In this new episode of Unlock Your Potential, I chat with Tom Wheelwright, CPA, entrepreneur, best-selling author, Rich Dad advisor & international authority on taxation.
We start the episode by delving into Tom's journey in tax planning for entrepreneurs and uncovering the common ground between entrepreneurs and tax planners.
In the middle of the episode, Tom explains the two rules every entrepreneur needs to know to understand the tax law about deductions.
Near the end of the episode, we reflect on a crucial point for entrepreneurship: see the obstacle as an opportunity instead of a barrier. Hear what Tom has to say about this.
I hope you enjoy this episode and learn some hacks to maximize your deductions and make your business more profitable.
Check Out More of Tom’s Content Here 👇
💻 https://www.wealthability.com/
📖 The Win-Win Wealth Strategy - https://winwinwealthstrategy.com/
💡 https://tomwheelwright.com/
🎙️The Wealthability Show Podcast 👉 https://tomwheelwright.com/#podcast
ℹ️ LinkedIn 👉 https://www.linkedin.com/in/tomwheelwright
📺 YT 👉 https://www.youtube.com/channel/UCdqKCRdapuU1DFRu3fGeL0g
🖥️ FB 👉 https://facebook.com/Tom.Wheelwright.CPA/
⌨️ X (Twitter) 👉 https://twitter.com/WealthAbility_
📲 IG 👉 https://www.instagram.com/tom_wheelwright/
Timestamps:
(00:00:00) Introducing Tom
(00:02:21) Entrepreneurial DNA
(00:04:00) Tax Planner vs Tax Preparer
(00:04:30) Meeting Robert Kiyosaki
(00:05:30) Making Tax easy and understandable
(00:08:50) Requirements for deducting expenses
(00:15:50) Creating value
(00:17:30) Raising a flag to the IRS
(00:20:00) Documentation of expenses
(00:21:30) First two rules you need to understand
(00:29:50) Tax advisor for reducing your taxes
(00:31:10) The two bodies of taxes
(00:32:40) What the government want
(00:41:40) Perverse incentives
(00:46:00) Shrinkflation
(00:47:40) See the obstacle as the opportunity
(00:53:20) Being in control vs being an employee
(00:55:00) Tax-Free Wealth
(00:59:40) Two questions any advisor should ask
(01:00:30) Where to find Tom Wheelwright
