134: Avoid Overpaying Your Taxes with Tom Wheelwright
Avoid Overpaying Your Taxes with Tom Wheelwright
Tom Wheelwright, Rich Dad Advisor and Founder of ProVision talks with Keith about classifying income property repairs vs. improvements. We discuss how 401(k)s are for people that care little about involvement in their financial future. Will taxes ever get simpler? Tom says no. Classifying repairs vs. improvements is a big deal. There’s a $2,500 threshold distinguishing the two categories. Want more wealth? Visit: 1) www.GetRichEducation.com to subscribe to our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities. Listen to this week’s show and learn:
03:40 Early civilizations collected taxes: Ancient Egypt, Imperial China, the U.S. vs. Britain.
07:22 Income tax hurts employees most, beginning in 1944.
09:03 Will taxes ever get simpler? No.
11:30 Classifying repairs vs. improvements. “The $2,500 Rule.”
23:53 401(k) participation. Why would educated people be interested in one?
30:10 401(k)s are Salary Reduction Plans.
32:22 Before-tax vs. after-tax rates of return.
34:06 How to find the right tax advisor.