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Home Page  Tom Wheelwright |
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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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How Your Bookkeeping Can Boost Your Tax DeductionsOne of the keys to bringing your tax strategy full circle is your bookkeeping. It's one thing to know what's deductible and how to maximize your business deductions, but unless that gets reflected in your bookkeeping, it's as if the tax planning never happened at all. Use this checklist! Standard Mileage Rates are Increasing: Find Out How Your Home Office Can Help You Deduct Even MoreWith gas prices on the rise, the IRS has announced an increase in standard mileage rates effective July 1st. For business miles, the rate is increasing from 50.5 cents per mile to 58.5 cents per mile. 3 Rules to Simplify Your Recordkeeping for Business TravelSummer is here and for many of us that means summer business trips. I love traveling for business. But, my least favorite part about business trips is keeping track of all of my receipts. Meals & Entertainment: What is Deductible and What is Not?Probably the most common business deductions are meals and entertainment. However, people are often confused about whether the expenses are fully deductible, partially deductible or not deductible at all. How to Deduct Your Travel ExpensesTravel expenses are a favorite deduction of many clients, because they love to travel and especially enjoy it when the IRS is subsidizing part of the expense. In order to deduct travel expenses, however, you must show that the expense has a business purpose and is ordinary and necessary to the business. Are Your Meals 50% Deductible or 100% Deductible?There are several specific rules to determine if a meal is a legitimate business expense. These specific rules include meeting the business purpose requirement and the ordinary and necessary requirement. In this article, it's assumed that the meal has met these requirements and is indeed a business expense. A Checklist to Properly Document Your Meals and Entertainment ExpensesOne thing you can always count on during an audit is a request for documentation supporting meals and entertainment expenses. The IRS has found that these expenses are heavily abused and are an easy way to generate additional tax revenue, not to mention additional revenue from penalties and interest. Entity Formation FundamentalsOne of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited liability company. The entity you choose should take into account both the tax effects of the entity and the legal aspects of the entity. Is Your Llc a Sole Proprietorship, a Partnership, a C Corporation or an S Corporation?Understanding the fundamentals of entities, particularly LLCs, is a key part of building a wildly successful tax strategy. How Can You Take Advantage of the 0% Capital Gains Rate?The capital gains rate for certain taxpayers will drop to 0% for tax years 2008 through 2010. How can you take advantage of this 0% capital gains rate? First, let's review the capital gains rate in general.
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