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Tom Wheelwright's Articles

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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. 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? What Story Do Your Financial Statements Tell about the Value of Your Business? Every company's financial statements tell a story about the value of the business. That's why the financial statements are the starting point in any appraisal of a business (commonly referred to as a business valuation). 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?" Wealthy or Rich 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? 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." 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. 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! 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). 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." 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. 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! The Fast Track to Your Financial Freedom (Part 2) - Adding Velocity to Your Investments This whole idea of LEVERAGE is great and earning $81,000 on a $20,000 investment over seven years would be terrific. The problem with this is "IT'S STILL TOO SLOW." We can still do much better. Besides leverage, we need to add the principle of VELOCITY. Here's how it works: 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!! The Biggest Mistake With C Corporations and How to Save Taxes Using the C Corporation Double Tax When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year. The BIG Secret to Creating Wealth and How to Take Action and Not Be a Statistic The big secret really isn't a secret. Many of you will read this big secret and think to yourself, "Of course! I know that! Tell me something I don't know!" 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. 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. 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? 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. 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. Tax Elimination, Wealth Strategies and Your Children Tax elimination is my favorite type of tax planning because it permanently reduces taxes. 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. Standard Mileage Rates Are Increasing: Find Out How Your Home Office Can Help You Deduct Even More With gas prices on the rise, the IRS has announced an increase in standard mileage rates effective July 1st. For business miles, the rate is increasing from 50.5 cents per mile to 58.5 cents per mile. 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.
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