How To Make Money Faster By Taking Advantage Of New Tax Laws w/Tom Wheelwright

[Music] hello this is the accredited to accredited show where real investors not academics help other investors to achieve financial freedom and grow their wealth here's your host Jeana often hello everyone I have a table will write on the call today and it's going to be very exciting let me introduce to you who he is he is my CPA Tom well right he's the founder and CEO of wealth ability that's in Tippie Arizona and he's the best-selling author of tax-free wealth tom is a leading wealth and tax expert global speaker and an entrepreneur tom is best known for making taxes fun easy and understandable and he specializes in helping entrepreneurs and investors build wealth through practical strategic ways that permanently reduce taxes as a rich debt advisor to Robert Kiyosaki Rich Dad Poor Dad Tom frequently speaks at conferences around the world to entrepreneurs entrepreneurs on these topics and his work has been featured in The Wall Street Journal Washington Post Forbes accounting today investment business daily Fox & Friends ABC News Radio NPR and the list goes on and on so welcome to the show Tom thank you so much for spending some time with my audience and I'm talking about taxes so hey Thank You Dina it's good to be here thanks for having me on and thanks to the listeners for listening for watching this is great excellent so Tom I'm prior to wealth ability you had another firm which was called provision can you talk to us a little bit about what is wealth ability um and what is provision and maybe give us some differentiation as to what is what when I start out so I started you know I started my career at actually the same place used to work or yeah yeah I was there back when it was Ernst - winning so I'm a little older and it was personally when I started and I spent seven years there including three years in the national tax department back in Washington DC I was actually there the last time we have major tax reform I was in Washington DC and I most of my what I did for Ernst and Young was actually create courses and training and trained CPAs around the country on really how to teach their clients how to reduce taxes and then I also spent four years as in-house tax advisor for a fortune 500 company here in Arizona and 14 years as an adjunct professor at Arizona State University teaching cells and income tax multi-state tax and then started my own firm when I started it was Thomas will rank company because there was there was me and I had a I had a receptionist and that beat the streets the first year and ended up with four clients by the end of the year so you know I always say I doubled my business but it wasn't quite enough to pay the bills I actually learned that you can actually buy an accounting firm so I went out and bought an accounting firm and that's where my receptionist came from she was with me for years and years she was terrific Barbara was her name and and then we just started rowing we started rowing and you know then I brought in a partner we changed the name to go right Peterson he left brought a new partner we changed it to alright Mathis then we did a a marketing deal with dine Kennedy who was Robert Kiyosaki CPA at the time we had we had acquired her practice and we did a marking deal with her when we ended up changed the name to BK advisors eventually she left Robert we left her we stayed with Robert and we changed the name to provision and so provision is really the evolution of the CPA firm that started out as Thomas will write the company and just a last year I took we decided we needed to be able to do more for more people and we weren't going to do that with a single CPA firm so basically my my partner and I turned over the CPA firm to our partners and it's their show now that's provision what we decide to do is we need to build a big global network of CPAs okay cuz we we've had people ask all the time whether I'm in I mean I can be in Norway I can be in Moscow I can be in Italy I can be in China I mean Austria doesn't matter I'm always asked the same question where do I find a tax advisor like you well we've never had people all over the world like that right and we we're a little limited with a CPA firm in Tempe Arizona you know there's only so many clients you could handle I mean I know you're you're one of them which which is great and and then and so what we decided was we really need to build a network of CPA firm so we're in the process of blowing that network actually we have to - CPA firm for that network when is provision the other is my little CPA firm and a few others and we call that one go right man again my my partner and that is Karen and him and we handle about 30 clients is all we do and that's really to keep my fingers in the business but wealth ability is really it's it's it's really the idea of it is we want to be able to provide more financial education and more services to more people at a lower price okay Roberts always told me that the the purpose the the number one goal of an entrepreneur should be providing more services at a lower price yeah that's that's number one goal in Oxford so we're working right now we're developing some software right now that will help us to provide some services where we're completely revamping our education product so everything anybody who's been in and I know you have because you've been through a strategy with us so if you've been through well strategy you that is to getting a complete makeover we're we're not just we're not putting lipstick on a pig so to speak I mean those are they're little they're little old I mean we created those courses 1012 years ago and so we're creating all new courses you know the first one we started with was tax free formula which is one we launched a couple of years ago it's been remarkably successful around the world because it's a it's a course that teaches people no matter where you live how do we get your taxes so it's kind of fun to be able to do something internationally like that and all of our courses will have international the ability for people internationally they'll use them so they won't this be US Pacific even though you know the technical stuff that's you know I'm a US tax guy so I'm pretty much as as you know Gina I'm a tax nerd and I love US tax law but I love all tax like this.what of course over the years what I found is that tax laws from country to country aren't that different right they're all problem primarily a series of incentives for entrepreneurs investors and that's why I appreciate your introduction because we really do focus on there's an investor's the reality is if you're an employee if you have no interest mean entrepreneur an investor the tax laws just gonna hammer you and particularly with this new tax law I mean the you just get hammered yes so Tom tell me this I mean we both come from Ernst and Young and I don't know if you were aware but I was nominated for the ey Entrepreneur of the Year award this year ironically now why is it that most thank you so much why isn't it that those firms on why don't they know about this you know so that what you know and what you've been able to help others like myself to cheat on financial freedom I'm just sorry you know it's really a way of how you look at it right it's a matter of your context so I mean we did a lot of work with entrepreneurs we did and then in the 90s after I'd left to go to work for the fortune 500 company in the in the 90s the big the big panic rooms went away from serving entrepreneurs and they decided to look we have so much business they've consolidate right used to be the big eight when I was there and now it's the you know we call it Final Four right and there's so much work and you know and especially when we had you know financial crises and so you have you know last Eagle yeah all these things come up and you okay well now we've got you know beefed up our internal controls and you know we can't have there's just so much work for CPA's now that they decided they didn't really need to serve the entrepreneur so they really if you're not paying them three four hundred thousand dollars a year then I'm even interested in your business right when I started so I started my firm in 1985 and I started with two goals in life one was to provide the height that high level of service though to entrepreneurs because I like entrepreneurs I my father my grandfather my great grandfather all entrepreneurs and so I kind of grew up in that world and I want to provide that dog there's at the same time I want to make sure that my employees love coming to work so you know wealth ability we have a group of team members that are oh my heaven theirs every time we get together it's like this huge energy rush because everybody's so excited about what we're doing because we're I mean literally we're out to change a profession that's what we're out we're out to change the accounting profession and because really we look at taxes as a positive not a negative you know taxes are either your worst enemy or your best friend and we just decided what's making my best friend you know that's what they're there for that's what Congress intended and it you see if you see this most recent tax law on my hands there's so many great tax benefits Wow so let's get into that I'm going to actually I'm give you a few questions from the audience here and you've answered the first one about what ability but this is from Carl m and his question is um he currently holds his real estate investments in an S Corp and he runs that business through the S corp on what type of any benefits are there or willaby for S corporations with new tax reform and he also has a w2 income from his regular job so I will tell you first of all I would never hold real real estate investments in an S corporation okay that's the bad news for him is that I would not do that and the reason is is because there's some pretty negative consequences if you ever decide that you need to refinance your real estate and I'm assuming that we're talking about real investing I'm not talking about flipping flipping you doing ns4 but you're talking about actually owning long-term investment property that you're going to collect rents on you I would suggest not using this corporate that's first thing okay so when I hear that I just go a little crazy because somebody's told him to use an S corporation for his real estate investing okay it's fine if you're flipping that's the right thing but not if you're not if you're holding for investment but even though even then there are some great benefits out of this new tax law both for real estate investing as well as for the entrepreneur who's actually got a regular ongoing business like fixing flipping and we have what we call the new 20% pass-through deduction and in this deduction basically 20% of your net income is a deduction well it's like this gift from God but not really God really Congress right and the gods of the tax law and it's this gift that says look we're only going to tax 80 percent of your income the idea behind it you know when they gave the big corporate tax break when they reduced the corporate rate from gum you know they got a lot of pressure from the small business community and say well wait a minute what about us you're gonna tax them it at 21 percent you're the big business your tax a small business that 37 percent maximum rate that's not fair so what they've done is is this 20% deduction effectively moves you from top bracket of 37 percent to the top bracket at somewhere between 29 and 30 percent so that's a huge benefit doesn't apply to all businesses for example it does not apply to mind okay the accountants were not very good lobbyists this year and so accountants lawyers doctors we don't get that 20% deduction but if you're if you're investing real estate or you're you know fixing flipping or you're doing or your retail you're an Amazon reseller you're a you know you're you're you're a retailer on Main Street whether most businesses are going to get that 20% deduction so it's a huge benefit yeah I'm so excited about um tax reform as as do you see although a min bizarre um so my next question is from Karl does you know he was interested to know how much he could actually pay his spouse um before he's actually taxed or before the the spouse is taxed I should say I mean is there like a minimum that he can pay like if your well now I've never quite understood that why people want to pay their spouse because you're filing a joint return so it's like okay but I get a junction but I think I take the deduction on from my right hand but I have to pick up income on my lucky except me now children are a different matter I see children you can pay them twelve thousand dollars a year and they don't pay any tax on that twelve thousand dollars same with elderly parents same thing they've got these same tax brackets the first twelve thousand remember that's the new standard deduction that first twelve thousand is non-taxable so you know it doesn't really work with spouses but absolutely you know unless they're not really a spouse unless you're not married right and it would work but what really does work is children right even minor children you can pay a minor child but actually if you're like a if your form does a partnership let's say husband like partnership and then you pay your child who's under the age of eighteen there's not even any Social Security tax you know everything we're talking about here thinks that the government wants us to do so if you wonder does the government really want us to employ our children the answer is well okay clearly because $12,000 is tax exempt and we don't have pay Social Security taxes so to me that saying wow the government would really like us to involve our children in our business whether it's real estate whether it's you know like I said retail whether they're doing marking whatever they're doing for us they have to do a real job okay look let's get them involved if they learn about business and that's good Fidelma excellent so you mentioned a little bit about the benefits Tom about you know tax reform can you kind of ship some light on what those are at a high level for businesses and entrepreneurs oh absolutely so so first of all start with employees employees I think most employees will see a tax reduction okay there are a few that won't you know the the people who were in that like had like twenty four thousand a married couple twenty four twenty five thousand dollars of itemized deductions they're not gonna see they're gonna actually lose tax benefits because they lost their first one their standard deduction now is 24,000 so to get that anyway but they lose their their personal their personal exemption so they're the only people who are gonna be hurt so employees do get some benefit because they got lower tax brackets who really and they get child tax credits right who really gets the big benefits though are the business owners and the investors and the professional vesser's um for example let's say your investment well in gas I'm guess you used to get a ride off the first year about 80% now it's a hundred percent well if you put in ten thousand dollars into a development program you're gonna get a ten thousand dollar deduction which means if you're in a thirty percent bracket that's like the government saying well will contribute three thousand you contribute seven I mean that's what it's like you know they're your partner in this which is awesome and of course when the income comes back it's the only tax the only tax on eighty-five percent of the income in way so oil and gas is still a very favorite investment real estate they did some really cool things for the real estate investors and not only the 20% deduction which applies to real estate but on top of that what they did was they said look one section 179 which a lot of business owners know is the deduction for you know buying equipment purchased third they that didn't used to apply to residential real estate rentals now it does so now you can take 179 if you're in the residential rental business it it used to be that we had a bonus depreciation this was like accelerated depreciation of 50% but only on new property we buy now here's the big one for the real estate all right you go in and you buy a four-plex okay think about what you're buying you're buying land yeah you're buying a building you're also buying the contents of the building and you're buying the land improvements well yeah up until 2018 2017 before the land improvements you had to depreciate over 15 years and the the contents of the building you know like the ceiling fans fluorine so you had to appreciate over somewhere between five and seven years with bonus depreciation you now get to depreciate it all in one year Wow well so you go in and do a cost you do a cost segregation and you and you you break out all of your contents you break off all your letter prints all that's gonna be immediately deductible because bonus depreciation now applies to new and used property so you can go buy a used four-plex and get bonus depreciation plus unlike a 179 deduction that is only allowed to the extent of your income bonus depreciation you can actually create a loss well that loss might be able to offset other income from a business from wages you know your spouse's weight just whatever if you knew you're planning right you ought to always be able to use those losses against other income so the the real estate advantages and they kept the 1031 the like-kind exchange for real estate they eliminated for everything else but not real estate so we kind of know which side of of our bread you know it is buttered when it comes to this president of ours you know obviously he likes real estate and Congress was willing to go along because they got all sorts of tax notices then the last time I was in Washington when I lived back there 1986 real estate got hit hard we as a result we had the take Isis the heart of wasp rules well this time real estate came through with shiny colors because they got all sorts of tax benefit yeah it really did so tom with that done that the write up that you can use the expenses from your real estate to deduct some of your income from other areas such as what you say ordinary income that's what I kind of did and you helped me do four years working for DirecTV as a real estate professional has the real estate professional requirements changed at all they haven't they haven't so real estate professional still means that you work more in seven or 50 hours in real estate more time than real estate than your other businesses yeah why people don't qualify now oh here's here's the good news of course is that it's either you or your spouse you don't have to both be real estate professionals one of you can be out there earning a million dollars a year at DIRECTV and the other one can be doing real estate professionally and the losses from the they can offset the income from DIRECTV okay so there's there's this there there really is a great benefit for spouses who are married and file a drink return now a lot of people can't be real estate professionals and so what do they do well I was always reading your website you found about pigs okay and we we have a saying in our business say that pigs are pals okay and the reason is is because a pig is a passive income generator and a pal is a passive activity loss so we go past an activity losses because we're not a real estate professional from our real estate take some of our income and make it passive income because net dinner losses can offset all of that passive income well you know some people have a tough time understanding them that's why a good tax adviser who specializes in Realty is actually going to be very important to you because there's actually very few people I've ever met in my profession who really understand the importance of actually creating passive income and I'm not talking about creating new income I thought about taking income that is we call it active income and actually just making a passive okay and there are a number of ways to do it easiest way is with children and parents and and ownership and you know it's a little too detailed I think to get into on on this show but there are a lot of ways to do it I've rarely meet somebody who can't who we can't find a way to use their losses from their real estate yeah no thank you so much so I just want to let the audience know that tom is actually given everyone the new tax law and he summarized as you could see he loves love's love's taxes more than I think I've ever met anyone so if you are interested in getting the new tax law and how you can immediately start saving um taxes to create more cash flow from for yourself come on to the website a ba investor calm and downloaded it's all complimentary on wealth ability so thank you so much for that time and literally I never actually understood anything about taxes until I read your book until I actually became a client of your nice tone thank you you mentioned this term you say wage slave and I love that can you share with us what your meaning of wage slave is well you know that the challenges you can have to look at what the tax law does okay and what's the intention the government the reality is the government's our partner whether we like it or not they're our partner okay if we work for wages then basically we're just turning over we see it in our withholding right every paycheck okay holding FICA you know the first question the kid kid asks they're their parents after they get the first paycheck is what the heck is this biking guy why is he taking so much money from right who's withholding why are they taking so much money from right so what what happens of course is that if you're an employee and that's it you know you do your you know maybe you set aside some money in a 401k but that's really the only tax benefit you know you maybe you get some child tax credits but there's not a whole lot of tax benefits for the high earning employee they're the ones to get hit the hardest it was pretty interesting to I you know I read a lot of in the news about you know when the tax lot this new tax law was being from promoted and proposed you know a lot of important particularly the Democrats right they didn't like it and they kept saying oh but this is just for the rich and I'm going whoa wait a minute the tax laws fair okay the tax laws is ultimately fair it's two people who were in money exactly the same way and the same amount get taxed the same get taxed the same so if you're an employee it doesn't matter whether you're yeah you know whether you live in Beverly Hills or whether you live in Indianapolis your taxes are the same okay on the other hand if you're a self-employed person to be able to behave the same way get taxed the same if you're a professional Wester to people obey the same way get taxed the same so the tax less fair what what people don't understand is that that what the government wants you to do is be generous they want you to create jobs they want you to create housing don't want you to create come commercial real estate we want you to to drill for oil they want you to create clean energy you know they want you to do things that are good for a lot of people and the more good you do for a lot of people the more tax benefits again so let me give you a simple example you buy a house for you okay well you saw they reduce the tax benefit this year both on the property taxes and on the interest expense okay well you're gonna get some small tax benefit because the government still well hey they actually have across their to P Terk on the other hand if you go out and create housing for a hundred people you're gonna get tax benefits times 100 and no limitations on those tax benefits so yeah for example people complain all my property tax is a fully deductible well it is if your property tax is probably not your pain on your investment my interest is a fully deductible but it is yeah its interest that you're paying on a mortgage for your investment because you're creating housing for the people so it's really a function of how many people are you serving if all you're serving is yourself the government says okay well if you do what we want you to do for that we'll give you a little tax benefit but if you're serving a lot of people we're gonna give you huge tax benefits that's why the big businesses get big tax benefits there's certain a lot of people both by you know whether you like big business or not the reality is they employ a lot of people and your 401 K is probably invested in their stock through some mutual fund EFT or something else okay some index so the reality is is that you know everybody benefits from that that corporation doing a good job well who benefits from you doing your job well you do where does the government appreciate that and they reduce your taxes somewhat this year and for people who make under a hundred thousand dollars they reduce taxes a lot this year unless you're ready to be you know really do more for more people then that's why you're really a slave to your job you're a slave to the tax code so it is something where you know I don't like you know I don't love the word slave but you really are you're slaving over your work and what are you getting for it that's the question whereas you can put the same amount of effort into a business or an investment and you can get a much higher rate of return and and you're not you know you're not an indentured servant okay I mean you actually have income either when you're not working so there's just all sorts of benefits to being a business owner investor that you just never gonna get as in ya know I would agree and I'm so I'm so glad that I became financially free before tax reform living in the state of California using pigs because of what you taught me to do and is there what are the things that people can do that earn a high income like I did you know when I worked for money I'm here in a high income tax estate because you always say if you change your facts you can change your tax right so here's a here's a really simple example let's say that you're an employee you're making one hundred fifty thousand dollars a year well remember employees if you're self-employed you get a twenty percent deduction right we talked about that tough the show yep if you're an employee you don't get the twenty percent deduction so what if all you did was become a contractor for your company right now you're gonna get the twenty percent deduction so there's a huge incentive to no longer be an employee and to become a contractor okay because you get that twenty percent now there's limitations and remember there's very there's a lot of details here wanna make sure everybody knows there's lots of details Gina and I are going over we're going to it's a pretty high level stuff like you say very high level so sit down with your tax adviser make sure that you know they understand they can explain to you that's why I wrote tax me well was so that people would have an easy resource something that's easy to read that they can kind of understand it rather than have to you know delve into the tax level way I do excellent um how important is it for someone to have a tax strategy and a CPA especially now with tax reform I mean it's it's always been important and I probably didn't realize that until a decade ago and but now in your opinion from here on out it becomes even more important or less important oh I think becomes way more important and the reason is is that there's so many more tax benefits okay and it's pretty complicated this 20 percent pass-through deduction is a very complex law and it really does require some understanding and I don't know a lot of people I mean there are a few people out there they want to delve into the tax lie they want to read the 6,000 pages the tax code you know the the 40,000 pages of regulations ama what what's important for you to understand as an investor as a business owner as a taxpayer he is really the caught the concepts right how do I make something deductible okay how do I make it deductible not is it deduct how do I make it deductable you know how do i how do I pay tax at a lower tax rate okay how do I pay my kids how do I you know some of these just big concepts that wow there's a lot of tax breaks there and again that's what tax free wealth is for but your your tax advisor they're the person who knows all the details or they're the person who should know all the details so that's where okay I've got these ideas I've read tax well here now how do i implement this right and it's really like you say it's a strategy which is a you know we define as a long-term plan of action to achieve a specific result the result we want is we want tax free wealth that's the result we're looking for so in order to do that we really do need this plan okay what we actually as you know we require every single new client to develop the strategy because they keep you know otherwise you're coming to me and you're saying well should I be in escrow I don't know if you should be in this Court should I be a secret I don't know if you should be a seaport but should I um you know invest my mineral say I don't know if you you know am I gonna get tax deduction from here I don't know if you're you know and talk until I look at them that really understands not just one piece of the tax law but how the tax law works together I think is critical to firmly reduce unit accident and I'm going to emphasize permanent because most most tax advice is about postponing your taxes to a later year we call it deferral or we call it a 401k or an IRA or a pension plan or a private lender in Canada it's an RRSP in yet you know in in a in Australia it's a superannuation you know this is all about postponing their taxes what we really want to do is never pay taxes again we want we want legitimate deductions legitimate tax breaks so we don't have to repay because you know the only the only way that postponing taxes makes sense is it at some point in your life you're gonna make less money well why would you you know my feeling is why would you want to make less money when you retire you're gonna need more money you're gonna medical expenses you're gonna be taking care of grandkids you're gonna be taking care you know your you know your kids may may come back to roost right I mean they do that and you know there's I just find that there's a lot of expenses for people when they retire and what the financial planning world Wall Street says is you know just put your money in a 401k don't worry about it because how much do you need to retire anyway well you know I you know you and I we look at that can we go what's this neat to return it you mean how much do I need to not live under a rich I mean is that really the question or is the question how much what's my dream what you know when would I like to retire what do what I like to you know maybe I'd like to retire 35 new would like to retire 55 maybe I'd like to you know keep working but not have to work I mean there's all this flexibility to me it's all a matter of freedom all I matter over okay can I reach do what I want to do and not have the government looking over my shoulder every single second and if I'm doing what the government wants me to do they're not gonna look over my shoulder because they like what I'm doing so I want to do what the government wants me to do I want to take advantage of those tax benefits because I'm doing what they want me to do and I don't ever have to worry about okay all the IRS is gonna come get me excellent yeah so Tom I understand the vision something that's caught an opportunity zone that was just um kind of another gift that came to us from the tax cots can you explain what that is and why people should care well you know we've long had actually it's something that's been around for many many years and very few people know about it and we call them enterprise zones or opportunity zones and what they are is they're they're the really areas of a city or state that need some development okay they've been they've been ghetto or they've been hard hit hard times or whatever and and the the city and state government they're trying to improve that area you know of their state or their city their locale so what they do is they actually provide tax benefits and there's huge tax benefits in a lot of enterprise zone so over tax but sometimes they'll actually pay your rent for a while I mean sometimes there there are federal government tax benefits there are state government tax benefits there's city benefits I mean you know we we've all been paying attention I'm sure to Amazon right there you know Marilyn just offered them some fifty billion dollars a tax benefit and located in in Maryland northern real life so you know I mean cities and states they they want you to be there and if you know if you're big enough and they they make a big deal out but for the smaller company you know that's what these enterprise zones are for and our enterprise opportunity zones that they're they're there so that the small company can take advantage of it so you can have that you know six thousand twelve thousand square foot space and or warehouse space and like redo a warehouse whatever and get great tax benefits worth and then especially if you hire people I mean a lot of the tax benefits come from hiring people within a certain surrounding area because they're trying to employ the people that that live there in that really lower lower income area that have really been struggling and so there there's lots of I mean yeah that's great tax benefits yeah no that's that's wonderful um so can I ask this um what you you talked about a 401k briefly and you know why is that not a really good investment vehicle to for someone to depend on for their financial well-being in the future well I mean the reality is if you're not interested in financial education you probably should do a form kick okay because if you're not interested in being in control of your money and learning how to do it then you ought to turn it over to somebody who at least has some knowledge of how to do it right a financial planner my preference though is to take charge ourselves I mean we actually call the company and wealth the ability become the big Wall Street lie I mean the big Wall Street lie build something like this here very good with money and you're not very good with finance you're not very good with math so therefore you should turn over your money to us because we are better at it now here's the here's the challenge with that first of all they don't care about your money except taking it ok that's what they care about they don't really care about your return on investment except that except insofar as it actually makes you put more money right that's their only interest in it um what what you have the opportunity to know is you don't have to do this kind of by hold and pray the timer goes up you don't have to diversify the idea of that I spread my money over a lot of companies and therefore I'm less likely to lose money that's what the versification is about here's the thing though nobody made a lot of money by diversifying people who make a lot of money do it by specializing ok so whether it's me specializing in tax whether it's a doctor specialized in medicine whether it's somebody specialized in technology or real estate ok or oil and gas you know it's the specialist right the niche will make you rich and even that even something like Warren Buffett egos the registration is for losers I mean nobody you don't make money there now if you have a big let's say you built your business you specialized and you've done really really well I have this question just this morning you doing really really well on your business you sell it for a hundred million dollars now you should diversify because now your goal is not to make more money it's to not lose that hundred million dollars so you're happy with the to three percent return which is what the stock market enjoy and everything but if you're trying to build your wealth you're trying to reach your dream you're not gonna do it by diversifying me consider this mathematically and I'm a bit of a math you know hound so mathematically if you get a three percent return which is the average return of the average investor worldwide it takes you 24 years to double your money which means that if you put in $10,000 today it will take you 24 years have twenty thousand dollars but Tina I know you you don't three percent returns okay if you did you you know you would not have the financial freedom that you enjoy so I would need a job today Tom but it exactly so why you know what that the problem is not diversification the problem is when you're fighting you don't you know at some point well I diversify yeah maybe if I ever get to the point where I feel like yeah I've had enough fun I just wants it back yeah I probably diversify but in the meantime I'm just you know I want to keep growing developing serving more people and to do that it takes specialization not diversification love it so Tom how can someone find on a good CPA or tax strategist today well I give you two two choices here one is in chapter 23 of my book - me well I actually teach people how to find a good tax advisor so if you're looking for somebody local you know if you if you've got a question about okay somebody your friend referred you to a CPA then okay then guess what what to look for in a in a tax advisor oh I actually give you questions you should ask questions they should be asking you so that would be one way do um if you want the easy way just go to wealth ability calm and we'll help you find one they'll help you find will actually help you do that work for you we won't charge you for helping you find that CPA you're gonna fit CPA right but will actually help you what will help you find somebody who knows you know what they're doing will understand your situation etc so you know that's probably the easiest way to go to ultimately calm but if you really want somebody local until we have our tax we welcome wealth Network built up you know it's not going to be local to you so unless you live in Tempe Arizona right so so instead you know then you can go to you know tax free wealth and actually figure it out you know why you know just following steps and that good excellent so much some of the audiences on let's just say outside of the US they can go to wealth ability calm today if they're looking for CPA and or if they are a let's just say a provider of accounting services is that true absolutely so we are we are actively looking thank you for mentioning you know we're actively looking for people who want to join network okay so it doesn't matter what country you're in what state you're in we would we would love to have you you know contact us and let us know that you're interested in this whole movement of people creating their own wealth people reducing their taxes legitimately and and and really taking control of their lives so if you're interesting that absolutely come to us if you're if you're an investor overseas and you live overseas and we can help you find a US tax advisor right now we're not we're not quite there with the international tax advisers but we can absolutely you know if you're invest in the US then we can help you on on that end if you're looking for somebody in I can actually probably give you something I can probably refer you to somebody in a few places like Australia Germany and Hong Kong but we have five or six already that you know have expressed interest that are around from around the world and we expect that within the next couple of years we'll have people in on every continent excellent so Tom what about Canada I didn't hear that I'm sure you probably you know what if you have if you if you know a great CPA in Canada please let me know who they are because I have looked for years and years and have not found one so I am actively looking for CPAs in Canada they could call them CPAs now in Canada and Australia they both they use the term CPA now so that's the type of tax advisor we would we would love to talk to you you know one it's in a more way I definitely will I do a lot in Canada because I invest in the Metro on resources space up there and I will keep my ears and eyes out for you and send them your way for sure so Tom I do wanna I'm saying well thank you is there any last-minute final thoughts and words of wisdom that you can provide the audience before I let you get back to your day sure I give you know um we're coming up I'll tend to be very much afraid of the IRS so I'm gonna give everybody a simple rule to follow to never ever be afraid of the IRS never lose sleep over the IRS again so here's what I want everybody to and to repeat I want to repeat out loud I will never go ahead Jeana I will never I will never speak to speak to the IRS the IRS okay there you go see that's not your job that's my job so you know if you're speaking to the IRS chances are you're gonna make a mistake chances are you're gonna open a can of worms so the IRS would like to speak to you because they want that can of worms open okay don't let them do it anytime you get a notice from the IRS they want to come audit you they want they have a correction to your return letter just send it to your CPA send it to your tax adviser let them handle it we actually have special we actually have speed dials into the IRS that we can actually get through in an hour instead of waiting for three days right to get through used to be five minutes now it's about an hour but we we have that access and you know what the professionals I'm a big believer in professionals I I have I'm actually starting a podcast I know if you know this Jeana but I'm starting a podcast our first release is April 17th tax big and you know I've got professionals who are helping with my podcast and you know I said well what do you want to do I'm going here the professionals I'm going to rely on you okay it's like an attorney I use attorneys I use attorneys a lot why because I want to rely on the professional advice I don't want to take that on myself and make the mistakes so i I've never big believer in using professionals tax advisers the reality is that outside of your spouse the most important person in your life financially is your tax adviser because they can either cost you the most money or save you the most money thank you so much yes so with that being said Tom you're absolutely right if there's anything that I can do I mean I owe it to you and your you know tax advice for giving me the roadmap in order to achieve financial freedom so I would love to help you in whatever your endeavor is and you know I appreciate that I appreciate everybody who is watching or based listening just remember its wealth ability calm where it's all about making way more money and paying way less taxes I love it with that being said thank you so much tom and I'm sure the audience is gonna love it and I will look forward to hearing you on your podcast awesome thank you thank you thanks for listening to our show repetition is the way we learn if you enjoy our show leave us a comment below now that used to be shared not hoarded I knew what I needed so I went out and got it started stacking up assets now I'm bringing in profits I knew what I needed so I went out and got it started stacking up assets now I'm bringing the profits [Music] visit WWE and Wester comm where you can get other tools anthology [Music]

Channel: Gena Lofton

Views: 14,849

Rating: 4.9426932 out of 5

Keywords: Financial Freedom, Passive Income, Make Money, Make money from home, how to invest for beginners, donald trump doesnt pay his taxes, financial literacy, financial education, money lessons, robert kiyosaki, rich dad poor dad, how to get rich, how to make money fast, how to make money quickly, reduce my taxes, how to reduce my taxes, Tom Wheelwright, new tax code, trump tax change, Make Money Faster By Taking Advantage Of New Tax Laws, tom wheelwright, passive income

Id: 5aK_Nl42yDQ

Length: 46min 18sec (2778 seconds)

Published: Fri Apr 06 2018