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TOM WHEELWRIGHT Whether taxes make you rich or make you poor is completely within your control.

Every transaction you do can have an impact on your taxes. So, it’s important to think about your daily transactions in a way that gets you to your goal of permanently reducing your taxes.

Most people are all for permanently reducing their taxes – of course!

What is typically missing in their quest to do that is the strategy piece. And it’s the strategy piece that produces the maximum results. The strategy piece helps focus our actions and thoughts every single day on permanently reducing taxes.

You have the power to significantly influence how taxes will impact your wealth – and the tool to help you do this is a tax strategy.

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What is a tax strategy?

First, let’s start with what a tax strategy is NOT. A tax strategy is NOT about loopholes. Loopholes are unintended consequences of laws that were enacted. A tax strategy is about the consequences that lawmakers intended.

A tax strategy is a systematic plan of action to help you take advantage of these intended tax benefits.

Remember, the tax laws of all countries are written to encourage certain activities that benefit the economy and promote social policy. It’s our job to understand and take advantage of the tax laws as they are written. Put your time and talents into activities that produce jobs, housing, and grow the economy, and you get tax benefits.

It doesn’t have to take hours every day to get maximum results from your tax strategy. Instead, your strategy becomes a part of your daily routine.

When do you need a tax strategy?

If you are an investor or if you own a business, then you absolutely need a tax strategy now. The tax law is designed to benefit investors and business owners. A tax strategy is designed so you know exactly what you need to do to maximize these benefits.

Many of you are thinking about starting a particular investment strategy or a business and you just aren’t sure if you should do your tax strategy before or after you start your investing or business.

I always recommend getting your tax strategy done before you start your investing or business because then the foundation can be in place and ready for your new venture. Plus, in most cases, it is possible to keep the foundation flexible enough so if your venture takes you in a different direction, your tax strategy can adapt to these changes.

Best of all, by doing your tax strategy before, you can get a jump start on the rules you need to know as an investor or business owner to legally maximize your tax savings. This is one area that most people neglect to focus on early, and by the time they do focus on it, it is a huge project that requires a ton of catch up. In fact, most people in this situation never get caught up. As a result, they aren’t able to maximize their tax savings.

Remember: Whether taxes make you rich or make you poor is completely within your control.

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Tom Wheelwright, CPA
WealthAbility™ does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.

 

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