In this episode of the Millionaire Mindcast, we have an impressive guest, Tom Wheelwright who shares  his wisdom, knowledge, insights on why entrepreneurs and investors should be involved with their tax situation, understanding tax law, tax lien, bonus depreciation, tax rates, capital gain trades, PPP Loan forgiveness, and techniques on how to reduce taxes!

Tom Wheelwright is an entrepreneur, investor, a CPA and was an accountant buddy of Robert Kiyosaki, an expert and published author on partnerships and corporation tax strategies, and a well-known platform speaker and wealth education innovator. His best-selling book, Tax-Free Wealth helps entrepreneurs and investors how to build massive amounts of wealth through practical and legal strategies for lowering taxes.

Tom’s work has been featured in hundreds of media, including Forbes, The Huffington Post, Accounting Today, CFO Magazine, ABC News Radio, and AZTV Morning News, along with writing columns for Entrepreneur Magazine and Inman News.

This man always loves law and numbers. According to him, tax is a nice combination of law and numbers. Thus, Tom always makes taxes look sexy. Accordingly, as taxes are on their way up, you need to have a plan to reduce it. Long term tax strategy is a much better solution.

How to come up with the solution? Big vision attracts big talent. Hence, work with tax advisor. Having a tax advisor or an accountant is the most important person in your team.

On the other hand, in terms of capitalizing, invest something you enjoy, something you care about, and something you spend the time to get good at. The asset category and actual type of investment doesn’t matter. Choose something that’s fun instead of chasing returns, that’s the journey and it’s not about the destination.

Currently, Tom is very excited about technology as it applies to business and investing, as well as changes in education. Tom and his team are currently building a massive international network for CPA firms to be able to help more people around the world.

Some Questions I Ask:

• How did you get into this? Was this always the space you envisioned yourself being in? (01:15)
• What are some of the biggest pitfalls that you see that most entrepreneurs, investors, and small business owners are missing from a foundational level? (04:28)
• When is the right time to hire a CPA or Bookkeeper? (07:58)
• What are some of the things that you guys are seen and paying attention to in general, tied to Joe Biden’s proposed tax plans? (11:57)
• What are some of the things that you guys are seeing that people should be aware of and think about if they’re going to vote with the pocketbook and their finances? (14:54)
• What are some of the things that people should be dealing in regards to preparing to lower taxable income, and any future liabilities that might come down the road from after that? (19:56)
• Have we got any more clarity on PPP Forgiveness and what they’re looking for? What are some of the things that you guys are seeing on your end? (21:20)
• What type of vehicles, investments, opportunities should people maybe putting on their radar and taking advantage of that might be suitable for lowering their taxes? (25:35)
• What are some of your favorite investment vehicles? (27:24)
• What do you most feel excited about Tom in 2020 and beyond just life in general? (29:42)

 In This Episode, You Will Learn:

• How to create and sustain wealth growth (00:20)
• Why Tom loves the Tax Liens (03:24)
• Why you need to understand the tax law (07:25)
• What does Tom’s Wealthability Network do (10:35)
• Common mistakes of accountants and tax advisors (13:40)
• The Capital Gain Trades (17:23)

Quotes:

• “If you’re gonna change your tax, you have to change your facts.”
• “We’re all partners with the government whether we like it or not.”
• “I’ve never planned to be small.”
• “Taxes are a huge weight against your wealth.”
• “If you’re consuming, you’re taxable, if you’re producing, you’re not.”
• ‘If they can do it, you can do it.”
• “If you’re scattered, you’re never gonna fail to find the deal.”