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Tom Wheelwright's Articles in Finance

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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.
  • 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!
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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."
  • 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.
  • 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?
  • 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).
  • 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).
  • 13 Tips to Finding the Right Tax Preparer for Your Team
    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.

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