Read Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes By Tom Wheelwright
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Ebook About After 31 years… Major Tax Reform — and what it means to you True overhaul of the tax law only happens about once every 30 years. In the past 75 years, the U.S. tax law has only seen three major revisions; one in 1954, the next in 1986 and most recently at the end of 2017. I have been fortunate as a tax professional to be heavily involved in the last two reforms. In 1986, I was a manager in the National Tax Department (NTD) of Ernst & Whinney (now Ernst Young). My primary responsibility during my three years there was to create, teach and administer tax courses to the Firm’s U.S. tax professionals. Just as I arrived in the summer of 1985, I discovered that much of NTD’s resources were being devoted to following the tax reform bill that had been introduced that year. This gave me, as a young tax professional, some amazing insight into the legislative process as well as the horse trading for tax reform. President Reagan wanted two things; simplicity (the 1985 act was call the Tax Simplification Act of 1985) and he wanted it to be revenue neutral (no net increase to the deficit). It took another year before bill was finally passed as the Tax Reform Act of 1986. (Simplicity took a back seat to other goals of the reform.) In 1986 the big winners from tax reform were individuals, with significantly lower tax rates, insurance companies (who got by relatively unscathed) and businesses. The big loser was real estate investors (the passive loss rules were used as a last-ditch effort to make a “revenue-neutral” bill. The result a few years later was the Savings and Loan debacle accompanied by a massive real estate depression and the government bailing out real estate through the RTC (Resolution Trust Corporation). Fast forward 31 years to 2017. President Trump had promised economic stimulus and had stumbled out of the blocks with the failure to repeal ObamaCare. Everyone thought tax reform would take two years to complete like it had in 1985-1986. Instead, the Republican-controlled Congress was able to use slick procedural rules to pass major tax reform in record time (less than three months from start to finish). The result was a bill the consequences of which and application of which are still largely unknown. Known are the clear winners and losers. Losers include employees with lost deductions for moving, investment expenses and reductions in home mortgage interest and state income tax deductions. Winners include big corporations, with a major tax reduction from 35% to big corporations, with a major tax reduction from 35% to 21%, small businesses, with a 20% net income deduction, and real estate, with major depreciation incentives and the 20% net income deduction given to other small businesses. The key to remember is that very few people had the chance to influence this legislation. Everyone has the same chance to take advantage of the windfalls given to the winners. Employees can choose to be independent contractors and receive the 20% small business deduction. Service professionals who were left out of the 20% deduction can now become C corporations and reduce their tax rate to 21%. Investors who received tax benefits from the costs of investing in the stock market can either begin investing in real estate, with its massive tax benefits, or invest through their Roth IRA or Roth 401(k) and avoid tax altogether on the income and gains from their investments. Tax-Free Wealth is about using the tax law the way it’s meant to be used – as a series of incentives to do what the government wants you to do. This Second Edition incorporates some ideas of how to use the new incentives. The reality is that the incentives don’t really change that much. The government still wants businesses to hire employees, so businesses receive tax benefits for doing so. The government still wants investors to provide housing for renters (even more so now), so real estate investors receive large tax breaks for following through on the government’s goals....Book Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Review :
According to this book, the only way to save money on your taxes is by starting a business, becoming a landlord, or investing in high risk commodity based things like oil wells, farms, and wind mills. You’re out of luck if you are a W2 based wage earner, just pay your taxes and enjoy being broke.This book is full of ridiculous ideas but, here are few of the more nonsensical tax saving strategies: Start a business and hire your kids. Start a business and make your kids partners. Trade stocks and options in your IRA.The list goes on and on. And the tax savings examples are just as ridiculous...one example uses a wage earner in the 40% tax bracket...really? The tax system is tiered and the highest tier is 37%. In fact , the entire book is chock full of over simplified examples showing how financially awesome it isto be an entrepreneur or landlord. I guess if you hate your job and are ready for a change, this book can certainly give you hope that one day, if you can be successful at some form of entrepreneurship, high risk investing, or being a landlord, you may be able to save money on your taxes. For the rest of us, we’re stuck. Agree with other reviewers who say this book is half filler and half borderline unethical advice like hire your kids as business partners so you can be taxed at their income rate. At any rate, even if one wanted to partake in some of these questionable “tips” one would need to consult one’s “team of tax advisors and lawyer”...like....who has that kind of money? Oh, people who already have massive wealth. And also, this writer admits he bought he first business with a loan from his parents (and other acquaintances) so its not exactly a book to teach middle class people how to be more financially stable. I make a decent income and there was really nothing in here of value to me. Unless I wanna buy a house in Hawaii and rent it out so I can write off family trips to Hawaii as a business expense...yeah...that’s the kind of advice we’re talking about here. Oh, and how to make all of your lunches “business expenses” and eat for free. Read Online Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Download Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes PDF Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Mobi Free Reading Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Download Free Pdf Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes PDF Online Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Mobi Online Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Reading Online Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Read Online Tom Wheelwright Download Tom Wheelwright Tom Wheelwright PDF Tom Wheelwright Mobi Free Reading Tom Wheelwright Download Free Pdf Tom Wheelwright PDF Online Tom Wheelwright Mobi Online Tom Wheelwright Reading Online Tom WheelwrightDownload PDF LDAP System Administration: Putting Directories to Work By Gerald Carter
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