271: Permanently Reduce Your Taxes with Tom Wheelwright
About this episode
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.
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