http://www.articlealley.com en-us editorial@articlealley.com Copyright (c) 2009 Tom Wheelwright Last week I shared a few items from the year-end checklist my team and I use with clients who own rental real estate. Year-End Checklist for Business Owners and Investors As I promised last week, this week I'm s... http://www.articlealley.com/article_1226009_19.html 11th November 2009 Copyright (c) 2009 Tom Wheelwright Real estate is one of my absolute favorite areas in the tax law. Why? Because there is so much flexibility in how to do things in order to legally maximize the tax benefits available. Did You Know You Can Receive... http://www.articlealley.com/article_1223295_19.html 09th November 2009 Copyright (c) 2009 Tom Wheelwright As I mentioned last week, real estate is one of my absolute favorite areas in the tax law because there is so much flexibility in how to do things to legally maximize the tax benefits available. Real estate is also... http://www.articlealley.com/article_1218399_33.html 05th November 2009 Copyright (c) 2009 Tom Wheelwright I don't need estate planning because my estate is not taxable. As I've shared over the last few weeks, estate tax planning is only one part of estate planning. And while it's true that an estate with less than $3,... http://www.articlealley.com/article_1171476_19.html 14th October 2009 Copyright (c) 2009 Tom Wheelwright Education is a primary focus for me. I attend seminars all year round, both as a speaker and a participant. Why? I believe there is a direct relationship between knowledge and risk. As knowledge increases, risk ... http://www.articlealley.com/article_1171463_18.html 14th October 2009 Copyright (c) 2009 Tom Wheelwright I do not need to do estate planning right now because my estate is not taxable. Remember, while it's true an estate may not be in urgent need of estate tax planning, there is still a need for basic estate planning.... http://www.articlealley.com/article_1140679_19.html 01st October 2009 Partnerships are extremely flexible entities which makes them incredibly powerful in a tax strategy. Flexibility in a tax strategy is key because things change! I've studied partnerships for over 30 years and there are hundreds of ways to use them to pr... http://www.articlealley.com/article_1101517_15.html 21st September 2009 If you have ever heard me speak on tax or wealth strategies, you've probably heard me say that I am not a big fan of 401(k)s or IRAs. One of the reasons I am not a big fan of Traditional IRAs and 401(k)s is because they only defer tax. While tax defer... http://www.articlealley.com/article_1098026_19.html 18th September 2009 One of the key parts of a successful wealth strategy is using leverage. Leverage can take on many different forms - leveraging your time, leveraging your contacts or leveraging your knowledge. The form of leverage most people are familiar with is a lo... http://www.articlealley.com/article_1056458_15.html 30th August 2009 If you don't know how much you are saving or when you will be able to retire, it's time to look at the benefits of setting financial goals. It's important to look at what your future plans are, how much you can contribute to them, and how you plan to mana... http://www.articlealley.com/article_1036294_19.html 16th August 2009 Owning your own business is one of the great American dreams. Those of us who own a business know that it comes with headaches and problems, but we cherish the good we can do as well as the people we meet and the freedom that our business can provide, bo... http://www.articlealley.com/article_1034375_15.html 13th August 2009 Many business owners and investors get reports that they don't understand - and it's not their fault! Most reports are either too technical or are missing information to give the reader the information they want. It's always amazing to me the number o... http://www.articlealley.com/article_1012775_15.html 02nd August 2009 Recent IRS statistics say that S corporations represent the most popular form of small business corporation. That's understandable. S corporations provide some powerful tax savings benefits for small business owners and investors. Unfortunately, the S ... http://www.articlealley.com/article_1008591_19.html 31st July 2009 It's time to start thinking about getting those taxes done. Maybe you're in a panic. Not to worry. Just follow Tom's 15 steps to getting your taxes done, and you'll be much happier. Ready? Here they are: -Get serious Unless you're focused, you're goin... http://www.articlealley.com/article_1008585_19.html 31st July 2009 I've heard from many of you asking for more information on the AMT because some of you are in it and others fear they will be in it soon. This is not a surprise to me because I have found 2 things to be true in recent years about the AMT: First, more ... http://www.articlealley.com/article_1004792_18.html 30th July 2009 State taxes usually come in three forms: Property tax, Sales tax and Income tax. Many business owners and real estate investors get into trouble by not even realizing they aren't complying with the state tax laws. The First Step to turning your s... http://www.articlealley.com/article_1001173_18.html 27th July 2009 The hot topic on everyone's mind right now, including radio, television and print media is how to cope with the current recession. A lot of the analysts and talking heads are recommending that businesses and investors pull back, reduce their expenditures... http://www.articlealley.com/article_999297_19.html 26th July 2009 The choice of investment is a very important decision. After all, you will be spending years devoting yourself to this specific type of investing. How Did You Decide on Your Current Type of Investing? I find that the responses I get put people into ... http://www.articlealley.com/article_998904_15.html 25th July 2009 A like-kind exchange, also referred to as a 1031 or Starker exchange, allows a taxpayer to defer paying tax on the sale of a property. Like-kind exchanges are wonderful and powerful tools to use in tax and wealth strategies, but ONLY when used correctly.... http://www.articlealley.com/article_990365_19.html 20th July 2009 There has been a lot of talk recently about itemized deductions. Itemized deductions are the deductions you can claim for certain personal expenses, such as, taxes, interest, charitable donations and investment expenses. The big discussion right now c... http://www.articlealley.com/article_988103_18.html 18th July 2009 Here are 3 questions to help you evaluate your internal control system. Question #1: Who opens the bank statement? The monthly bank statement for your business and investments is a great tool to reduce the opportunity for embezzlement. Think about t... http://www.articlealley.com/article_963001_15.html 02nd July 2009 I find that most people have a good grasp of the basics when it comes to entities, but are often missing the little things that can have a huge impact (good and bad) on tax savings. I have a real-life story that captures this well. Pierre is starting ... http://www.articlealley.com/article_958920_19.html 30th June 2009 Are tax returns really the commodity that they are often perceived to be? Is a tax return prepared by the tax service in the mall of the same quality as that prepared by a major CPA firm? What does it mean to have a "quality" tax return? In fact, can ... http://www.articlealley.com/article_950188_18.html 26th June 2009 Studies show that most of us live our entire adult life based upon the things we learned and especially experienced while we were young. Whether it is our eating habits, exercise or how we relate to others, most of our adult behavior stems from our experi... http://www.articlealley.com/article_942647_15.html 18th June 2009 There are so many examples to share here, but I'll focus on one that really seems to shake people up. When I share this one, people actually get mad! I've even had someone walk out of the room - and that was a person I knew! Why? Because it goes against ... http://www.articlealley.com/article_924322_18.html 10th June 2009 What is a Personal Tax Strategy? Let's break this term down and start with strategy. A strategy is a systematic plan of action intended to accomplish a specific goal or purpose. The formula looks like this: "Personal Tax" + "Strategy" = a plan of a... http://www.articlealley.com/article_922519_19.html 07th June 2009 Temporary Tax Savings These are the type of tax savings where you save taxes today but must pay them later. In other words, the tax is being deferred. Temporary savings can be helpful in a tax strategy, but even better is.... Permanent Tax Savings Th... http://www.articlealley.com/article_919073_19.html 05th June 2009 Many people view April 15th as the end of tax season and enjoy the idea that they don't have to deal with their taxes for another year. I look at April 15th a little differently. I see April 15th as the time to start planning your taxes for the next yea... http://www.articlealley.com/article_888932_18.html 13th May 2009 Last week, I shared how I get a shock every April 15th by the number of phone calls my office gets from the public looking for help with filing an extension. This April 15th didn't disappoint! Several of the callers knew they needed a federal extensio... http://www.articlealley.com/article_875031_18.html 01st May 2009 April 15th is just a few days away and some of you may be wondering what to do because you haven't filed your tax return yet. You may be shocked (I always am!) by the number of phone calls my office gets from the public on April 15th looking for help wit... http://www.articlealley.com/article_868372_18.html 25th April 2009 The secret to determining the type of investing that is right for you is to find the type of investing that best matches what you like to do. What Do You Like to Do? It may seem odd to dive deep into self-analysis when picking your type of investing... http://www.articlealley.com/article_852871_19.html 09th April 2009 Overcome the Fear of an Audit and Take Back Your Taxes! I still find it hard to believe, but I've seen people give up thousands in LEGAL tax savings in an effort to hopefully reduce their audit risk, and many times at the advice of their own accountant! ... http://www.articlealley.com/article_852646_18.html 09th April 2009 One of the most common tax deductions I see missed on a regular basis is the tax deduction for the business use of a personal vehicle. When I meet with new clients and discuss this deduction, I hear all sorts of reasons as to why they haven't taken thi... http://www.articlealley.com/article_838890_15.html 27th March 2009 The tax law offers many tax deductions, credits and other benefits that can save a taxpayer thousands of dollars every year. However, many of these tax benefits are eliminated when a taxpayer has income that is "too" high. Knowing how to legally get aro... http://www.articlealley.com/article_830099_18.html 20th March 2009 The recently enacted "American Recovery and Reinvestment Act of 2009" (2009 Economic Stimulus Act) includes a wide-range of tax incentives. Extension of Bonus Depreciation Last year, Congress temporarily allowed businesses to recover the costs of ca... http://www.articlealley.com/article_820854_18.html 11th March 2009 The recently enacted "American Recovery and Reinvestment Act of 2009" (2009 Economic Stimulus Act) includes a wide-range of tax incentives, many of which are retroactive to the beginning of the year. This week I'll share the changes impacting individuals... http://www.articlealley.com/article_810550_18.html 06th March 2009 I'm constantly teaching and sharing the concept of building a business around your wealth. What does this mean? Let's start with a little background. Historically, all great fortunes have been built in business. Whether it was Andrew Carnegie, John ... http://www.articlealley.com/article_799044_15.html 25th February 2009 Avoid These 5 Traps if You Want Your Wealth Goals to Stay on Track (1/30/09) Several of you asked me about this trap, and wondered if I was saying it was okay to set your goals low? Absolutely not! Your goals need to be set high, they just need to be... http://www.articlealley.com/article_794146_19.html 23rd February 2009 More than 50% of New Year's resolutions have already been abandoned and we are barely in to February! My fitness training coach just shared this statistic with me. Of course, his focus was on fitness resolutions, but the same holds true for all resolu... http://www.articlealley.com/article_789166_19.html 18th February 2009 What I find missing most often in wealth strategies is reporting. I find it amazing how so many people think they don't need reporting. Some think they will be so successful that they don't need a report to tell them that. Others think that reporting i... http://www.articlealley.com/article_765969_19.html 22nd January 2009 It's that time of year when resolutions are made. If you are one of the many who have a resolution that involves your finances, you'll want to read this article. Studies show that less than 50% of resolutions are kept so it's vital to get started on the... http://www.articlealley.com/article_755956_19.html 16th January 2009 There are two schools of thought about money. One is that we need to protect our money, save it for a rainy day, because there is a limited amount of it. In other words, money is scarce. Opportunities are also scarce, so we need to protect the opportuniti... http://www.articlealley.com/article_751748_19.html 13th January 2009 What is Reverse Tax Planning? Normally this focuses on reducing taxable income and taxes. Reverse tax planning does the opposite and may actually increase taxes. Why is this a good thing? If someone is usually in a high tax bracket and experiences a... http://www.articlealley.com/article_751091_19.html 12th January 2009 In today's business world, people should expect to change employers a few times before retiring. When you change employers, it is common to be asked if you will keep your 401(k) with your former employer or roll it into an IRA. - Here Are 3 Tips to Ma... http://www.articlealley.com/article_710828_19.html 03rd December 2008 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. Most clients and prospects start out by asking wh... http://www.articlealley.com/article_710725_19.html 03rd December 2008 Is There a Difference Between Being Rich and Being Wealthy? I have often thought over the past couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is it? And how do we become wealthy? It seem... http://www.articlealley.com/article_699970_19.html 01st December 2008 Do you think making more money means having more wealth? Many people do because it seems logical that high income would translate to high wealth. This is not true! Do you know people who make a lot of money from their business or their job but neve... http://www.articlealley.com/article_691214_19.html 21st November 2008 Today my team and I are wrapping up the month of October with our annual Halloween office party. It's a nice way to end the month, which is always one of the busiest months at the ProVision office. One of the reasons October is always a busy month is be... http://www.articlealley.com/article_688214_19.html 18th November 2008 I've been speaking at several seminars this fall. My topic of choice is wealth strategies because wealth strategies cover it all - not just wealth, but taxes and business too. Plus, the topic of wealth strategies takes me all over the world to speak bec... http://www.articlealley.com/article_688137_19.html 18th November 2008 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 ge... http://www.articlealley.com/article_676946_19.html 29th October 2008