Everyone wonders how the rich avoid taxes. Is buying real estate the answer? To most Americans, it seems like there is some big loophole that only the mega-wealthy know about, leaving average workers strapped with a large tax bill. Are the ultra-wealthy cheating the tax code, or are they onto something that everyday Americans simply don’t know about? Tom Wheelwright, author of Tax-Free Wealth and Rich Dad’s (Robert Kiyosaki) CPA is here to tell you how to take advantage of these big tax deductions that mystify small-time investors.
If you’re already investing in real estate, you’ll know that the tax deductions can be plentiful. You get mortgage interest, depreciation, maintenance, and insurance write-offs. But, even bigger than those, are bonus depreciation and cost segregation, which aren’t complicated tax strategies and can help almost any investor reduce their tax bill significantly. So what can an average investor like you do to get started saving on taxes?
Tom walks through the 2022 tax deductions that are decreasing this year, which to take advantage of immediately, how to find the right CPA for you, and which write-offs you may be missing. These tips could reduce your taxes by a significant amount, freeing up much more of your capital for future real estate deals!
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Tax-Free Wealth: https://www.amazon.com/Tax-Free-Wealth-Massive-Permanently-Lowering-ebook/dp/B07J1WNBKT/ref=sr_1_1?crid=1LKSJX9026DZ&keywords=tax-free+wealth&qid=1656425961&s=books&sprefix=tax-free+wealthstripbooks82&sr=1-1
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02:38 Quick Tip
04:26 Buying vs. Renting a House
14:27 Working WITH The Tax Code
20:50 Playing a Much Bigger Game
26:19 Depreciation and Real Estate Tax Deductions
29:30 2022 Real Estate Tax Strategies
34:32 Bonus Depreciation Updates
45:06 How to Start Saving on Taxes
50:50 Grab Tom’s New Book!
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