tag:,2008:/1 2008-10-03T14:33:33Z by Tom Wheelwright, Founder and CEO of ProVision Wealth Strategies Movable Type 3.33 tag:www.tomwheelwright.com,2008://1.106 2008-10-03T14:18:17Z 2008-10-03T14:33:33Z

The truth is that very few people will ever reach their financial dreams unless that have a wealth strategy and a proven system for building and implementing that strategy. My partner, Ann, and I have been using our system for over 6 years and it has proven to do three things: 1. Increase our returns on our investments by 2-3 times 2. Reduce our risk 3. Allow us to control our investments while spending very little time on them

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/wealthcd. The truth is that very few people will ever reach their financial dreams unless that have a wealth strategy and a proven system for building and implementing that strategy. My partner, Ann, and I have been using our system for over 6 years and it has proven to do three things: 1. Increase our returns on our investments by 2-3 times 2. Reduce our risk 3. Allow us to control our investments while spending very little time on them If you don't have a wealth strategy or you think your strategy could use some improvements, call us at 866.467.5809. Our mission is to bring financial freedom to the world. That's why I am traveling all over the world (Las Vegas today, Canada in two weeks and Australia in November). Remember that financial freedom is closer than you think! You just need a good strategy. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.104 2008-09-18T13:30:37Z 2008-09-18T13:49:18Z

The answer for all of these high-income, low-wealth people is the same. It takes knowledge to be financially free. That's why, at ProVision, we have created a brand new course to teach investors of all income levels how to create permanent wealth. I'm off to Minnesota today to introduce this product to a group of Internet marketers. You can get this education too, by enrolling in our School of Wealth Strategy, coming soon to our website at http://www.provisionwealth.com/products.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/products. Remember - Financial Freedom is Closer than you Think - but only if you have the knowledge to obtain it. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.103 2008-09-10T14:52:46Z 2008-09-10T15:23:15Z

Just as you cannot exercise enough to overcome poor eating habits, so you can never make enough money to overcome poor spending habits? Want proof?

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.102 2008-08-14T22:30:05Z 2008-08-14T22:46:00Z

How do you develop a Wealth Strategy and a Wealth Team? Let ProVision show you how. We are about to launch our School of Wealth Strategy. Each month, you will learn key concepts about wealth, including leverage, velocity, tax strategy, business, team building and systems. I have taught thousands of people how to do this and how to make more money with less risk than they can with the typical financial advisor.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com. Remember that Financial Freedom is Closer Than You Think. You just have to learn the rules. Warmest regards, Tom ]]> tag:www.tomwheelwright.com,2008://1.101 2008-08-06T13:13:49Z 2008-08-06T13:27:15Z

Second, let me be clear that when we offer tax advice, we are only offering tax advice and always recommend that our clients speak to their attorney for the legal aspects. And when you do tax planning, you have to think in terms of the Internal Revenue Code. Under the Internal Revenue Code, there is a C corporation and there is no such thing as an LLC. I understand that this can be confusing because income tax law is different from state statutes.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/wealthu and sign up to be a member of ProVision's Wealth Strategy U. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.100 2008-08-04T12:48:12Z 2008-08-04T12:57:32Z

One thing is for sure. No matter which candidate wins the election, tax planning is sure to be more important than ever. If McCain wins, planning under the current system will be critical to maximizing your after-tax dollars in a difficult economy. If Obama wins and succeeds in implementing his tax changes, even more planning will be required in order to offset his tax increases. Either way, a good Tax Strategy will make a huge difference in permanently reducing your income taxes.

Tom Wheelwright provisionwealth.com One of the central themes of the current presidential campaign that will gain even more notice as the compaign continues is taxes. The two candidates seem to have quite opposite viewpoints as to what should happen to the tax system. Currently, it appears that McCain is in favor of the status quo and perhaps even making the Bush tax cuts permanent while Obama wants to revert to the pre-Bush tax rates. At this point, I am not going to comment on the specific proposals of the two candidates. As the compaign goes on, however, be sure to pay close attention to what each candidate is saying about what they would like to see happen with the tax laws. As we have seen in the past, changes in the tax law can have both a significant impact on our personal tax situation as well as on the economy as a whole. One thing is for sure. No matter which candidate wins the election, tax planning is sure to be more important than ever. If McCain wins, planning under the current system will be critical to maximizing your after-tax dollars in a difficult economy. If Obama wins and succeeds in implementing his tax changes, even more planning will be required in order to offset his tax increases. Either way, a good Tax Strategy will make a huge difference in permanently reducing your income taxes. Be sure to contact one of our Tax Coaches/CPAs at 866.467.5809 to find out how you can permanently reduce your taxes under either candidate's proposals. Warmest regards, Tom tag:www.tomwheelwright.com,2008://1.99 2008-07-30T01:20:22Z 2008-07-30T01:36:55Z

really hope you take the opportunity to take a 2-week vacation soon. It's the best. If you are worried about the cost of such a vacation, check into our ProVision Strategic Wealth Coaching. Anyone can become financially free with the right education and the right coach.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com). I know, some of you are noting that I am writing this while I am on vacation. Yes, but not because I have to. Because I want to. I want to share this experience with you while it is fresh with me. Let me share a few of the relaxing activities of this past week. My partner and his wife joined my wife and me this year. (Think about the potential tax benefits from doing this!) Early on in the trip, we took a fishing boat out of Kona. About 20 minutes into the trip, I caught a 160-pound Marlin. We tagged it and released it as there was no way we were going to eat 160 pounds of fish over here. Later in the week, we did a couple of scuba dives. The last one we did was a night-time dive to watch the Manta Rays. This was truly an amazing experience, as four giant rays did what I can best describe as a ballet for us while we were sitting on the ocean floor about 30 feet under the water. If you ever get the chance to do this dive, don't pass it up. It is truly spectacular. Then the next day, we took a trip down to the southernmost part of the island to see the green sand beach. Yes, it is really green sand. Amazing! Today, I took a serious bike ride from Waikoloa to Waimea, something I have tried before but the wind knocked me off my bike. I fought my way through it this time and made it to the top (about 10 miles on a steep incline with serious wind). The reward at the top was my favorite Hawaiian diner, the Hawaiian Style Cafe, where I had a pancake as my reward (yes, just a single pancake and I didn't even finish it - their pancakes are 9" in diameter) before heading back down. This is the only ride I have ever done where the downhill portion was tougher than going uphill. The crosswinds twice blew my bike a foot sideways and I barely hung on until reaching the bottom. Hope I didn't bore you too much with my travelogue. And I really hope you take the opportunity to take a 2-week vacation soon. It's the best. If you are worried about the cost of such a vacation, check into our ProVision Strategic Wealth Coaching. Anyone can become financially free with the right education and the right coach. Well, that's all from Hawaii. I'll write again next week when I'm back in Phoenix. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.98 2008-07-29T01:00:41Z 2008-07-29T01:19:35Z

I realize you did not really ask the question of whether to invest through an IRA or 401(k) versus investing outside of an IRA/401(k) but I would be remiss in not mentioning that sometimes you just don't want either one.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/products. On the other hand, if you are doing option trading, an IRA or 401(k) can be great, so long as it is a Roth IRA or Roth 401(k). In this case a solo Roth 401(k) is probably better, since you may be able to contribute more than you could to your IRA. If you are investing in a business, normally you are better off investing outside of your IRA or 401(k). However, there are siutations where investing through your Roth IRA or Roth 401(k) can be hugely beneficial. If this is your situation, I strongly suggest you call our office at 866.467.5809 and schedule an appointment with us so we can discuss how to best help you. We have developed some unusual techniques for investing in business through an IRA or 401(k) that I have not seen elsewhere (I'm not talking just about using a C corp for this - there are even better ways for those of you reading this who are aware of the C corp IRA strategy). I realize you did not really ask the question of whether to invest through an IRA or 401(k) versus investing outside of an IRA/401(k) but I would be remiss in not mentioning that sometimes you just don't want either one. Thanks for sending such a great question. Glad you are thinking about maximizing your tax benefits. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.97 2008-07-04T16:53:51Z 2008-07-04T17:21:15Z

Whatever you do, take action now!!! The most important investment you will ever make is in your financial education. Financial Freedom comes to those who understand how to make money and give their wealth building a focused, sustained effort with a strong financial team.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/products. Whatever you do, take action now!!! The most important investment you will ever make is in your financial education. Financial Freedom comes to those who understand how to make money and give their wealth building a focused, sustained effort with a strong financial team. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.96 2008-06-18T13:49:23Z 2008-06-18T14:18:51Z

As a CPA and wealth strategist, I'm often asked by new business owners and investors about the best way to handle their bookkeeping. Should they do it themselves or hire a bookkeeper to handle it for them?

Tom Wheelwright provisionwealth.com http://www.ProVisionWealth.com/products. And don't be afraid to call our office at 866.467.5809 for help with your accounting set up. Whether you do your own bookkeeping or hire someone, be sure to learn the basics so you can know that you have accurate records. You need these records to be accurate so you can get good information from them for your investing and business needs, as well as for the IRS and the bank. Please let me know your bookkeeping experiences and whether you have had more success doing it yourself or outsourcing it. I would be very interested. Warmest regards, Tom ]]> tag:www.tomwheelwright.com,2008://1.95 2008-05-15T14:27:49Z 2008-05-27T21:40:14Z

Craig asks another question, this time about paying expenses out of a sister company or personal account. Q's about the do's and don'ts during business set-up of using personal credit cards-then writing a check from the business to pay us...

Tom Wheelwright provisionwealth.com Craig asks another question, this time about paying expenses out of a sister company or personal account. Q's about the do's and don'ts during business set-up of using personal credit cards-then writing a check from the business to pay us back. As long as we write a check from "personal acct" back to the business to cover the "non-business" expendatures is that OK? OK to use our airmiles, personal cc for business purchases and then reimburse ourselves with company check? What is the proper way to loan your new LLC/C-corp money from your personal accounts and then get reimbursed months down the road with interest? A: First, it's always okay to pay business expenses with a personal credit card and then get reimbursed later from the company. You should prepare an expense report just like you would if you were employed by an unrelated company like IBM. You do have to meet certain rules, as you must have an accountable plan. Talk to your ProVision Tax Coach about this. It's not okay, however, to pay personal expenses from your company account. The problem is that the IRS looks at this as an abuse and may argue that your company should not be respected as an independent entity. Instead, you should distribute funds to yourself, either as salary or a distribution, and then pay your expenses from your personal account. Remember, that you must always treat your company as a real business, not as a personal bank account. So pay your personal credit card from your personal account and seek reimbursement from the company, not the other way around. As for the loan to the company, I suggest you do a formal loan agreement between you and the company, specifying an appropriate interest rate and payments terms. The interest rate must be no less than the Applicable Federal Rate for that loan. Contact your ProVision Tax Coach at tc.tempe@provisionwealth.com for more information about the structuring of the loan and the interest rate for the loan. Warmest regards, Tom tag:www.tomwheelwright.com,2008://1.94 2008-05-14T13:58:27Z 2008-05-14T14:10:17Z

The issue here is that if you are an employee and you have unreimbursed expenses, such as automobile, travel, meals or other, they are only deductible as miscellaneous itemized deductions (MID) on your Schedule A. The problem with this is twofold. First, they are subject to a 2% floor, i.e., you only get to deduct MID to the extent they EXCEED 2% of your adjusted gross income (AGI). Second, they are not deductible at all for AMT purposes.

Tom Wheelwright provisionwealth.com Craig asks a very interesting question about his automobile expenses: Q: Presently I am taking the standard cents per mile deduction on my vehicle under my current occupation. Due to the AMT, my accountant tells me I net back only about 2% of ALL of my expenses. How can I use my C-corp or LLC more for these expenses. A: The issue here is that if you are an employee and you have unreimbursed expenses, such as automobile, travel, meals or other, they are only deductible as miscellaneous itemized deductions (MID) on your Schedule A. The problem with this is twofold. First, they are subject to a 2% floor, i.e., you only get to deduct MID to the extent they EXCEED 2% of your adjusted gross income (AGI). Second, they are not deductible at all for AMT purposes. The solution is to incur these expenses as a business, not as an employee. Let's say, for example, that you are in sales. Your company allows you to either be an employee or an independent contractor. As an employee, you lose the deductions. But as an independent contractor, all of a sudden these expenses become fully deductible, not subject to either the 2% or the AMT limitations. Of course, there are other issues with becoming an independent contractor that you need to consider, including loss of benefits and Social Security taxes. Just paying these expenses out of an LLC or corporation will not solve the problem, so long as you remain an employee. The reason is that they expenses relate to your employment and not to your LLC or corporation. You can only deduct expenses in your LLC or corporation that belong to that entity. Paying someone else's (in this case, your) expenses is not allowed as a deduction by the IRS. Contact your ProVision Tax Coach for tax strategies to take advantage of the independent contractor status. There are ways to minimize the Social Security taxes and even the loss of benefits. Warmest regards, Tom tag:www.tomwheelwright.com,2008://1.93 2008-05-08T12:24:00Z 2008-05-08T17:20:13Z

After reading the part "I find that those who have the most successful tax strategies are those who understand the basics thoroughly. And by that I mean they know enough to know when to ask questions and seek expert advice. " I agree totally.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/wealthu. For even more information about entity formation, you might want to try our recently released home study course entitled, "How to Create Your Own Tax Savings By Building the Perfect Tax Structure: 5 Strategies to Selecting Entities that Reduce Your Taxes." You can get this through our website at http://www.provisionwealth.com/products. Warmest regards, Tom]]> tag:www.tomwheelwright.com,2008://1.92 2008-05-07T12:03:41Z 2008-05-07T12:15:54Z

Could a person split their 1099 income between multiple companies to lower tax brackets? The answer very well could be "yes." If different companies perform different tasks for a client, then the client could pay each company for that service rendered. This could be especially beneficial if one of the companies were a "C" corporation.

Tom Wheelwright provisionwealth.com http://www.provisionwealth.com/wealthstrategies.asp for more information or see our wonderful Wealth Strategy home study course, Financial Freedom Now! at http://www.provisionwealth.com/products. The other possible answer to the question has a tax angle to it. Could a person split their 1099 income between multiple companies to lower tax brackets? The answer very well could be "yes." If different companies perform different tasks for a client, then the client could pay each company for that service rendered. This could be especially beneficial if one of the companies were a "C" corporation. C corporations have their own tax brackets and the first $50,000 is ordinarily taxed at a 15% tax rate. Look for more on this strategy when we release our home study course on using C corporations. It will be released in the next few months, so be sure to keep a look out for it. We recently included it with the package we released to the Rich Dad Forum participants and it was very well received. Remember that permanent tax savings, such as lowering tax brackets, are one of the key secrets to a successful tax strategy. Warmest regards, Tom ]]> tag:www.tomwheelwright.com,2008://1.91 2008-05-06T15:53:00Z 2008-05-07T12:02:28Z

Of course, wealth building is very similar to triathlon training. We have to set goals, be accountable, and continue to focus on what we are trying to accomplish. We also need a coach. You have heard me say it before, but I'm saying it again anyway. A wealth coach should help you with the mental aspects of wealth as well as giving you advice, providing accountability, and helping you set goals.

Tom Wheelwright provisionwealth.com http://myfootguy.com. These are amazing socks that provide tremendous ankle and foot support. My gimpy ankle was just fine after the 10k run. Amazing! The bad news is that my swim and bike were slow this time. I'm not sure why, but I am sure that I need to pick up my training and I need to get a coach. I believe a coach will not only help me set goals and be accountable, but will give me advice on how to better train and how to race better. I think I was a little worried that I might run out of gas on the run if I pushed the swim or the bike too hard. This goes to the mental part of racing. I simply don't know enough about my body and what to expect (how I should be feeling during each part of the race). A coach would be extremely helpful in this regard and I found one while mingling with the other triathletes in Rocky Point. Of course, wealth building is very similar to triathlon training. We have to set goals, be accountable, and continue to focus on what we are trying to accomplish. We also need a coach. You have heard me say it before, but I'm saying it again anyway. A wealth coach should help you with the mental aspects of wealth as well as giving you advice, providing accountability, and helping you set goals. I am pretty anxious to get started with my triathlon coach. I suggest you get started with your wealth coach. Find out more about wealth coaching on the ProVision website at http://www.provisionwealth.com/wealthstrategies.asp. Warmest regards, Tom]]>