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Tom Wheelwright's Articles


Gardening (38)	Strategic Planning (1)
(15)	Finance (6)

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2 Ways to Put Your Children's Money to Work There are many ways your children can put their money to work. Here are two of those ways: 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. 3 Rules to Simplify Your Recordkeeping for Business Travel Summer is here and for many of us that means summer business trips. I love traveling for business. But, my least favorite part about business trips is keeping track of all of my receipts. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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? How the New Tax Law Can Help Your Business: Two Tax Breaks for Businesses Congress recently passed the Economic Stimulus Act of 2008. It's designed to inject $152 billion into the U.S economy. As a business owner, what does this mean to you? 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. 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. 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! 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. Investing in the Lottery over 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. 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). 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. 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. Is Your LLC a Sole Proprietorship, a Partnership, a C Corporation or an S Corporation? Understanding the fundamentals of entities, particularly LLCs, is a key part of building a wildly successful tax strategy.
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