How to Win the Game of Taxes and Wealth with Tom Wheelwright
Apr 11, 2023I am joined by Tom Wheelwright, CPA, CEO ofā€ÆWealthAbility®, 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.
In this episode, you will be able to:
1. Discover the potential of tax incentives for boosting financial growth and revenue.
2. Uncover the significance of education in mastering complex tax laws and strategies.
3. Witness the transformation of CPAs from data providers to tactical advisors.
4. Determine the secrets of nurturing long-lasting client relationships for triumphant financial planning.
5. Enhance your fiscal intelligence for personal and business prosperity.
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?
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
Resources:
Connect with Tom:
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Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon
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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.
