As a parent, I’m always looking for ways to help increase my children’s financial education. As a tax advisor, I’m always looking for ways to reduce taxes. As a result, I have lots of ideas about how to involve children in a …
It’s a new year time to get serious, I want to share a few tips about successfully building permanent wealth. Tip #1: Wealth building is a choice Life gets busy and distractions are waiting for us everywhere to take us away from …
Most people are taught to turn their finances over to a financial advisor. And, they are usually taught that taxes are too difficult so they need to hand them over to a tax advisor. The problem with this is that many people …
Whenever someone asks me what they need to do to build permanent wealth, I ask them where their wealth is today. The answers I get range from “I have no idea” to “Probably somewhere around $X.” I have never had some one …
The Limited Liability Company (LLC) is a terrific tax entity because of its flexibility, specifically being able to choose how it is taxed. An LLC can be taxed in many different ways An LLC is not a tax entity, it is a …
Habit #1: View every day as an opportunity to reduce your taxes When you are making money, there is an opportunity to reduce your taxes. When you are spending money, there is an opportunity to reduce your taxes. When you have a …
What is the cap rate? The cap (Capitalization) rate is the rate of return provided, prior to financing, by the cash flow of an investment property. The equation to determine the cap rate of a property looks like this: Cap Rate = …
By: Tom Wheelwright Who is the best person to build your wealth? It’s you. Of course, your wealth team plays an important role, but you are the best person to build your wealth. You are the one who is best able to …
By: Tom Wheelwright What is your tax rate? Some people may be able to answer this off the top of their head. When they do, they are probably thinking about their personal effective tax rate – which is their average tax rate. …
How to avoid taxable events when considering policy changes with your life insurance.