#294: Turning Income Into Assets to Build Wealth with Tom Wheelwright (Rebroadcast)

<p>“Employees pay the highest percentage of taxes. Big business and investors pay the least.”</p> <p>– Robert Kiyosaki</p> <p> </p> <p>In today’s rebroadcast episode, Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, sits down with Tom Wheelwright, CPA, and CEO of "WealthAbility." Tom highlights how your business can be the best tax shelter. We also learn how to save more money while increasing your gross income, as well as tax strategies for long-term tax reduction. Tune in to learn more from Robert Kiyosaki’s Tax Advisor himself!</p> <p> </p> <p><strong>3 KEY POINTS:</strong></p> <ol> <li>The government wants and supports business owners for the sake of the economy.</li> <li>One beginner mistake is handling taxes yourself without having a financial partner.</li> <li>Instead of asking if it’s deductible, the better question is “How do I make it deductible?”</li> </ol> <p> </p> <p><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>Tom was handpicked by Robert Kiyosaki to be one of his Rich Dad advisors. He serves as Robert's tax advisor as well.</li> <li>He's authored two chapters in “The Book of Real Estate” by Robert and contributed to four other books.</li> <li>Most recently, Tom has been touring with Robert 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 % o