Yesterday, I spoke at a fantastic event and I had many people come up to me afterwards telling me they have never heard anyone so passionate about taxes. For me, it is easy to be passionate about taxes because taxes are a tremendous tool when...

For business owners or investors, information is a valuable resource. Information is valuable when it provides data and details that help you make business and investment decisions. And it's even more valuable when it comes in a format that is easy to understand. This is...

I shared that the difference between those who are successful at building permanent wealth and those who aren't, is how they use their resources. The resource I used as an example last week is one that everyone has - YOURSELF. Many of you got the...

Another big reason many people dread the tax return process is the fear of an audit. I've seen people give up thousands in LEGAL tax savings in an effort to hopefully reduce their audit risk, and many times at the advice of their own tax...

Do You Dread the Tax Return Process? While few people look forward to filing their tax returns, many people truly dread it. If you are in the group that dreads it, figuring out why you dread the process can actually unlock potential tax saving opportunities....

Copyright (c) 2010 Tom Wheelwright As someone who has been involved in the tax return preparation process for 30 years, I've heard many myths about tax preparation. I shared a few of these myths last week and this week I'm ready to share a few...

Copyright (c) 2009 Tom Wheelwright Knowing how your daily activities can reduce your taxes is a great start to actually reducing your taxes. Once you've done this, it's time to make sure the opportunities you've identified actually reduce your taxes and the best way to...

Copyright (c) 2009 Tom Wheelwright Our taxes are impacted any time we receive or pay money, and we have a lot of control whether that impact is positive or negative. Here are a few things many of us will be doing over the coming holiday...

Copyright (c) 2009 Tom Wheelwright With the holidays right around the corner, many of us are making holiday travel plans. As you are making your holiday travel plans, identify opportunities to integrate your holiday travel plans with your tax strategy - legally! Tip #1 Spend...

Copyright (c) 2009 Tom Wheelwright Last week I shared a few items from the year-end checklist my team and I use with clients who own rental real estate. Year-End Checklist for Business Owners and Investors As I promised last week, this week I'm sharing a...

If you have ever heard me speak on tax or wealth strategies, you've probably heard me say that I am not a big fan of 401(k)s or IRAs. One of the reasons I am not a big fan of Traditional IRAs and 401(k)s is because...

Owning your own business is one of the great American dreams. Those of us who own a business know that it comes with headaches and problems, but we cherish the good we can do as well as the people we meet and the freedom that...

Recent IRS statistics say that S corporations represent the most popular form of small business corporation. That's understandable. S corporations provide some powerful tax savings benefits for small business owners and investors. Unfortunately, the S corporation's extra accounting complexity sometimes means that small business owners...

I've heard from many of you asking for more information on the AMT because some of you are in it and others fear they will be in it soon. This is not a surprise to me because I have found 2 things to be true...

A like-kind exchange, also referred to as a 1031 or Starker exchange, allows a taxpayer to defer paying tax on the sale of a property. Like-kind exchanges are wonderful and powerful tools to use in tax and wealth strategies, but ONLY when used correctly. If...

There has been a lot of talk recently about itemized deductions. Itemized deductions are the deductions you can claim for certain personal expenses, such as, taxes, interest, charitable donations and investment expenses. The big discussion right now centers on President Obama's proposal to limit itemized...

Here are 3 questions to help you evaluate your internal control system. Question #1: Who opens the bank statement? The monthly bank statement for your business and investments is a great tool to reduce the opportunity for embezzlement. Think about this scenario: Your bookkeeper receives...

Studies show that most of us live our entire adult life based upon the things we learned and especially experienced while we were young. Whether it is our eating habits, exercise or how we relate to others, most of our adult behavior stems from our...