62: Tom Wheelwright | Make Your Travel & Meals Tax-Deductible; Avoid An Audit; Recent Tax Changes
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 18 December 2015
⏱️ 41 minutes
🧾️ Download transcript
Summary
#62: Rich Dad Advisor and Provision Wealth Founder Tom Wheelwright updates you about recent tax changes; provides tips for avoiding and dealing with an audit; and how to make your travel, meals and entertainment tax-deductible.
Keith brings you the show from Juneau, Alaska today.
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Listen to this week’s show and learn:
02:35 Actually, the U.S. has the best tax compliance record in the world.
06:02 Now you can lose your passport for tax non-compliance!
09:25 During audits, the IRS is becoming more difficult & invasive.
14:00 Tips to help avoid an audit. It includes: call the deduction “continuing education” rather than a “seminar.”
17:37 Why you should never talk to the IRS.
20:45 Tax actions you can take now: 1) Pay your children, 2) Home office, 3) Automobile use. 4) Accelerate income.
27:30 Making your travel, meal, and entertainment expenses tax-deductible.
34:18 “Low-hanging fruit” ways to save on your taxes.
35:32 Tom believes in focusing on an investment niche. “A niche makes you rich.”
Resources:
ProvisionWealth.com - Tom Wheelwright’s Tax and Wealth Strategy firm.
TaxFreeWealthBook.com - Tom Wheelwright’s popular book, Tax-Free Wealth.
MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.
NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.
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Transcript
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| 0:00.0 | Get Rich Education is brought to you by Norrata Real Estate Investments and Mid-South Homebuyers. |
| 0:10.8 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires |
| 0:22.7 | than anything else and can provide you with more wealth and happiness than you ever thought |
| 0:28.2 | possible. Now, here's your host, investor, entrepreneur, business owner and educator, Keith |
| 0:36.2 | Weinhold. |
| 0:39.9 | Hey, welcome to Get Rich Education, episode 62. |
| 0:43.2 | I'm your host Keith Weinhold, and I'm back to help you build your wealth and make you |
| 0:47.8 | more successful than me, faster than me. |
| 0:50.5 | And today, I'm with that rare person on the planet that can actually make taxes |
| 0:55.5 | fun. |
| 0:56.7 | That is Ritzstadt advisor, Tom Wheelwright. |
| 1:00.3 | You know, learning how to legally reduce your taxes, you know, it basically has the same |
| 1:05.6 | effect of you achieving a risk-free return, and that's cash that you can reinvest right back into your business |
| 1:13.4 | if you're a business owner, or you can immediately re-lever at five-to-one if you're a real estate |
| 1:19.2 | investor. Tom and I are going to discuss how recent tax changes impact you, since taxes are |
| 1:25.4 | such a dynamic and changing field. we're going to get into specific |
| 1:28.7 | actions on how you can avoid a tax audit, and you're going to learn exactly how to make your |
| 1:34.1 | travel, meal, and entertainment expenses tax deductible. So here's Tom. |
| 1:41.9 | Tom Wilwright is the founder and force behind ProVision Wealth, the world's preeminent wealth and tax strategy firm. |
| 1:48.6 | He is the author of the great book, Tax Free Wealth, which I own, that went to number one on Amazon in the corporate category. |
| 1:55.2 | Years ago, Robert Kiyosaki named Tom as his rich dad tax advisor. |
| 2:00.2 | His firm is also my tax strategy firm and his firm is my |
... |
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