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Tax-Free Wealth is about tax planning concepts. It’s about how to use your country’s tax laws to your benefit. In this book, Tom Wheelwright will tell you how the tax laws work. And how they are designed to reduce your taxes, not to increase your taxes. Once you understand this basic principle, you no longer need to be afraid of the tax laws. They are there to help you and your businessnot to hinder you.
Once you understand the basic principles of tax reduction, you can begin, immediately, reducing your taxes. Eventually, you may even be able to legally eliminate your income taxes and drastically reduce your other taxes. Once you do that, you can live a life of Tax-Free Wealth.
- Sales Rank: #36115 in eBooks
- Published on: 2013-02-28
- Released on: 2013-02-28
- Format: Kindle eBook
About the Author
Tom Wheelwright, CPA, is the creative force behind ProVision, a strategic CPA firm, and one of Robert Kiyosaki's team of Rich Dad Advisors. For more than 30 years, Tom has devised innovative tax, business, and wealth strategies for sophisticated investors and business owners in the manufacturing, real estate and high tech fields.
Tom's background includes a variety of professional experience ranging from Big 4 accounting, where he managed the professional training for thousands of CPAs at Ernst & Young's National Tax Department, to in-house tax advisor for a Fortune 1000 company.
ABOUT RICH DAD ADVISORS
The Rich Dad Advisor series is the comprehensive, 'how-to' companion series to Robert Kiyosaki's international blockbuster Rich Dad Poor Dad which is recognized as the #1 Personal Finance book of all time. The Rich Dad Advisor series, which has sold over 2 million copies globally, are timely and accessible books written by legal, tax and business experts selected by Kiyosaki as his Advisors.
Most helpful customer reviews
128 of 136 people found the following review helpful.
Some great concepts, but perhaps pushing the boundaries a bit
By Barb
Light bulb moment: Wheelwright's stress on the concept that the bulk of the tax code is there to provide incentives for doing one thing or another, and that you can be a lot wealthier by choosing to actively participate in ways the tax system rewards. I really hadn't thought about it in that particular way, but he's spot on. His corollary -- finding a tax accountant who can prospectively guide you into thinking through ideas in this tax-efficient way is also a really good one. I've spent a lot of time learning about my taxes, but this new vantage point has given me a lot of really good ideas that I'll be working on over the next few years, and that will certainly influence some restructuring of my business. (The concept of having one type of entity -- like an S corp -- being a member of another -- like an LLC -- in order to put activities and expenditures in the most helpful place was really illuminating.)
However, the continued statements that anything can be deducted if you just handle it the right way are disingenuous, and some people may try to stretch and get into completely indefensible situations based on his broad and often repeated statement. Everything is not potentially deductible. It is also a very padded book, with the author stretching to increase the word count to make it "book length".
Still it is a helpful book if the ideas are taken with a grain of salt, and it has really helped me think about taxes in a different way.
32 of 33 people found the following review helpful.
The Good, The Bad, and The ehh...
By syberlane
For what it's worth, the book is a good value for the money and here I'll attempt to present my honest overview of what it is, what you can expect, and what not to expect.
The book is written in plain English and attempts to explain in a straightforward way how taxes work and how as an investor you can benefit from the tax code, and what to be careful with. He does this by giving a few examples along the way that illustrate his point. To that I will add that some of his advice is overly vague filled with very general rules that the average person may find themselves scratching their heads, thinking, would that even apply to me, or, what the ____? I say this because the tax code is 10s of thousand of pages long and there is no way that a non technical book with about 250 pages is going to even scratch the surface of the behemoth that we have all come to love and embrace.
What you should not expect from this book is a silver bullet that starting next year you tax liability is going to drop by 50%. You can think of it as something like a financial crystal ball that gives you a handful of clues with little glimpses into the future but never giving you a solid answer. With the exception of a few things like cost segregation and accelerated methods of depreciation the rest of the strategies are going to require homework, research, and the help of a good accountant who is willing to work with you for a reasonable price and be knowledgeable in your industry. Remember, not all accountants are created equal and most of the states with the exception of a few have multiple levels of taxation that are not bound by federal law.
Overall the price to value ratio is pretty good regardless of your income tax IQ, even if you get nothing new of value it's an entertaining read. The shortcoming is actually part of it's strength, ease of use. But, by making the book simple, they also sacrificed substance and made a good portion of it vague with for example, he writes I believe 5 short paragraphs amounting to about 1 page on agricultural tax credits. Preceded by 1 paragraph dealing with mining and another about renewable energy which basically tell you nothing.
39 of 48 people found the following review helpful.
Finally, the "Rich Dad" Principles Are Clear
By Andrew Stock
If you are a fan (or student) of the "Rich Dad, Poor Dad" series, and understand those basic principles, but may feel as if you are still missing a piece of the puzzle toward building wealth----then you must read this book. This book will fill that void.
This book ties all the Rich Dad principles together and demonstrates how and why they work to build vast wealth over a lifetime---and beyond---for generations to come. I truly understand now why the old adage of "the rich just keep getting richer" is so true: the tax code.
However, be warned that this book may seem somewhat controversial to some due to its right-wing political overtones. I can see how those from the left may get offended by what this book teaches: using the tax code to pay very little tax; or legally paying no taxes while having other people pay them for you.
This book may also be offensive to some who may experience an "Ah-ha!" moment when they realize how their own political leaders use the tax code to become very, very wealthy. Meanwhile those leaders hypocritically campaign that they are "working for the little guy" while surreptitiously robbing their own constituency though the legal use of the tax code. This reality is rife with irony.
I don't think Wheelwright had the intention for this book to be confrontational. However, the truth hurts, and this book demonstrates the truth of why "the rich" get rich----and stay rich.
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