I am joined by Tom Wheelwright, CPA, CEO of WealthAbility®, Rich Dad Advisor, entrepreneur, international speaker, and bestselling author.
In our discussion, we discuss a variety of topics including the common belief that it's patriotic to pay more in taxes to support the government, the difference between conservative and aggressive tax deductions, and advice for entrepreneurs to find better financial professionals to fit their needs. We also address some common tax myths and offer tips for entrepreneurs who feel they're overpaying in taxes, and discuss the common misconception surrounding the idea that the rich pay no taxes.
If you're looking to build your knowledge base or expand your team to improve your tax strategy as a business owner or entrepreneur, this episode is a must-listen. Tom's expertise and insights will help you navigate the complex world of tax advice and make informed decisions to keep more of what you earn.
What you'll hear in this episode:
[3:24] Tom's origin story and how he became an accountant.
[6:45] Tom's passion for educating entrepreneurs and early-stage business owners.
[8:45] When someone feels that it is patriotic to pay more in taxes to support the government, what are some ways that Tom challenges this thought?
[11:40] The difference between conservative and aggressive tax deductions.
[13:40] How can tax professionals better advise their clients to make better decisions?
[15:40] How can you tell which professionals will be good advisors?
[19:30] Dispelling some common tax myths
[22:20] As an entrepreneur that thinks they are overpaying in taxes, what are some tips to begin working towards resolving this?
[27:00] Why you should give your accountant a hug after the last three years with all of the tax law changes.
[30:30] What is there a common misconception that the rich pay no taxes?
[34:45] Is it actually possible to live tax-free?
Connect with Tom:
* Related episodes:
220. How Much Should I Pay Myself as an S Corp Owner?
241. Five Key Financial Building Blocks for Your Business
265. Taxes for Real Estate Investors with Chris Picciurro
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.