Tom Wheelwright's Articles - New Age Living Articles

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Tom Wheelwright's Articles


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5 Questions for Your Mid-Year Tax Planning Have you ever met with a CPA or tax preparer and been told you could have done something about a tax problem if only you had acted before the end of the year? And while year end tax planning has its place in a tax strategy, often times there is simply not enough time at the end of the year to get the best tax results. That's why mid-year tax planning is so important. A Checklist to Properly Document Your Meals and Entertainment Expenses One 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. Building your Wealth Team the three most expensive words in the English language are, "do it yourself." When we try to do things all by ourselves, we are ignoring the fact that we all have only 24 hours in the day. By building a wealth team, we are leveraging those hours into hundreds or even thousands of hours each day. Business Start-Up Costs When you launch your business and incur expenses before your business is "open for business," then you have start-up costs. Start-up costs are not deductible until your business begins. Your business begins when it is first open for business - meaning it is ready to service customers. Business Strategy Fundamentals Over the years, I have met and worked with literally hundreds of business owners. At one time or another, many of them have written a business plan. But very few of them have a working business strategy. A business plan and a business strategy are two very different tools. Entity Formation Fundamentals One 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. 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. How Do I Find the Right Tax Advisor? This is the time of year when all Americans think about their tax situation and what they might do differently to reduce their heavy tax burden. There is a record of an ancient civilization that was required to pay 50% of their earnings to their captors. How Much Is Building and How Much Is Land? One of the biggest tax advantages of owning a rental property is the depreciation you can take on the amount you paid for the property. Of course, the IRS understands that land does not wear out. So, only the portion of the purchase price related to the building and the contents is subject to the allowance for depreciation. How Should Your LLC be Taxed? Understanding the fundamentals of entities, particularly LLCs, is a key part of building a wildly successful tax strategy. Do you know how your LLC will be taxed? How the New Tax Law Can Help Your Business: Two Tax Breaks for Businesses Congress recently passed the Economic Stimulus Act of 2008. It's designed to inject $152 billion into the U.S economy. As a business owner, what does this mean to you? Inside Secrets of Failed Tax Strategies I have seen the inner workings of hundreds of tax strategies. I recently did a study of tax strategies to reveal the inside secrets of failed tax strategies. I was searching for common causes of the failures. The most common causes all centered around cost, but not in a way you may expect. IRA's, SEP's, 401(k)'s, and RRSP's My gripe with SEP's, IRA's, 401(k)'s and RRSP's is that the financial institutions and the government push them so hard that people think they are the ONLY alternative. There are many other ways to save taxes that are much better for many people. IRS Ramps Up Audits The IRS is under great pressure from Congress to show results in closing the $300 billion tax gap, the difference between what taxpayers owe and what they pay. Remember, the IRS can audit a return 3 years after it has been filed (and 6 years if the tax return filed was considerably incorrect). Is Legally Lowering Your Taxes Ethical? When the income tax was first introduced in the early 20th century, it was a flat rate on high-income taxpayers. As the Government needed more money, the rate increased and the tax base broadened to include more and more people. Is The IRS Sending You a Rebate Check? Find Out If You Are Eligible ARE YOU GETTING A REBATE CHECK? There are two groups eligible to receive rebates. You can only be in one group so if you qualify for both group, be sure to pick the group that results in the highest rebate amount. Group 1: Those who paid taxes in 2007. Group 2: Seniors, disabled veterans and widows of veterans. 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. John McCain's New Tax Plan Recently John McCain announced his idea for how to simplify the tax filings for mllions of people. Finally, a workable idea!!! His idea is quite simple and would solve many problems. For those of you who didn't hear about it, here it is in a nutshell. LANDLORDS: Make your rental(s) work for you! If you ever mailed an envelope containing a monthly payment to a landlord, you qualify as a rent payer. What you might not realize is that the owner of that real estate is getting lots of deductions for expenses related to owning property. Mid-Year Tax Planning: Do You Need to Add an Entity? Do you need to add an entity to your tax structure? This is such an important question for mid-year planning because knowing the right time to add an entity to your tax strategy can often save as much as $10,000 per year in taxes! Mortgage Interest Deductions - Get Your House In Order Many people recognize that the deduction for home mortgage interest is one of the most potent tax breaks available today. Most people are surprised at how complex and full of pitfalls the mortgage interest deduction rules really are and more are surprised about how big of a role their house plays in their wealth strategy. New Tax Legislation Could Save Dentists $$Thousands$$ in 2008 Have you thought about upgrading your equipment to the newest industry standards but were afraid of the cost? Or perhaps you want to improve your office to make it more comfortable for your patients? Do you need to upgrade your reception area to make it more efficient for your administrative staff or look nicer for your patients? Rich or Wealthy I have often thought over the past couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is it? And how do we become wealthy? Secrets to a Successful Tax Return Having the right team of advisors is critical to achieving your financial goals faster than you ever thought possible. For most people, taxes are the SINGLE BIGGEST expense. This makes finding the right tax preparer for your team extremely important. Stock Options One strategy companies have used in recent years is to reward employees with options to purchase a certain amount of the company's stock for a fixed price after a defined period of time. The employee is not required to exercise the option. A stock option is a contract which allows the holder to purchase stock at a fixed price. Tax Law Changes That Impact Homeowners With foreclosure rates at an all time high, a new tax law was passed at the end of 2007 to help homeowners avoid unmanageable income tax debt due to income created from a foreclosure. The new law also covers mortgage renegotiations and other real estate related benefits. Tax Law Changes That Will Impact Your 2007 Tax Return Do you own real estate? At the very end of 2007, Congress passed a bill with several tax law changes impacting real estate. Expect some changes when you file your 2007 tax return! Here are a few highlights from the Small Business and Work Opportunity Act of 2007. Tax Returns - Should you E-File? Over the last few years, there have been several incentives, or even requirements, provided by the IRS and state governments to encourage tax filers to file their returns electronically. Statistics show the percentage of e-filers is on the rise. With tax return deadlines right around the corner, we want to share our thoughts on the questions we receive most often from clients about e-filing. The Biggest Mistake With C Corporations and How to Save Taxes Using the C Corporation Double Tax When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year. The Fast Track to Your Financial Freedom (Part 1) - Leveraging Your Money Say you deposit $1,000 into your bank. The bank will happily pay you interest on your deposit, and the longer you leave it there, the higher the interest rate the bank is willing to pay. Did you every wonder why? The bank is very happy to pay you 2% interest when they will lend out up to ten times the amount at, say 6%. So on your $1,000 deposit, they pay you $20 and they earn $600. Not a bad return, considering they are using YOUR MONEY!! The Three (3) Pillars of Financial Health This is all about the foundation of financial success: wealth strategy. My key purpose here is to draw a clear, unmistakable distinction between wealth strategy and what usually passes for "financial planning." Three (3) Things You Can Do To Be Prepared For An Audit The number of IRS audits increased in 2007. What is causing this increase and who is targeted? What can you do to be prepared? The number of IRS audits increased in 2007. Remember, the IRS can audit a return 3 years after it has been filed (and 6 years if the tax return filed was considerably incorrect). Top Ten Tax Deductions for Landlords No landlord would pay more than necessary for utilities or other operating expenses for a rental property. But, every year, millions of landlords pay more taxes on their rental income than they have to. Why? Because they fail to take advantage of all the tax deductions available for owners of rental property. Two (2) Ways to Take Your Rental Real Estate Losses Even if you have strong positive cash flow from your rental real estate, chances are you still have a loss for tax purposes due to the depreciation deduction. This is a great tax strategy because your positive cash flow is sheltered from tax. Using Cap Rates in Real Estate Investing If you are new to real estate, you are probably wondering about some of the terms you have heard at your real estate investment group or seen on the Internet. Understanding these terms is important to successful real estate investing. One of these terms is "Cap Rate." What constitutes as "Travel Away From Home"? When it comes to business travel, expenses, and deductions, I am frequently asked "What constitutes travel away from home and why is it important?" What Does it Mean to be a Real Estate Professional? Let's dispense with one myth: Real Estate Professional status does not mean you have to hold a real estate license. Rather, it is a designation you obtain by meeting certain specific requirements. What Story Do Your Financial Statements Tell about the Value of Your Business? Every company's financial statements tell a story about the value of the business. That's why the financial statements are the starting point in any appraisal of a business (commonly referred to as a business valuation). Who Wants to Take a Home Office Deduction? The home office deduction allows individuals to deduct expenses that are not otherwise deductible such as utilities and homeowners insurance. There are certain requirements you must meet to have a home office.

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