TEMPE, ARIZ. (MO.Properties) – In preparation of the upcoming Tax-Free Wealth and Asset Protection Workshop, May 14-16 via Zoom, Tom Wheelwright, Author, CPA and CEO of WealthAbility®, is revealing three steps to grow and protect your wealth.
“The more your income grows, the more tax you owe, and politicians, lawyers and creditors will try to take everything you have,” Wheelwright said. “A tax and asset protection strategy can be the difference between retiring with millions or losing everything, but it can be overwhelming trying to decide where to begin.”
Wheelwright’s steps include:
1. Reduce or eliminate specific types of tax liability
From maximizing your deductions to taking advantage of tax incentives, there are a variety of ways to legally reduce your taxes. What may come as a surprise to some is the easiest way to do so is to create a business. The government gives business owners tremendous tax breaks for money that you invest in your business for job creation, equipment expenses and more. Choosing the right legal entity for your business will open the door to significant tax savings and will set you up for success.
2.Virtually eliminate the risk of an IRS audit
Some believe that creating legal tax savings increases your risk of an audit, but that’s not the case. If done correctly, you can help reduce your audit risk. First, it’s important that you follow the tax rules. Much of the tax law is intended to reduce your taxes, not increase it. If you follow the rules, you’ll enjoy legal tax deductions and be well-prepared for an audit. Second, keep proper documentation. The better the documentation, the greater your tax savings and the more prepared you are for an audit.
3. Use tax savings and compounding interest to build long term wealth
What’s the best use of funds created by reducing your taxes? Rather than spending it on something frivolous, put your money to work to build long term wealth. When you use your tax savings to buy more assets, those assets, such as real estate, energy, agriculture or business, increase your wealth and your cash flow while reducing your taxes.
At the three-day Tax-Free Wealth and Asset Protection Workshop, ticket holders will learn how to implement these real-world strategies to protect and grow their wealth and more. Tickets are on sale now at wealthability.com/tap-event. Ticket are $997 and include access to the three-day Zoom seminar, a one-on-one consultation and the opportunity to bring one guest for free. Follow WealthyAbility® on social media @4wealthability on Facebook, @wealthability_now Instagram, and @wealthability on Twitter for event updates.
WealthAbility® is a leading financial education company created by CPA, CEO, Author and Speaker Tom Wheelwright to revolutionize the way entrepreneurs, investors and CPAs manage wealth, global change and their business. The overall goal is to help clients “Make Way More Money and Pay Way Less Taxes.” To better serve clients, WealthAbility® provides a new platform of educational tools and global network of CPAs trusted by over 244,123 entrepreneurs and investors to reduce taxes and create wealth. Through these tools, WealthAbility® helps clients reduce taxes by 10-40%, increase confidence in clients’ personal ability to create wealth, and achieve financial dreams – much faster. In addition, the WealthAbility® Network for accounting professionals is educating CPAs and other accounting professionals to better serve clients and run more successful businesses. https://wealthability.com/
About WealthAbility® Founder Tom Wheelwright
Tom Wheelwright is a CPA, CEO of WealthAbility®, Best-Selling Author of Tax-Free Wealth (Rich Dad Advisors Series), Speaker, Entrepreneur and Host of 2 popular podcasts: The WealthAbility™ Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show. Wheelwright is the CPA for Robert Kiyosaki (Rich Dad Poor Dad) and speaks around the world with Robert to thousands of entrepreneurs, business owners and investors. Wheelwright is a Contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX and Friends, Marketplace / NPR, ABC News Radio and many other media. https://wealthability.com/tom/