The author of the Tax free wealth book is Tom Wheelwright. In addition to a best-selling author, he is an entrepreneur, Rich Dad Advisors, and an International Tax authority.
The present article is a book review of the Tax-free wealth book of Tom Wheelwright that details key takeaways and other exclusive contents present in it. If you are planning to buy a book, have a look at this guide to understand whether it’s worthy enough.
Overview Of The Tax Free Wealth Book
The Tax free wealth book has more than 200 reviews on Amazon as well as a rating of 4.3 out of 5 on the same platform. It is meant for some specific people in contemporary society – Real estate investors, businesspersons, and entrepreneurs.
The aim of the books is to make these people understand how to build a vast amount of wealth by reducing taxes permanently. The author has used several strategic and practical ways to fulfill the objective of the book.
Many wealthy persons across the globe, especially CEOs, affluent investors, and budding entrepreneurs come across a high amount of taxes. This tax burden often leads to illegal tax evasion that can cause complications in the long term. You will be happy to know that legal and practical tricks will help you lighten this tax burden. Keep reading the next section to see how this book can help you serve this purpose.
Key Lessons That You Can Learn From Tax Free Wealth Book
It’s correct that you may hire an accountant or CPA to handle your taxes, successful real estate investors. But you must have a firm grasp on the basics or fundamental factors affecting your finances.
We all know that there are several reasons behind high taxes; the primary contributing factor is high income. Whenever you earn above a particular threshold, you require paying a specific amount of taxes to the Government.
Knowing the core ideas of zoning, leasing, property management, and taxes may be immensely helpful. It is because they will help you determine the best judgments or need better counseling.
Here are some key takeaways you can get from the tax free wealth book.
- You can protect your assets and lower assets by owning real estate in LLC or other legal entities.
- Tax laws are helpful for local, state, and federal governments. Therefore, they stimulate certain activities that make economic developments and advance social policies.
- If you take advantage of income tax deductions provided by the United States’ tax code, then it is your most significant advantage.
- There is no better way to lower or reduce taxes than strategic planning. Through systematic strategy formulation, you can achieve the goal of tax deduction. However, this is not such an easy task. It requires immense patience, dedication, and tremendous perseverance.
- With the application of robust tax strategies, several real estate investors have zero or little taxable income. In spite of having significant positive cash flow and existing cash regards, they have become able to accomplish this goal.
- Several sources of passive income gain are property sales and rental incomes. You will be supposed to know that their taxes are pretty lower compared to all other forms of remuneration.
- Four types of income earners in this world are- Investors, business owners, self-employed, and employees. Two among these maximum receiving benefits from the tax codes are investors and business entrepreneurs.
- The net income is more critical to consider. It is the residue you have when everything expenses, taxes, and others are paid off. On the contrary, gross income is the total revenue you make, including taxes and other expenditures.
- You should start tax planning from the very beginning. In addition, instead of doing it every year, plan your taxes daily. It is owing to the compelling nature of the taxes.
- Your every action in both personal or professional life determines how much taxes you require to pay ultimately. So act wisely. Remember there are only three principles for decreasing taxes efficiently – Plan, Plan, and Plan.
- You must be very frustrated with the enormous amount of taxes that you pay every year. But please note that tax regulations intend to stimulate growth. So raising tax revenue is the last goal that the government has.
- To be very precise, the governing bodies formulate tax laws or a reason. Federal, local, and state governments generate incentives through these tax laws. They aim to promote specific activities in society as well as the economy for its betterment in the long run.
The Two Most Vital Rules According To Tom Wheelwright
Tax codes lower the weight of high taxes, thereby helping investors and businesspeople legally. But did you know that you are robbing your family and yourself by not exploiting the advantages of tax breaks?
The two simple rules in relation to tax law are:
- It is your hard-earned money; the government has no right over it.
- The foremost objective behind designing tax laws is to reduce the amount, not magnify it.
Unluckily, a number of tax consultants simply overlook these two golden rules. Furthermore, many of them don’t even know the existence of these two. Thus, it is regrettable that they end up working for the government in the name of tax advising.
The Bottom Line
Now that you know what the Tax-free wealth book speaks about, start drafting tax plans; otherwise, you will fall behind. After analyzing the principal contents of the book, it is evident that it is a must-buy. So a big thumbs up to this one.
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