271: Permanently Reduce Your Taxes with Tom Wheelwright

Your biggest expense in life is taxes - income tax, sales tax, property tax, capital gains tax, inheritance tax. Taxation is not adjusted for inflation. I explain. Wealthability's Tom Wheelwright joins us about how to optimize Trump's 2017 Tax Cuts And Jobs Act to your advantage. A tax deduction is the amount by which your taxable income is reduced. Income tax is on net income. Sales tax is on gross income. The $10,000 SALT deduction limit mainly hurts coastal residents. Bonus depreciation substantially aids real estate investors - new and used property, and residential and commercial. Learn how the 20% pass-through deduction benefits you. Why you never own real estate in a "C" Corporation. Learn about Section 179 tax advantages. Opportunity Zones benefit those that invest in the renovation of distressed assets. I bring you today's show from Anchorage, AK. __________________ Resources mentioned: Tom's website: Wealthability.com Mortgage Loans: RidgeLendingGroup.com Turnkey Real Estate: NoradaRealEstate.com eQRP: Text "QRP" to 72000 or: TotalControlFinancial.com By texting "QRP" to 72000 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply "STOP" to cancel. JWB New Construction Turnkey: NewConstructionTurnkey.com Best Financial Education: GetRichEducation.com Find Properties: GREturnkey.com Follow us on Instagram: @getricheducation

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This episode was published on December 16, 2019.

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