Tom Wheelwright

Finding the Right Tax Advisor

One of the most important steps you can take in your tax and wealth strategy is to find the right tax advisor. Here are a few key qualities to look for in a tax advisor: #1 Your Tax Advisor Should Ask You Questions (Lots of them) If you have t... Read >

Using Your Retirement Plan in Your Wealth Strategy

One of the most popular questions I receive about a wealth strategy is this: I want to use the money in my retirement plan for a specific investment. Should I make the investment inside my retirement plan or should I distribute the money from my retir... Read >

Making Your Tax Savings a Reality

Last week I shared a few tips about forming your tax strategy. A tax strategy is a step-by-step action plan that ensures you are paying the least amount of tax allowable by law, regardless of your business or investment situation. A tax strategy i... Read >

Year-End Checklist for Rental Real Estate

Real estate is one of my absolute favorite areas in the tax law because there is so much flexibility in how to do things to legally maximize the tax benefits available. Real estate is also one of the most complex areas of the tax law. This makes it ea... Read >

Maximize Your Results by Making Your Wealth Strategy Your Own

I love when someone asks me, "I've been learning about investing in XYZ. How do I know if that is right for me?" It means they are thinking about their wealth strategy. All too often I see people jumping into investments without a wealth strategy in pl... Read >

Leverage Your Resources to Protect Your Business and Your Wealth

Small Businesses and Investors are at High Risk for Negative Actions "Negative actions" include both intentional actions and unintentional actions. Intentional negative actions include embezzlement, fraud, stealing, etc. Unintentional negative actions inc... Read >

3 Forms of Leverage for a Wealth Strategy

I'm constantly asked how to use leverage in different ways in a wealth strategy - and I'm glad people are asking because leverage plays a huge role in every successful wealth strategy. Leverage is simply doing more with less. Here are 3 of my favo... Read >

3 Tips On How To Take a Strategic Approach To Tax Returns

Tax returns, in my opinion, are never given enough credit. Most people dread having to deal with them. And, they are often viewed as a commodity - by taxpayers and tax preparers alike. I see tax returns as a tremendous tool in a tax strategy because t... Read >

3 Inside Secrets of Failed Tax Strategies

I have seen the inner workings of hundreds, if not thousands, of tax strategies. In the tax strategies that I see fail, there are 3 common causes. #1 Delay in Getting Started Most tax strategies fail because they are delayed in getting started - wh... Read >

How to Handle Personal Funds Used for Your Business

I recently had a Wealth Strategy U participant ask me a very important question that impacts all those who have ever formed an entity. How do you handle the expenses you incur as you are forming the entity? One of the great benefits of having an ent... Read >

Your Checklist for Loans between You and Your Entity

On just about every set of books I see for an entity, regardless of the type of entity or the type of business, there is a loan to or from the entity's owner. During the early years of an entity, it's common to see loans from the owner to the entity -... Read >

Two Overlooked Issues with Real Estate in an IRA (Individual Retirement Account)

I've recently been sharing steps to consider before investing in real estate in your IRA. There are layers and layers of complexity when it comes to this topic. Right now, I'm going to wrap it up with two commonly overlooked issues when it comes to re... Read >

5 Point Mid-Year Tax Planning Check

It's not quite mid-year yet, but it is almost too late for some tax planning for this year. Here's a checklist to help make sure you are on track for your tax planning this year. Point #1 Do you need to add an entity or change how an entity is t... Read >

Getting Better Information from Your Basic Reports

A tremendous way to use leverage in a wealth strategy is with reporting. As I've shared before, reporting is often underutilized in a wealth strategy because it is perceived as too complicated or too confusing. The Balance Sheet and Profit & Loss ... Read >

2 Key Steps to Take Before Investing in Real Estate in Your IRA

To put it simply - there is a lot of confusion in this area. This week, I'll share 2 Key Steps to Take Before Investing in Real Estate in Your IRA. While I'm focusing on the U.S. tax law here, the approach can be applied to retirement plans in oth... Read >