#233: Tom Wheelwright: Turning Income Into Assets to Build Wealth

<p><strong>OVERVIEW:</strong></p> <p>Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, speaks with Tom Wheelwright, CPA, and CEO of "WealthAbility." Tom highlights how your business can be the best tax shelter. He discusses how you can save more money while increasing your gross income and he provides tax strategies for long-term tax reduction. </p> <p><br /> <strong>EPISODE HIGHLIGHTS:</strong></p> <ul> <li>Tom began his career with Ernst & Young, where he spent seven years. He went on to work for a Fortune 1000 company and has spent 25 years buying and selling CPA firms. </li> <li>Most recently, Tom has been touring with Robert Kiyosaki providing financial education. Together, they have 50 CPA firms worldwide. </li> <li>Tom left big company accounting because he wanted to work with entrepreneurs. </li> <li>When business owners work from home, they get a tax benefit. However, employees don’t so there’s massive inequality. </li> <li>You should consider starting a side hustle. It allows you to put extra money in your pocket and offers massive tax savings that can add up.</li> <li>One small business tax strategy is to have a home office. Rather than take a flat deduction, itemize.  Also, it’s better to claim % of rooms vs % of square footage.  </li> <li>If you set up a home office right, not only does it give you a deduction for a portion of the utilities, maintenance, and even the cost of the house, but it even gives you a bigger deduction for your car because it turns your commute into a business expense. </li> <li>Ultimately, you want to evolve into an LLC or S Corp for tax deductions. With an S Corp, only your wages are taxed, not the distribution. An S Corp can cut your taxes in half. </li> <li>Tom cautions against filing as a sole proprietor because it’s risky and costly to set up. In addition, 100% of your net income is subject to social security tax. </li> <li>Never plan to be small. Act like a big guy and get big guy benefits!  </li> <li>Busine