Massive Changes in the Tax Law & How to Prepare Now

Join Tom Wheelwright as he discovers how entrepreneurs can prepare for the massive changes in the tax law with Trump's second term. Tom Wheelwright is a CPA, CEO of WealthAbility and Best-Selling Author of Tax-Free Wealth. Wheelwright is a leading wealth and tax expert, global speaker, and Entrepreneur Magazine Contributor. Tom is best known for making taxes fun, easy and understandable, and specializes in helping entrepreneurs and investors build wealth through practical and strategic ways that permanently reduce taxes. In this episode, learn what you need to do with your tax advisor between now and April, and gain insight on the benefits we will continue to receive - or lose. Order Tom's book, "The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make" at: https://winwinwealthstrategy.com/ SHOW NOTES: 00:00 - Intro. 02:29 - Inflation: Massive Increases to Deficit or Pay for What We Get 03:23 - Corporate Taxes 07:23 - State Local Tax Deduction Increase 08:34 - Taxing Tips, Social Security, Overtime, etc. 10:15 - Will we continue to get Bonus Depreciation? 13:33 - Research and Development Deduction 14:56 - Clean Energy Incentives 15:44 - Step 1: Write to your member of Congress. 17:54 - Step 2: Set up your business correctly. 18:49 - Step 3: Plan of action. Tom Wheelwright, #CPA is a Best-Selling Author, Entrepreneur & Worldwide Authority on Tax. https://wealthability.com/tom/ ********************************** PODCAST: WealthAbility® ********************************** Listen & Subscribe on iTunes, Stitcher & Spotify! https://wealthability.com/show YouTube Playlist https://www.youtube.com/playlist?list=PLydsKeyc6R5yuFA9nSBycu9Rj2jfdPN-f ********************************** Resources ********************************** Tom's Book: Tax-Free Wealth https://taxfreewealthbook.com Visit WealthAbility® https://wealthability.com/ Sign up for Tom's Free Weekly Report https://wealthability.com/getreport/ Schedule A Call With My Team https://wealthability.com/schedulecall/ *********************************** Social Media *********************************** Facebook (Tom Wheelwright) https://www.facebook.com/Tom.Wheelwright.CPA/ Facebook (WealthAbility®) https://www.facebook.com/4wealthability/ Twitter (WealthAbility®) https://twitter.com/WealthAbility Instagram (WealthAbility®) https://www.instagram.com/wealthability_now/ Youtube (Tom Wheelwright) https://www.youtube.com/@TomWheelwrightCPA Looking for more on Tom Wheelwright? Website: https://tomwheelwright.com/tom-wheelwright/ Books: "Tax-Free Wealth" "Win-Win Wealth Strategy" Instagram: @tom_wheelwright Facebook: https://www.facebook.com/Tom.Wheelwright.CPA/ YouTube: The WealthAbility Show LinkedIn: https://www.linkedin.com/in/tomwheelwright/ Podcast: The WealthAbility Show DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.