271: Permanently Reduce Your Taxes with Tom Wheelwright

Get Rich Education

Keith Weinhold

Realestateinvesting, Income, Passiveincome, Money, Business, Wealth, Investing, Careers, Realestate, Kiyosaki, Real, Rich, Creatingwealth

4.3 • 602 Ratings

🗓️ 16 December 2019

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your biggest expense in life is taxes - income tax, sales tax, property tax, capital gains tax, inheritance tax.

Taxation is not adjusted for inflation. I explain.

Wealthability’s Tom Wheelwright joins us about how to optimize Trump’s 2017 Tax Cuts And Jobs Act to your advantage.

A tax deduction is the amount by which your taxable income is reduced.

Income tax is on net income.

Sales tax is on gross income.

The $10,000 SALT deduction limit mainly hurts coastal residents.

Bonus depreciation substantially aids real estate investors - new and used property, and residential and commercial.

Learn how the 20% pass-through deduction benefits you.

Why you never own real estate in a “C” Corporation.

Learn about Section 179 tax advantages.

Opportunity Zones benefit those that invest in the renovation of distressed assets.

I bring you today’s show from Anchorage, AK.

__________________

Resources mentioned:

Tom’s website:

Wealthability.com

Mortgage Loans:

RidgeLendingGroup.com

Turnkey Real Estate:

NoradaRealEstate.com

eQRP: Text “QRP” to 72000 or:

TotalControlFinancial.com

By texting “QRP” to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply “STOP” to cancel.

JWB New Construction Turnkey:

NewConstructionTurnkey.com

Best Financial Education:

GetRichEducation.com

Find Properties:

GREturnkey.com

Follow us on Instagram:

@getricheducation

Transcript

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0:00.0	Welcome to Get Rich Education. I'm your host Keith Winehold talking today about how to permanently reduce your greatest expense in life. That's your tax obligation. And we're doing it with a great guest. Limit your tax liability, hopefully to near zero today on Get Rich Education.
0:21.1	Finally, with Total Control Financial, Get checkbook control of your existing 401k and IRA funds
0:26.8	to invest in real estate.
0:29.0	Yes, you can move your retirement money into your own checking account, but you must
0:34.3	avoid the little-known tax that you'll get hammered with in a self-directed IRA.
0:38.9	Instead, start your QRP.
0:41.5	Learn more and get your free copy of the QRP book by text messaging QRP in all capital letters to $72,000.
0:53.2	The company that's provided our listeners with more loans than anyone is Ridge Lending Group and MLS 42056.
1:01.0	You can finance more than 10 single families up to four plexes serving most U.S. states, their knowledge and experience leads to your financial freedom.
1:10.7	They're number one in the investment space. Pre- their knowledge and experience leads to your financial freedom, their number
1:11.2	one in the investment space. Pre-qualify and then chat with President Chaley Ridge personally.
1:17.6	Start on your next investment property loan right now at ridgelendinggroup.com.
1:25.7	You're listening to the show that has created more financial freedom than nearly any show in the world.
1:33.0	This is Get Rich Education.
1:38.0	You're doing. Welcome to GRE from Albany, New York to Albany, Oregon, and across 188 nations worldwide.
1:54.5	I'm Keith Weinhold.
1:55.7	This is Get Rich Education.
1:57.4	When you work for someone and they pay you, that's called a job. Well, what does the
2:04.7	government do when you work for someone and they pay you? They say, yeah, we'll need to take
2:10.9	30 to 50% of that. That is the income tax. Yeah, that's what your rate can be, federal and state combined.
2:20.1	Oh, would you like to spend some of this leftover income that we allowed you to keep?
2:26.2	Well, we'll have to charge you an extra 5 to 10%. Every time that you do that, that is called
	...

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