Tom Wheelwright
Total live articles: 139
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Tom is the creative force behind ProVision Wealth Strategists. For more than 25 years, Tom has devised innovative tax, business and wealth strategies for sophisticated investors and business owners in the manufacturing, real estate and high tech fields. Tom has a wide variety of professional experience, ranging from Big 4 accounting, where he managed the professional training for thousands of CPA's in the national office to in-house tax advisor for a Fortune 1000 company. Tom is a published author on partnership and corporation tax strategies and his ideas have been featured in two books in the Rich Dad Poor Dad™ series. In addition to his frequent lectures on wealth and tax strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. The founder of ProVision, Tom is responsible for innovating new consulting services for ProVision's premium clientele and for marketing ProVision services worldwide. In addition to his management responsibilities, Tom still likes to coach select clients on their wealth, business and tax strategies. Tom has his master's degree in taxation from the University of Texas at Austin and his Bachelor of Arts degree from the University of Utah.
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The special tax treatment is that the income is not taxed currently. In the case of a traditional IRA, it is taxed when it is distributed - the tax is deferred. In the case of a Roth IRA, it is never taxed - the tax is eliminated.
When I review the accounting for a rental real estate activity, one thing that always makes me cringe is a very large amount in the "Repairs" account.
An IRA is a tax shelter. Tax on the income is either deferred (Traditional IRA) or eliminated (Roth IRA).
Even if you are the only employee in your business and investing activities, internal controls can still be an effective asset protection tool. Internal controls do not have to be complicated. They just need to be effective at detecting or preventing negative actions.
If you've ever heard me talk about depreciation, then you know I think depreciation is like magic. Rental real estate can be depreciated, and when done properly, it can take rental real estate with positive cash flow and turn it into a loss for tax purposes.
Understanding the rules doesn't mean you have to be an expert on the tax rules. Your tax advisor should be the expert. Understanding the rules simply means you know what to look for so you can identify potential opportunities and discuss them with your tax advisor.
There are people who just love to share their nightmare investment experiences when you tell them you are planning on making a similar investment. They usually have nothing but terrible things to say about the investment which leads many people to question what action they should take.
Meeting minutes are simply a written summary of the who, what, when, where and why of a company meeting. The meeting may be an annual meeting or a special meeting for a specific topic or any other meeting.
great example of this came up in my monthly tax coaching teleconference last week. A real estate investor shared a deal he has had in the works for a few years. He was now at a point where he was making a decision about the direction of this investment.
Most people dread the thought of bookkeeping and are happy to avoid it. I look at bookkeeping differently. Bookkeeping is a tool that helps me reduce my taxes.
