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Win Make Give with Ben Kinney

Wealth Series 2.0 - Episode 15 - Advanced Tax Strategies

Win Make Give with Ben Kinney

Ben Kinney Training

Education, Self-improvement

4.9 • 1.5K Ratings

🗓️ 20 February 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Did you know the tax code offers multiple incentives that anyone, not just the wealthy, can use to reduce their tax burden? In episode fifteen of Wealth Series 2.0, Ben Kinney, Bob Stewart, and Chad Hyams talk with tax consultant, CPA, and Rich Dad Advisor® Tom Wheelwright about his newest book,  "The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make," and how certain activities earn sizeable tax deductions. 

Disclaimer: You should not use our advice to make financial decisions. We highly recommend you seek professional advice from someone authorized to provide investment and retirement advice.

In this episode, we cover the following:

  • Educating yourself about the tax codes [1:30]  
  • Partnering with the government [5:56]
  • What does it really mean to pay less tax? [8:32] 
  • Tax deductions with traditional retirement accounts [10:49]
  • Benefits of using non-qualifying retirement plans [14:30]
  • Tax deductions using stocks [18:30]
  • Donating stocks and donor-advised funds [18:40]
  • Why the government wants you to invest in real estate [22:15]
  • Buying investment properties [23:10]
  • Standard and bonus depreciation [26:38]
  • Benefits of a 1031 exchange [36:02]
  • Homeownership and tax-free investing [37:45]
  • Tax strategies for business ownership [39:30]
  • Tax benefits of hiring your children [40:30]
  • Deducting business expenses [41:48]
  • Section 1202 tax gain for small business stock [44:45]
  • Home office deductions [46:10]
  • Tax incentives for energy [47:33]
  • Reducing your taxes by using the tax laws [52:56]
  • One sign of a good tax advisor [55:55]

Resources discussed in this episode:

Connect with the hosts:

More ways to connect: 

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Transcript

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0:00.0

Welcome to the win make give well series part do or 2.0 as Chad continues to interrupt me.

0:17.4

I am joined me being Ben Kenny with my two friends Chad Himes and Bob Stewart.

0:25.2

We've had a lot of shenanigans going on during this well series, Ben, but this is a really

0:28.6

serious one today. This is super serious. Because in the last part, we dived into kind of the intro

0:36.2

to taxes and the basics that you need to know to minimize the amount of taxes you pay.

0:41.8

Legally. Legally. And the reason we want to do that is because it's what the government wants us

0:47.4

to do. We learned about that. The government wants us to put our money in specific places that

0:52.6

improve the world, create jobs, save the environment, help us be not be a burden on society when we

0:58.5

need health care or retirement. And we're learning about it. And we spent quite a bit in the last

1:06.9

part talking about how to pay less taxes. So I wanted to do something a little different in this

1:15.1

second well series 2.0 where we doubled the amount of content and we brought in some experts.

1:22.6

We've already heard from a few already. But in this particular one, we are going to

1:29.4

interview my personal tax consultant who I've hired for years and I've worked with personally

1:37.8

who comes to our events like built how and the well series and the win make give and all

1:43.6

that kind of stuff and supports us. He is literally one of the leading experts in the world

1:51.4

on tax strategy. He has written tax free wealth. It's a rich dad poor dad advisor book

2:02.2

which you all know was was founded by Robert Kiyosaki. And the rich dad advisors which Tom is one

2:09.4

of them. Tom wrote this first book which I bought which led me to Tom. Tax free wealth, how to build

2:16.7

massive wealth by permanently lowering your taxes. And then his follow up book which was just

2:22.6

released this last year and in 2022 called the win-win well strategies. Seven investments the

2:29.8

government will pay you to make. And we're going to walk through today with Tom. We'll write

2:40.5

everybody. The seven different strategies, the seven different investments in more detail.

...

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