042: How to Achieve Tax-Free Wealth with Tom Wheelwright

When it comes to real estate and taxes, many investors just don’t know what they’re doing. That lack of education and understanding could cost them a lot of money.

There are multiple reasons someone might have yet to learn about how taxes affect their bottom line, and sometimes, it just comes down to them not being ready. But if you are prepared to learn, knowing some simple tax rules as they apply to businesses could save you a lot of money and go a long way toward helping you continue to build wealth.

In this episode of Zen and the Art of Real Estate Investing, entrepreneur, bestselling author, Rich Dad advisor, and international tax authority Tom Wheelwright joins Jonathan to talk about how tax knowledge can put your real estate investing career on a new trajectory. His book, Tax-Free Wealth, is a bestseller, and his new book, Win-Win Wealth Strategy, is a Wall Street Journal and USA Today bestseller.

Tom explains one of the secrets to building real wealth and why the U.S. government wants you to pay fewer taxes.

In this episode, you will hear:

Why people don’t know what they’re doing with taxes and real estate investing
You have to be in partnership with your accountant
What Tom’s WealthAbility System is, and how CPAs can use it to make their work easier
Where new real estate investors get it wrong with their asset setups
The impact of depreciation and cost segregation
How Tom discovered accounting and why he says taxes don’t have to be difficult
His book, Tax-Free Wealth, what inspired him to write it, and what his new book, Win-Win Wealth Strategy, is about
The Declaration of Financial Independence and the freedom wealth can give you
Tom’s first exposure to real estate investing and when he began investing
His partnership with Robert Kiyosaki and how they met
Why investing isn’t nearly as complicated as people think and his advice for new investors
A big mistake that real estate investors, in general, are making

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