cover image for Tax Free Wealth

Tax Free Wealth

Tom Wheelwright

6/10
A bit thick but good and important ideas. Also the meta idea that american tax code is made to encourage businesses to exist here and thats why we've stayed such a power hosue of economics.
  • Mainly, businesses & investors get some awesome write offs & the best tax rates, houses are good for amortization and decpreciation (so know and use both),
  • choose a good CPA who knows thing and will actively help you reduce taxes rather than being afraid of an auditor.
  • Also make a trust and give some owner ship to children to avoid inheritance taxes.
  • Own and spread out businesses to reduce taxes/backet.
  • Don't just look at income tax but also sales, property and excise.
  • 401k income derived isn't taxed under capital gains but normal income rules so if you plan on retiring with a higher income it might not be better to use a IRA. (ROTH is still awesome, until you don't qualify because your income is to high :/)
;