Tax-Free Wealth Quotes

“depending on the level of your income and the quality of your tax advisor.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“Sometimes governments make the mistake of thinking they can create jobs or build housing better than the free market. Eventually, they realize that the market does a better job. And it costs the government a lot less to give tax benefits to business owners and investors than it does to add jobs or build housing through government-sponsored programs.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“The best way to avoid an audit is to make sure your tax returns are prepared by a tax professional who knows how to eliminate possible red flags for an auditor.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“it’s imperative that they allow a tax professional to handle their audit in order to eliminate the possibility of giving the auditor too much information.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“The IRS pays close attention to this deduction. So what you call the deduction on your tax return is important. Instead of listing the expense as a seminar, why not list it as continuing education? Or, if you went primarily to network and market yourself to the other participants, why not call it a sales or marketing expense?”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“When you do that there is less of a chance of someone looking at your return thinking you guessed at your number.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“the results both turned in the client’s favor.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“my willingness to share this with her made a big impression on her.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“She was very appreciative of this explanation.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“I tried to put the auditor at ease because she was very tense when she first walked in.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“find that some auditors like to drag out audits for months and months. Some audits can even go on for years. When I’m in control of the audit, I can usually speed things up, and I can narrow the scope of what the auditor is looking at.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“This extends the length of the audit and gives the auditor more to dig into—and to come up with more deductions to disallow.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“how long to keep the receipts and other tax records. In the United States, the rule of thumb is seven years.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“I’ve never been as scared of anything in my life as I was of that bear.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“my heart pounding and my eyes wide.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“Be sure to have both an attorney and a CPA help you with your entity structure. The best way to do this is to begin with a good tax advisor. You and your tax advisor can come up with a solid entity structure that will give you the best tax benefits. Then, go over this entity structure with your asset protection attorney. Doing your planning in this order will be the most efficient and effective.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“they often have to make costly changes.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“forming in Nevada or Wyoming and registering to do business in Florida would provide better asset protection than forming directly in Florida.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“if the beneficiary of the trust (the person who eventually gets the income or the assets) is different than the grantor (the person putting the money or assets into the trust), then creditors (people to whom you owe money, including plaintiffs) cannot get at the assets of the trust.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“Lawyers hate not getting paid.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“not to mention an incredible amount of stress and lost sleep.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“hundreds of hours of lost time,”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“our partner decided to take a completely different path than we’d anticipated.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“this was completely contrary to our partnership agreement.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“Much of my current wealth is tied up in my business.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“Any travel can be deductible by making it a business or investment expense. As long as your travel has its primary purpose as business, then all of the travel expenses, including hotel, airfare and meals, will be deductible.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“The people of Hawaii are so genuine and laid back.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“He hired me on the spot.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“Invest where you travel. Do you have a favorite destination? Consider investing in the area. It gives you a great reason to keep returning, and you turn the travel expenses you already have into deductible expenses, keeping more money in your pocket.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

“your real estate investment doesn’t just give you tax-free cash flow. It actually reduces your taxes on your salary and/or business income, because while there is positive cash flow of $7,000, the depreciation deduction of about $27,000 gives you a tax deduction against your other income of $20,000 ($27,000 less $7,000 to offset real estate income). That $20,000 additional deduction against your other income is worth $6,000 of reduced taxes on your other income in a typical 30% ordinary income tax bracket.”
― Tom Wheelwright, Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes