271: Permanently Reduce Your Taxes with Tom Wheelwright

Your biggest expense in life is taxes – income tax, sales tax, property tax, capital gains tax, inheritance tax.

Taxation is not adjusted for inflation. I explain.

Wealthability’s Tom Wheelwright joins us about how to optimize Trump’s 2017 Tax Cuts And Jobs Act to your advantage.

A tax deduction is the amount by which your taxable income is reduced.

Income tax is on net income.

Sales tax is on gross income.

The $10,000 SALT deduction limit mainly hurts coastal residents.

Bonus depreciation substantially aids real estate investors – new and used property, and residential and commercial.

Learn how the 20% pass-through deduction benefits you.

Why you never own real estate in a “C” Corporation.

Learn about Section 179 tax advantages.

Opportunity Zones benefit those that invest in the renovation of distressed assets.  

I bring you today’s show from Anchorage, AK.