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Tom Wheelwright's Articles

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  • 3 Reasons Why You Need to Know the Basics of Bookkeeping
    One area that almost all of my clients and prospects need to increase their knowledge on is bookkeeping. The issue? They don't understand the rules of bookkeeping. After all, they aren't accountants.
  • Rich vs. Wealthy: The BIG Difference
    Is There a Difference Between Being Rich and Being Wealthy? I have often thought over the past couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is it? And how do we become wealthy?
  • True or False: High Income = High Wealth
    Do you think making more money means having more wealth? Many people do because it seems logical that high income would translate to high wealth. This is not true!
  • The Tax Return Trap
    Today my team and I are wrapping up the month of October with our annual Halloween office party. It's a nice way to end the month, which is always one of the busiest months at the ProVision office. One of the reasons October is always a busy month is because of the October 15th tax deadline. It's one of the biggest deadlines because for many, it is the absolute last date to timely file many types of returns.
  • The BIG Passive Income Mistake!
    I've been speaking at several seminars this fall. My topic of choice is wealth strategies because wealth strategies cover it all - not just wealth, but taxes and business too. Plus, the topic of wealth strategies takes me all over the world to speak because wealth strategies cross over international borders.
  • The Financial Markets Rescue Bill and How it Impacts Your Taxes
    Earlier this month, the President signed into law the Emergency Economic Stabilization Act of 2008. The financial markets rescue plan is one of the main components of the new law, but the new law also includes over 100 tax provisions!
  • Where Is Your Wealth?
    Whenever someone asks me what to do to build permanent wealth, I answer that question with a question: Where is your wealth? Where is your wealth today and where is your wealth going?
  • The Biggest Mistake With C Corporations and How to Save Taxes Using the C Corporation Double Tax
    When used correctly, C Corporations are a great way to supercharge a tax strategy. I find that when my clients make the most of their C Corporations, they reduce their taxes by a minimum of $10,000 every year.
  • New Tax Legislation Could Save Dentists $$Thousands$$ in 2008
    Have you thought about upgrading your equipment to the newest industry standards but were afraid of the cost? Or perhaps you want to improve your office to make it more comfortable for your patients? Do you need to upgrade your reception area to make it more efficient for your administrative staff or look nicer for your patients?
  • 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!
  • 3 Rules to Simplify Your Recordkeeping for Business Travel
    Summer is here and for many of us that means summer business trips. I love traveling for business. But, my least favorite part about business trips is keeping track of all of my receipts.
  • 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.
  • What constitutes as "Travel Away From Home"?
    When it comes to business travel, expenses, and deductions, I am frequently asked "What constitutes travel away from home and why is it important?"
  • 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."
  • 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).
  • Is The IRS Sending You a Rebate Check? Find Out If You Are Eligible
    ARE YOU GETTING A REBATE CHECK? There are two groups eligible to receive rebates. You can only be in one group so if you qualify for both group, be sure to pick the group that results in the highest rebate amount. Group 1: Those who paid taxes in 2007. Group 2: Seniors, disabled veterans and widows of veterans.
  • How the New Tax Law Can Help Your Business: Two Tax Breaks for Businesses
    Congress recently passed the Economic Stimulus Act of 2008. It's designed to inject $152 billion into the U.S economy. As a business owner, what does this mean to you?
  • The Magic of Depreciation
    If you ever mailed an envelope containing a monthly payment to a landlord, you qualify as a rent payer. What you might not realize is that the owner of that real estate is getting lots of deductions for expenses related to owning property.
  • Tax Law Changes That Will Impact Your 2007 Tax Return
    Do you own real estate? At the very end of 2007, Congress passed a bill with several tax law changes impacting real estate. Expect some changes when you file your 2007 tax return! Here are a few highlights from the Small Business and Work Opportunity Act of 2007.
  • Landlords: Looking for the Top Ten Tax Deductions?
    No landlord would pay more than necessary for utilities or other operating expenses for a rental property. But, every year, millions of landlords pay more taxes on their rental income than they have to. Why? Because they fail to take advantage of all the tax deductions available for owners of rental property.
  • Tax Law Changes That Impact Homeowners
    With foreclosure rates at an all time high, a new tax law was passed at the end of 2007 to help homeowners avoid unmanageable income tax debt due to income created from a foreclosure. The new law also covers mortgage renegotiations and other real estate related benefits.
  • Building your Wealth Team
    the three most expensive words in the English language are, "do it yourself." When we try to do things all by ourselves, we are ignoring the fact that we all have only 24 hours in the day. By building a wealth team, we are leveraging those hours into hundreds or even thousands of hours each day.
  • The Fast Track to Your Financial Freedom (Part 2) - Adding Velocity to Your Investments
    This whole idea of LEVERAGE is great and earning $81,000 on a $20,000 investment over seven years would be terrific. The problem with this is "IT'S STILL TOO SLOW." We can still do much better. Besides leverage, we need to add the principle of VELOCITY. Here's how it works:
  • The Fast Track to Your Financial Freedom (Part 1) - Leveraging Your Money
    Say you deposit $1,000 into your bank. The bank will happily pay you interest on your deposit, and the longer you leave it there, the higher the interest rate the bank is willing to pay. Did you every wonder why? The bank is very happy to pay you 2% interest when they will lend out up to ten times the amount at, say 6%. So on your $1,000 deposit, they pay you $20 and they earn $600. Not a bad return, considering they are using YOUR MONEY!!
  • Investing in the Lottery over Mutual Funds???
    Even though I am not an investment advisor and never hold myself out as one, clients continue to ask me what to do to prepare for retirement. Should I max out my 401(k) contribution? Should I do an IRA? Should I put more in my profit sharing plan or pension plan? My response - putting your money into the lottery may be a better investment.
  • SEP's, IRA's, 401(k)'s and RRSP's
    My gripe with SEP's, IRA's, 401(k)'s and RRSP's is that the financial institutions and the government push them so hard that people think they are the ONLY alternative. There are many other ways to save taxes that are much better for many people.
  • Are All Tax Returns Created Equally?
    As we approach Tax Season, I wonder how many people understand the potentially vast differences in the quality of tax return preparation? Are tax returns really the commodity that they seem to be? Is a tax return prepared by the tax service in the mall of the same quality as that prepared by a major CPA firm? What does it mean to have a "quality" tax return? In fact, can a tax return be prepared in such a way as to reduce income taxes?
  • Wealthy or Rich
    I have often thought over the past couple of years about the difference between being rich and being wealthy. Is there a difference? If so, what is it? And how do we become wealthy?
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