legal, do you care? Honestly? We’re taxed more than is necessary, that money is then squandered, and or funneled back to useless politicians so they can buy yachts and summer homes. Wouldn’t you like to keep more of YOUR OWN money, rather than have it, in numerous cases, thrown it the trash? Do you want YOUR money sent to “study programs” outside this country when many families HERE aren’t even food secure?
I have this book on audio, and was compelled to purchase and additional physical copy. If you’re looking to “cheat”, “swindle”, or “game” your way out of a tax burden, this IS NOT, the book for you. If you want to play the game according to the rules in place and stop overpaying, take control of your financial future and buy this book. Again, it’s not about cheating, fraud, or anything of the sort. It’s about understanding how to structure a business, no matter how small, so that YOU reap the rewards of the effort you’ve sewn.
Best wishes “
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