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Articles by Tom Wheelwright

  • Finding the Right Tax Advisor
    One of the most important steps you can take in your tax and wealth strategy is to find the right tax advisor.
    Published 19Feb2012, viewed 18 times
  • Using Your Retirement Plan in Your Wealth Strategy
    I want to use the money in my retirement plan for a specific investment. Should I make the investment inside my retirement plan or should I distribute the money from my retirement plan and make the investment outside of my retirement plan?
    Published 15Jan2012, viewed 52 times
  • Making Your Tax Savings a Reality
    A tax strategy is a step-by-step action plan that ensures you are paying the least amount of tax allowable by law, regardless of your business or investment situation.
    Published 31Dec2011, viewed 28 times
  • Year-End Checklist for Rental Real Estate
    Real estate is also one of the most complex areas of the tax law. This makes it easy to overlook important steps, which can lead to missing out on tremendous tax savings.
    Published 02Dec2011, viewed 60 times
  • 3 Tips to Supercharge Your Wealth Strategy
    A wealth strategy is a systematic plan of action to achieve a defined set of financial goals. Most of the people I speak with are looking for effective ways to achieve these goals faster.
    Published 17Nov2011, viewed 54 times
  • Leverage Your Resources to Protect Your Business and Your Wealth
    Small Businesses and Investors are at High Risk for Negative Actions "Negative actions" include both intentional actions and unintentional actions. Intentional negative actions include embezzlement, fraud, stealing, etc. Unintentional negative actions include things like careless mistakes and errors. Both can be very harmful to a business or investment.
    Published 04Nov2011, viewed 49 times
  • 3 Forms of Leverage for a Wealth Strategy
    I'm constantly asked how to use leverage in different ways in a wealth strategy - and I'm glad people are asking because leverage plays a huge role in every successful wealth strategy.
    Published 28Oct2011, viewed 28 times
  • 3 Inside Secrets of Failed Tax Strategies
    I have seen the inner workings of hundreds, if not thousands, of tax strategies. In the tax strategies that I see fail, there are 3 common causes.
    Published 16Sep2011, viewed 71 times
  • Are You Overpaying Your Taxes?
    Thinking about taxes differently is not the same as being a tax expert. You don't have to be a tax expert. Of course, you'll want a tax expert on your team. Thinking about taxes in the right way helps leverage that team member's abilities.
    Published 09Sep2011, viewed 50 times
  • Using Business Leverage in Your Wealth Strategy
    How much time should be spent on a wealth strategy? A wealth strategy doesn't have to be a full-time job if it is done properly. This is why I say you must build a business around your wealth.
    Published 30Jul2011, viewed 99 times
  • Your Checklist for Loans between You and Your Entity
    On just about every set of books I see for an entity, regardless of the type of entity or the type of business, there is a loan to or from the entity's owner. Here's a checklist you can use to make sure the loans between you and your entity are on track:
    Published 08Jul2011, viewed 84 times
  • A Checklist to Protect the Tax Savings in Your Entity
    Timing is usually everything when it comes to entities because in most cases, the tax savings can't happen until the entity is set up. Usually in the rush to set up the entity, there are details missed that can jeopardize the tax savings.
    Published 24Jun2011, viewed 112 times
  • 5 Point Mid-Year Tax Planning Check
    It's not quite mid-year yet, but it is almost too late for some tax planning for this year. Here's a checklist to help make sure you are on track for your tax planning this year.
    Published 19Jun2011, viewed 101 times
  • Getting Better Information from Your Basic Reports
    A tremendous way to use leverage in a wealth strategy is with reporting. As I've shared before, reporting is often underutilized in a wealth strategy because it is perceived as too complicated or too confusing. The Balance Sheet and Profit & Loss Statement (also referred to as the Income Statement), are basic reports included in every accounting software.
    Published 10Jun2011, viewed 82 times
  • Two Overlooked Issues with Real Estate in an IRA (Individual Retirement Account)
    There are layers and layers of complexity when it comes to this topic. Right now, I'm going to wrap it up with two commonly overlooked issues when it comes to real estate in an IRA. When I create a wealth strategy with a client, two components I always discuss are: 1 - How will they use leverage in their wealth strategy? 2 - What will their role be in their wealth strategy?
    Published 30May2011, viewed 186 times
  • 2 Key Steps to Take Before Investing in Real Estate in Your IRA
    The special tax treatment is that the income is not taxed currently. In the case of a traditional IRA, it is taxed when it is distributed - the tax is deferred. In the case of a Roth IRA, it is never taxed - the tax is eliminated.
    Published 19May2011, viewed 216 times
  • Avoiding the Traps of Accelerated Depreciation
    It's common to break out land and building in a rental property for depreciation purposes, but there are many more components to consider. These additional components may include appliances, parking structures, landscaping, furniture, fixtures, and much more. Most importantly, these additional components can be depreciated much faster than land and building.
    Published 06May2011, viewed 334 times
  • Making the Tax Rules Work for You: Understanding the Tax Rules
    Understanding the rules doesn't mean you have to be an expert on the tax rules. Your tax advisor should be the expert. Understanding the rules simply means you know what to look for so you can identify potential opportunities and discuss them with your tax advisor.
    Published 07Apr2011, viewed 118 times
  • 3 Traps To Avoid To Keep Your Wealth Building On Track
    There are people who just love to share their nightmare investment experiences when you tell them you are planning on making a similar investment. They usually have nothing but terrible things to say about the investment which leads many people to question what action they should take.
    Published 07Apr2011, viewed 178 times
  • How To Protect Your Tax Strategy With Company Meetings
    Meeting minutes are simply a written summary of the who, what, when, where and why of a company meeting. The meeting may be an annual meeting or a special meeting for a specific topic or any other meeting.
    Published 03Feb2011, viewed 170 times
  • When is the Perfect Time for Your Tax & Wealth Planning?
    Take, for example, putting your tax return information together. Most people do this once a year when it is time to prepare their tax return. But this is one area where it truly pays to do it today (and every day).
    Published 31Dec2010, viewed 100 times
  • Using ALL of Your Tax Rates to Your Advantage
    great example of this came up in my monthly tax coaching teleconference last week. A real estate investor shared a deal he has had in the works for a few years. He was now at a point where he was making a decision about the direction of this investment.
    Published 29Dec2010, viewed 115 times
  • Another Year End Tax Planning Tip to Avoid
    While there may be tax savings that come with the purchase of equipment, making a purchase of this size should never be based solely on the tax benefits.
    Published 23Dec2010, viewed 245 times
  • How to Use Taxes to Build Your Wealth
    The tax law is a series of stimulus packages for real estate investors and business owners. This is true in all developed countries. The government wants to provide jobs and housing.
    Published 28Nov2010, viewed 176 times
  • What is Your Reporting Wish List?
    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.
    Published 23Oct2010, viewed 146 times
  • Protecting Your Business and Investments from Embezzlement
    Internal controls are a tremendous resource in a wealth strategy but are very rarely used. Internal controls create checks and balances that make embezzlement much more difficult to go undetected.
    Published 17Sep2010, viewed 156 times
  • Inflation: The Hidden Tax
    If your income keeps pace with inflation, then you should pay the same amount of tax every year. Right? In theory it should work this way, but this is why I refer to inflation as a hidden tax.
    Published 06Sep2010, viewed 216 times
  • The Government Wants You to Reduce Your Taxes
    Once you truly believe that the government wants you to reduce your taxes, you'll realize that you have the right to reduce your taxes every minute of every day. All you have to do is learn the rules.
    Published 06Sep2010, viewed 306 times
  • Why Didn't My Accountant Tell Me That?
    Building your own personal wealth team is perhaps the most important step you can take to creating massive amounts of wealth.
    Published 06Sep2010, viewed 153 times
  • Take Action in Your Wealth Strategy
    I leverage my time by having someone else compile the information and provide it to me in an easy to review format.
    Published 09Jul2010, viewed 154 times
  • Your Retirement Plan and Your Wealth Strategy
    It's important to understand how these basics apply to your particular retirement plan. Once you understand the basics, then consider the specific factors that may impact your decision.
    Published 29Jun2010, viewed 157 times
  • Your Tax Strategy Questions Answered
    The tax law is designed to benefit investors and business owners. A tax strategy is designed so you know exactly what you need to do to maximize these benefits.
    Published 22Jun2010, viewed 115 times
  • Your Tax Strategy and Your Tax Return
    Your tax return is where the tax savings from your tax strategy are captured. Waiting to file your tax return until your tax strategy is done can provide more flexibility and opportunity in your tax strategy.
    Published 22Jun2010, viewed 135 times
  • Is This a Good Investment?
    Taking the time to select your asset type and set the investment criteria for that asset is often a huge time saver. Imagine being able to sort through 100 investments in just a matter of minutes to find the 5 investments that meet your criteria.
    Published 22Jun2010, viewed 150 times
  • The Strategic Way with Estimated Tax Payments
    To supercharge your tax strategy and truly take a strategic approach to you estimated tax payment planning, you need the complete picture. Your tax picture is not complete unless you know where you stand with the next tax return you will file.
    Published 22Jun2010, viewed 237 times
  • A Planning Success Story
    When it comes to planning for financial purposes, most people know they need it, and yet still don't take action to do it. A great example of this is with estate planning.
    Published 20May2010, viewed 164 times
  • Implementing the Tax Recommendations from your CPA
    Ownership issues commonly come up with estate planning. Too many times a living trust is set up and title to the assets is not properly transferred to the living trust. This can create a mess for the heirs and is something that can be easily resolved if addressed timely.
    Published 20May2010, viewed 134 times
  • How Reducing Your Taxes Can Prepare You for an Audit
    One way I identify tax savings is by looking at where my clients spend their money. By doing this, I can identify expenses they already incur and determine how to make them legally deductible.
    Published 19Apr2010, viewed 173 times
  • Building a Business Around Your Wealth
    Having a team brings leverage and velocity to investing which leads to better and faster results. This is what businesses do. They build a team with their employees, vendors, customers, advisors, partners and so on.
    Published 19Apr2010, viewed 143 times
  • What is Your Investment Criteria?
    When properly established, investment criteria is a proven method to analyze opportunities quickly based on your specific goals.
    Published 02Apr2010, viewed 514 times
  • What Steps Does Your Tax Return Preparer Take to Reduce Your Audit Risk?
    The IRS recently announced its commitment to examine 6,000 business returns. The IRS will focus on payroll tax and employment issues, including worker classification (like independent contractors), officer's compensation, fringe benefits and non-filers.
    Published 29Mar2010, viewed 197 times
  • Take the Dread Out of the Tax Return Process
    Another reason many people dread the tax return process is because they don't know where they stand. They don't know if they are going to owe or if they are going to get a refund.
    Published 29Mar2010, viewed 111 times
  • Questions to Ask Your Tax Preparer
    If your tax preparer is not going to verify your business return numbers, then you need to be very confident that your recordkeeping is accurate (and just because you use a bookkeeper does not necessarily mean it is accurate).
    Published 25Feb2010, viewed 496 times
  • 3 More Myths About Tax Return Preparation
    In fact, the IRS anticipates taxpayers to request extensions of time. The IRS even grants the extension automatically when the proper form is timely filed.
    Published 22Feb2010, viewed 182 times
  • 3 Steps to Capturing Tax Savings with Your Bookkeeping
    The business portion is the most important piece because this is what will ultimately reduce your taxes. When you code the business portion of your mixed expenses, code it to a current asset account that is used only for this purpose.
    Published 14Jan2010, viewed 152 times
  • Every Day is an Opportunity to Reduce Your Taxes
    The items you purchase may be business deductions! Keep in mind that in order for an item to be deductible in your business it must have a business purpose and be ordinary and necessary in your business.
    Published 16Dec2009, viewed 162 times
  • Applying the New Tax Law to Your Taxes
    With the end of the year just around the corner, the new law may provide you with additional tax saving opportunities. In this report, I'll share the 2 most popular tax breaks in the new law and how they apply to your taxes.
    Published 27Nov2009, viewed 290 times
  • Year-End Tax Planning Tips You May Want to Avoid
    The best plan of attack is to identify tax saving strategies that work with your personal goals, your business goals and your financial goals for the long-term.
    Published 26Nov2009, viewed 211 times
  • 3 Reasons Everyone Needs an Estate Plan
    Estate planning is an absolute necessity if your have minor children because this is how you name the guardians of your minor children. Without this in place, the guardian of your minor children is left to the courts to appoint.
    Published 24Nov2009, viewed 244 times
  • Tax-Free Rental Income
    Of course, there are specific rules behind this permanent tax saving strategy. I find that after I go through the rules with my clients, we usually find a way to use this strategy - legally - and it creates another stream of permanent tax savings.
    Published 06Nov2009, viewed 305 times
  • Year-End Checklist for Business Owners and Investors
    Bookkeeping is one of the keys to bringing a tax strategy full circle. It's one thing to know what's deductible and how to maximize your deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never happened at all.
    Published 06Nov2009, viewed 256 times
  • Year-End Checklist for Rental Real Estate
    Real estate is also one of the most complex areas of the tax law. This makes it easy to overlook important steps, which can lead to missing out on tremendous tax savings.
    Published 31Oct2009, viewed 427 times
  • Deducting Your Seminar Expenses
    This is an area of the tax law that is a prime example of how increasing your knowledge, can decrease your risk. In this case, it can decrease the risk of overpaying your taxes and decrease the risk of having to pay more tax (and penalties and interest) if you are audited.
    Published 16Oct2009, viewed 577 times
  • Why Having No Estate Tax May Not Be a Good Thing
    I would ask myself why my estate isn't big enough to be taxable. I would wonder why the wealth I've created is so small that the government isn't even interested in taxing it.
    Published 16Oct2009, viewed 173 times
  • 2 More Reasons for Estate Planning
    You've probably heard a lot about the probate process, but have you ever heard anything good about it? Most probate stories are nightmare stories. Probate can be expensive, it's a public process and it can be contested.
    Published 06Oct2009, viewed 305 times
  • An Opportunity to Convert to a Roth IRA in 2010
    2009 is the Time to Start Your Planning If you plan on converting, then now is the time to start planning because your 2009 tax planning may look a little different. For example, you may want to defer deductions until 2010 and accelerate income into 2009 to avoid being pushed into higher brackets in 2010, 2011 or 2012 from large conversion income.
    Published 19Sep2009, viewed 372 times
  • 3 Ways Partnerships Give Your Tax Strategy Maximum Flexibility
    When the business starts, the owners have a profit sharing structure in mind, let's say it's 50/50. Then, a few years down the road, the owners have a need to change their profit sharing structure - maybe their roles have changed or perhaps one wants to work less.
    Published 19Sep2009, viewed 305 times
  • 3 Ideas for Business Financing in a Tough Market
    The form of leverage most people are familiar with is a loan, which is a way to leverage your assets. Leverage in this case may be a mortgage on a piece of property or a line of credit in your business.
    Published 02Sep2009, viewed 339 times
  • The Benefits of Setting Financial Goals
    If you don't know how much you are saving or when you will be able to retire, it's time to look at the benefits of setting financial goals. It's important to look at what your future plans are, how much you can contribute to them, and how you plan to manage and grow your wealth.
    Published 14Aug2009, viewed 641 times
  • The 2 Questions Every Business Owner Needs to Know How to Answer
    Leverage in a business comes from many sources. But the most important source is the business systems. The first key to building a profitable and valuable business is to create the proper systems to run the business. Then, the owner can spend his or her time managing the systems instead of managing the people.
    Published 15Aug2009, viewed 237 times
  • 3 Tax Planning Tips for S Corporations
    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.
    Published 29Jul2009, viewed 239 times
  • Your 15-point tax-return checklist
    It's time to start thinking about getting those taxes done. Maybe you're in a panic. Not to worry. Just follow Tom's 15 steps to getting your taxes done, and you'll be much happier. Ready?
    Published 29Jul2009, viewed 349 times
  • How to Use Reporting to Accelerate Your Wealth
    Reporting is summarizing activity in a clear and concise format. When done correctly, reporting is a helpful and meaningful tool that helps you make timely business and investing decisions. Now, be honest. Some of you saw the word reporting and immediately began trying to convince yourself you don't really need it. I find that most people avoid reporting, even though reporting can help them accelerate their wealth!
    Published 01Aug2009, viewed 241 times
  • Why More and More People Are Forced to Pay More Taxes
    Let me start with an overview of the Alternative Minimum Tax (AMT). AMT is a system of tax laws that parallels the regular tax laws. It has its own rates, its own exemption and its own deductions. Every individual must compute their tax every year under both the AMT and the regular tax rules. The individual then pays the higher of the two taxes.
    Published 01Aug2009, viewed 409 times
  • The Basics of State Tax Planning
    The first step to turning your state tax exposure into state tax opportunity is to identify the states you or your entities may be required to file state tax returns.
    Published 01Aug2009, viewed 463 times
  • Top 3 Incorrect Uses of Like-Kind Exchanges
    If like-kind exchanges are used incorrectly, the result is not just an increase in taxes, but also a slow down in the ability to build wealth. Here are the top 3 ways I see like-kind exchanges used incorrectly
    Published 25Jul2009, viewed 303 times
  • How to Determine the Type of Investing that is Right for You
    Now, it is not bad to have a team around you to do the work. In fact, it's fantastic to build a wealth team! But there is a huge difference between handing everything over with no further involvement versus understanding the type of investing being done and letting the systems manage the team members so less involvement is required.
    Published 25Jul2009, viewed 216 times
  • Exploding the Myths of Financial Health in a Recession
    The hot topic on everyone's mind right now, including radio, television and print media is how to cope with the current recession. The worst advice possible in recessionary times, or any other time, for that matter are what a lot of the analysts and talking heads are recommending today, which is businesses and investors pull back, reduce their expenditures, create a budget and save their money.
    Published 25Jul2009, viewed 279 times
  • The 3 Big Limitations with Itemized Deductions
    The current itemized deduction calculation is so complex that it can be difficult to identify just how big the limitations already are. To help quantify the current limitation on itemized deductions, I'll review the 3 big limitations with itemized deductions.
    Published 23Jul2009, viewed 1013 times
  • Tax Saving Entity Structures
    In a perfect world, the tax preparer would have asked the right questions to learn more about Pierre's goals and situation and would have translated "confusing accountant talk" into something clear and understandable. In general, S Corporations are good entities for businesses. But, they can be terrible when there are losses, and losses are common when a business first begins.
    Published 03Jul2009, viewed 333 times
  • Reducing Your IRS Audit Risk
    Accuracy in a tax return simply means that the information provided by the client was reflected on the tax return. It does not mean that the tax return was prepared in the BEST way it could have been prepared. In fact, I RARELY see a tax return from a new client that was prepared the way we would prepare it at ProVision.
    Published 23Jun2009, viewed 241 times
  • Forming Your Personal Tax Strategy
    Think about planning a vacation. Let's say you are going to Hawaii. When you go to book your ticket, you need to know where you are departing from, right? This is your starting point. It is impossible for you to get to Hawaii unless you know where you are starting. The same applies to a personal tax strategy. You must know where you are starting. In your personal tax strategy, this means you must know your current financial position.
    Published 06Jun2009, viewed 203 times
  • Creating Permanent Tax Savings
    Every dollar you spend is certainly not going to be deductible, but it's always shocking how many people don't consider the possibility that an expense may be deductible. The most successful tax strategies include the possibility that any expense may be deductible. It's simply a matter of determining how it can be deducted and if that fits with the strategy.
    Published 05Jun2009, viewed 212 times
  • Rules the IRS Won't Tell You
    The common theme in all of these questions is the lack of flexibility. Again, I'm not saying don't use an IRA or 401(k), I'm saying be aware of your options in those plans and how they will impact your wealth and tax goals.
    Published 05Jun2009, viewed 396 times
  • How State Taxes Can Become Very Scary
    Many business owners (and real estate investors!) get into trouble by not even realizing they aren't complying with the state tax laws.
    Published 28Apr2009, viewed 340 times
  • Last Minute Filing Tips for April 15th
    While it may be tempting to just get it done, you definitely want to make sure you give your CPA time to analyze your tax return. My team and I are often able to find tax savings opportunities during the tax return preparation process, and come up with tax savings ideas for the new year, but you don't give your CPA an opportunity to do this when you file at the last minute.
    Published 21Apr2009, viewed 220 times
  • 3 Ways to Prepare for an Audit Before You Are Ever Audited
    I still find it hard to believe, but 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 accountant! This is often an emotional decision - the fear of an audit.
    Published 11Apr2009, viewed 222 times
  • How to Turn Your Investing into Something You Like to Do
    When I speak on the topic of building permanent wealth, I say repeatedly that money can be made in any type of asset and what works for one person will not work for another. This is why I start with broad categories of investing - it is not so much the specific investment itself but how the investment complements what I like to do.
    Published 07Apr2009, viewed 234 times
  • Don't Drive By This Tax Deduction!
    Have Your Business Reimburse You for Its Use of Your Personal Vehicle Your business can reimburse you for allowing it to use your car - even if you are the one using it in the business!
    Published 25Mar2009, viewed 298 times
  • 3 Tax Strategies to Maximize Your Tax Benefits Even When Your Income is "Too" High
    The tax law offers many tax deductions, credits and other benefits that can save a taxpayer thousands of dollars every year. However, many of these tax benefits are eliminated when a taxpayer has income that is "too" high. Knowing how to legally get around these limitations can save you thousands in taxes!
    Published 17Mar2009, viewed 398 times
  • Here's What Businesses Need to Know about the New Tax Law
    The recently enacted "American Recovery and Reinvestment Act of 2009" (2009 Economic Stimulus Act) includes a wide-range of tax incentives. The new law extends this temporary benefit for qualifying property purchased and placed into service in 2009.
    Published 13Mar2009, viewed 352 times
  • Is Your Investing a Business or Just a Hobby?
    You really don't hear about great fortunes being made by investors. Ever wonder why? It's because business done right provides the most leverage, greatest velocity, and least amount of risk of any money-making activity.
    Published 24Feb2009, viewed 207 times
  • Top 3 Reports Every Business Owner and Investor Must Have
    A question I commonly hear is what reports should I use for my businesses and investments? I have several customized reports I use, but today, I'm going to share the 3 standard reports I use - these are reports that can be pulled from my accounting software. I use QuickBooks but these reports are standard in all accounting software packages.
    Published 01Feb2009, viewed 363 times
  • The Big Reporting Mistake
    What I find missing most often in wealth strategies is reporting. I find it amazing how so many people think they don't need reporting. Some think they will be so successful that they don't need a report to tell them that. Others think that reporting is just for their accountant to do their taxes. And, others think they aren't big enough to need reporting.
    Published 29Jan2009, viewed 285 times
  • Scarcity v. Abundance
    There are two schools of thought about money. One is that we need to protect our money, save it for a rainy day, because there is a limited amount of it. In other words, money is scarce. Opportunities are also scarce, so we need to protect the opportunities we have, keep them to ourselves, and never share. This is the theory of scarcity. Since there is only so much to go around, we better protect what we have and keep it to ourselves.
    Published 16Jan2009, viewed 267 times
  • 3 Tips to Start the New Year with Your Wealth Building on Track
    It's that time of year when resolutions are made. If you are one of the many who have a resolution that involves your finances, you'll want to read this article. Studies show that less than 50% of resolutions are kept so it's vital to get started on the right track.
    Published 16Jan2009, viewed 294 times
  • 5 Reverse Tax Planning Tips
    What is Reverse Tax Planning? Normally tax planning focuses on reducing taxable income and taxes. Reverse tax planning does the opposite and may actually increase taxes. Why is this a good thing?
    Published 16Jan2009, viewed 346 times
  • 3 Tips for Moving Your 401(k) to an IRA
    In today's business world, people should expect to change employers a few times before retiring. When you change employers, it is common to be asked if you will keep your 401(k) with your former employer or roll it into an IRA. Here are three steps to make your transition easier.
    Published 16Dec2008, viewed 294 times
  • 3 Reasons Why You Need to Know the Basics of Bookkeeping
    One area that almost all of my clients and prospects need to increase their knowledge on is bookkeeping. The issue? They don't understand the rules of bookkeeping. After all, they aren't accountants.
    Published 09Dec2008, viewed 352 times
  • Rich v. Wealthy: The BIG Difference
    Is There a Difference Between Being Rich and Being Wealthy? I have often thought over the past couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is it? And how do we become wealthy?
    Published 15Dec2008, viewed 346 times
  • True or False: High Income = High Wealth
    Do you think making more money means having more wealth? Many people do because it seems logical that high income would translate to high wealth. This is not true!
    Published 11Nov2008, viewed 356 times
  • The Tax Return Trap
    Today my team and I are wrapping up the month of October with our annual Halloween office party. It's a nice way to end the month, which is always one of the busiest months at the ProVision office. One of the reasons October is always a busy month is because of the October 15th tax deadline. It's one of the biggest deadlines because for many, it is the absolute last date to timely file many types of returns.
    Published 08Nov2008, viewed 301 times
  • The BIG Passive Income Mistake!
    I've been speaking at several seminars this fall. My topic of choice is wealth strategies because wealth strategies cover it all - not just wealth, but taxes and business too. Plus, the topic of wealth strategies takes me all over the world to speak because wealth strategies cross over international borders.
    Published 08Nov2008, viewed 297 times
  • How to Use Leverage in Today's Economy
    Many of you were surprised that there were tax law changes included in the Emergency Economic Stabilization Act of 2008 because most of the coverage has focused on what the Act is intended to do for the economy, specifically, helping the credit markets get back to lending.
    Published 25Oct2008, viewed 275 times
  • The Financial Markets Rescue Bill and How it Impacts Your Taxes
    Earlier this month, the President signed into law the Emergency Economic Stabilization Act of 2008. The financial markets rescue plan is one of the main components of the new law, but the new law also includes over 100 tax provisions!
    Published 16Oct2008, viewed 300 times
  • Where Is Your Wealth?
    Whenever someone asks me what to do to build permanent wealth, I answer that question with a question: Where is your wealth? Where is your wealth today and where is your wealth going?
    Published 18Sep2008, viewed 423 times
  • Put Your Children to Work and Reduce Your Taxes
    What Can Your Children Do For Your Business? As a parent, I'm always looking for ways to teach my children life long lessons about money. One of the best teaching tools I have found is money!
    Published 06Sep2008, viewed 322 times
  • New Tax Legislation Could Save Dentists $$Thousands$$ in 2008
    Have you thought about upgrading your equipment to the newest industry standards but were afraid of the cost? Or perhaps you want to improve your office to make it more comfortable for your patients? Do you need to upgrade your reception area to make it more efficient for your administrative staff or look nicer for your patients?
    Published 17Aug2008, viewed 311 times
  • 5 Questions for Your Mid-Year Tax Planning
    Have you ever met with a CPA or tax preparer and been told you could have done something about a tax problem if only you had acted before the end of the year? And while year end tax planning has its place in a tax strategy, often times there is simply not enough time at the end of the year to get the best tax results. That's why mid-year tax planning is so important.
    Published 06Aug2008, viewed 345 times
  • Mid-Year Tax Planning: Do You Need to Add an Entity?
    Do you need to add an entity to your tax structure? This is such an important question for mid-year planning because knowing the right time to add an entity to your tax strategy can often save as much as $10,000 per year in taxes!
    Published 05Aug2008, viewed 348 times
  • How Your Bookkeeping Can Boost Your Tax Deductions
    One of the keys to bringing your tax strategy full circle is your bookkeeping. It's one thing to know what's deductible and how to maximize your business deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never happened at all. Use this checklist!
    Published 29Jun2008, viewed 303 times
  • Meals & Entertainment: What Is Deductible and What Is Not?
    Probably the most common business deductions are meals and entertainment. However, people are often confused about whether the expenses are fully deductible, partially deductible or not deductible at all.
    Published 23Jun2008, viewed 668 times
  • How to Deduct Your Travel Expenses
    Travel expenses are a favorite deduction of many clients, because they love to travel and especially enjoy it when the IRS is subsidizing part of the expense. In order to deduct travel expenses, however, you must show that the expense has a business purpose and is ordinary and necessary to the business.
    Published 22Jun2008, viewed 424 times
  • Are Your Meals 50% Deductible or 100% Deductible?
    There are several specific rules to determine if a meal is a legitimate business expense. These specific rules include meeting the business purpose requirement and the ordinary and necessary requirement. In this article, it's assumed that the meal has met these requirements and is indeed a business expense.
    Published 21Jun2008, viewed 391 times
  • A Checklist to Properly Document Your Meals and Entertainment Expenses
    One thing you can always count on during an audit is a request for documentation supporting meals and entertainment expenses. The IRS has found that these expenses are heavily abused and are an easy way to generate additional tax revenue, not to mention additional revenue from penalties and interest.
    Published 20Jun2008, viewed 417 times
  • Entity Formation Fundamentals
    One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited liability company. The entity you choose should take into account both the tax effects of the entity and the legal aspects of the entity.
    Published 31May2008, viewed 329 times
  • How Can You Take Advantage of the 0% Capital Gains Rate?
    The capital gains rate for certain taxpayers will drop to 0% for tax years 2008 through 2010. How can you take advantage of this 0% capital gains rate? First, let's review the capital gains rate in general.
    Published 04May2008, viewed 469 times
  • Inside Secrets of Failed Tax Strategies
    I have seen the inner workings of hundreds of tax strategies. I recently did a study of tax strategies to reveal the inside secrets of failed tax strategies. I was searching for common causes of the failures. The most common causes all centered around cost, but not in a way you may expect.
    Published 03May2008, viewed 464 times
  • Stock Options
    One strategy companies have used in recent years is to reward employees with options to purchase a certain amount of the company's stock for a fixed price after a defined period of time. The employee is not required to exercise the option. A stock option is a contract which allows the holder to purchase stock at a fixed price.
    Published 02May2008, viewed 431 times
  • Business Strategy Fundamentals
    Over the years, I have met and worked with literally hundreds of business owners. At one time or another, many of them have written a business plan. But very few of them have a working business strategy. A business plan and a business strategy are two very different tools.
    Published 01May2008, viewed 376 times
  • Is Legally Lowering Your Taxes Ethical?
    When the income tax was first introduced in the early 20th century, it was a flat rate on high-income taxpayers. As the Government needed more money, the rate increased and the tax base broadened to include more and more people.
    Published 25Apr2008, viewed 434 times
  • John McCain's New Tax Plan
    Recently John McCain announced his idea for how to simplify the tax filings for mllions of people. Finally, a workable idea!!! His idea is quite simple and would solve many problems. For those of you who didn't hear about it, here it is in a nutshell.
    Published 24Apr2008, viewed 381 times
  • Entity Formation Fundamentals
    One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited liability company.
    Published 15Apr2008, viewed 708 times
  • What constitutes as "Travel Away From Home"?
    When it comes to business travel, expenses, and deductions, I am frequently asked "What constitutes travel away from home and why is it important?"
    Published 14Apr2008, viewed 290 times
  • How Do I Find the Right Tax Advisor?
    This is the time of year when all Americans think about their tax situation and what they might do differently to reduce their heavy tax burden. There is a record of an ancient civilization that was required to pay 50% of their earnings to their captors.
    Published 13Apr2008, viewed 340 times
  • Who Wants to Take a Home Office Deduction?
    The home office deduction allows individuals to deduct expenses that are not otherwise deductible such as utilities and homeowners insurance. There are certain requirements you must meet to have a home office.
    Published 12Apr2008, viewed 524 times
  • The Three (3) Pillars of Financial Health
    This is all about the foundation of financial success: wealth strategy. My key purpose here is to draw a clear, unmistakable distinction between wealth strategy and what usually passes for "financial planning."
    Published 27Mar2008, viewed 415 times
  • Two (2) Ways to Take Your Rental Real Estate Losses
    Even if you have strong positive cash flow from your rental real estate, chances are you still have a loss for tax purposes due to the depreciation deduction. This is a great tax strategy because your positive cash flow is sheltered from tax.
    Published 19Mar2008, viewed 3175 times
  • How Should Your LLC be Taxed?
    Understanding the fundamentals of entities, particularly LLCs, is a key part of building a wildly successful tax strategy. Do you know how your LLC will be taxed?
    Published 15Mar2008, viewed 404 times
  • Three (3) Things You Can Do To Be Prepared For An Audit
    The number of IRS audits increased in 2007. What is causing this increase and who is targeted? What can you do to be prepared? The number of IRS audits increased in 2007. Remember, the IRS can audit a return 3 years after it has been filed (and 6 years if the tax return filed was considerably incorrect).
    Published 12Mar2008, viewed 524 times
  • IRS Ramps Up Audits
    The IRS is under great pressure from Congress to show results in closing the $300 billion tax gap, the difference between what taxpayers owe and what they pay. Remember, the IRS can audit a return 3 years after it has been filed (and 6 years if the tax return filed was considerably incorrect).
    Published 11Mar2008, viewed 531 times
  • Three (3) Secrets to a Successful Tax Return!
    Having the right team of advisors is critical to achieving your financial goals faster than you ever thought possible. For most people, taxes are the SINGLE BIGGEST expense. This makes finding the right tax preparer for your team extremely important.
    Published 29Feb2008, viewed 514 times
  • Is The IRS Sending You a Rebate Check? Find Out If You Are Eligible
    ARE YOU GETTING A REBATE CHECK? There are two groups eligible to receive rebates. You can only be in one group so if you qualify for both group, be sure to pick the group that results in the highest rebate amount. Group 1: Those who paid taxes in 2007. Group 2: Seniors, disabled veterans and widows of veterans.
    Published 27Feb2008, viewed 2343 times
  • What Does it Mean to be a Real Estate Professional?
    Let's dispense with one myth: Real Estate Professional status does not mean you have to hold a real estate license. Rather, it is a designation you obtain by meeting certain specific requirements.
    Published 15Feb2008, viewed 547 times
  • How to Make Your Investment Real Estate Work For You!
    If you ever mailed an envelope containing a monthly payment to a landlord, you qualify as a rent payer. What you might not realize is that the owner of that real estate is getting lots of deductions for expenses related to owning property.
    Published 14Feb2008, viewed 418 times
  • Mortgage Interest Deductions - Get Your House In Order
    Many people recognize that the deduction for home mortgage interest is one of the most potent tax breaks available today. Most people are surprised at how complex and full of pitfalls the mortgage interest deduction rules really are and more are surprised about how big of a role their house plays in their wealth strategy.
    Published 08Feb2008, viewed 1614 times
  • How Much Is Building and How Much Is Land?
    One of the biggest tax advantages of owning a rental property is the depreciation you can take on the amount you paid for the property. Of course, the IRS understands that land does not wear out. So, only the portion of the purchase price related to the building and the contents is subject to the allowance for depreciation.
    Published 06Feb2008, viewed 441 times
  • Tax Law Changes That Will Impact Your 2007 Tax Return
    Do you own real estate? At the very end of 2007, Congress passed a bill with several tax law changes impacting real estate. Expect some changes when you file your 2007 tax return! Here are a few highlights from the Small Business and Work Opportunity Act of 2007.
    Published 05Feb2008, viewed 382 times
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    Published 02Feb2008, viewed 695 times
  • Tax Law Changes That Impact Homeowners
    With foreclosure rates at an all time high, a new tax law was passed at the end of 2007 to help homeowners avoid unmanageable income tax debt due to income created from a foreclosure. The new law also covers mortgage renegotiations and other real estate related benefits.
    Published 01Feb2008, viewed 411 times
  • Building your Wealth Team
    the three most expensive words in the English language are, "do it yourself." When we try to do things all by ourselves, we are ignoring the fact that we all have only 24 hours in the day. By building a wealth team, we are leveraging those hours into hundreds or even thousands of hours each day.
    Published 18Jan2008, viewed 445 times
  • Business Start-Up Costs
    When you launch your business and incur expenses before your business is "open for business," then you have start-up costs. Start-up costs are not deductible until your business begins. Your business begins when it is first open for business - meaning it is ready to service customers.
    Published 12Jan2008, viewed 489 times
  • Tax Returns - Should you E-File?
    Over the last few years, there have been several incentives, or even requirements, provided by the IRS and state governments to encourage tax filers to file their returns electronically. Statistics show the percentage of e-filers is on the rise. With tax return deadlines right around the corner, we want to share our thoughts on the questions we receive most often from clients about e-filing.
    Published 05Jan2008, viewed 674 times
  • Using Cap Rates in Real Estate Investing
    If you are new to real estate, you are probably wondering about some of the terms you have heard at your real estate investment group or seen on the Internet. Understanding these terms is important to successful real estate investing. One of these terms is "Cap Rate."
    Published 30Dec2007, viewed 415 times
  • The Fast Track to Your Financial Freedom (Part 1) - Leveraging Your Money
    Say you deposit $1,000 into your bank. The bank will happily pay you interest on your deposit, and the longer you leave it there, the higher the interest rate the bank is willing to pay. Did you every wonder why? The bank is very happy to pay you 2% interest when they will lend out up to ten times the amount at, say 6%. So on your $1,000 deposit, they pay you $20 and they earn $600. Not a bad return, considering they are using YOUR MONEY!!
    Published 20Dec2007, viewed 495 times
  • Why the Lottery is a Better Investment than Mutual Funds
    Even though I am not an investment advisor and never hold myself out as one, clients continue to ask me what to do to prepare for retirement. Should I max out my 401(k) contribution? Should I do an IRA? Should I put more in my profit sharing plan or pension plan? My response - putting your money into the lottery may be a better investment.
    Published 18Dec2007, viewed 385 times
  • SEP's, IRA's, 401(k)'s and RRSP's
    My gripe with SEP's, IRA's, 401(k)'s and RRSP's is that the financial institutions and the government push them so hard that people think they are the ONLY alternative. There are many other ways to save taxes that are much better for many people.
    Published 17Dec2007, viewed 355 times
  • Tax Returns - Are they really all created equal?
    As we approach Tax Season, I wonder how many people understand the potentially vast differences in the quality of tax return preparation? Are tax returns really the commodity that they seem to be? Is a tax return prepared by the tax service in the mall of the same quality as that prepared by a major CPA firm? What does it mean to have a "quality" tax return? In fact, can a tax return be prepared in such a way as to reduce income taxes?
    Published 14Dec2007, viewed 531 times
  • Rich or Wealthy
    I have often thought over the past couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is it? And how do we become wealthy?
    Published 13Dec2007, viewed 413 times

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