Maximizing Your Refund: Insider Tactics To Save When Filing Your Taxes | Tom Wheelwright

Join Andrew Brill and tax expert Tom Wheelwright for a conversation that will transform your view on taxes. As Tax Day approaches, discover innovative strategies to not just survive but thrive by turning obligations into opportunities.
Tom unveils the hidden incentives within tax laws, offering a blueprint to minimize your burden while maximizing wealth. Whether it's reshaping how you invest or understanding the power of deductions, this episode is your guide to navigating the tax season with confidence.
Dive into a conversation that demystifies tax laws and arms you with knowledge to safeguard and grow your wealth. Don't miss out on these expert insights - your wallet will thank you!
Timestamps:
0:00 - Introduction
1:09 - The Simplicity of Taxes
2:19 - Changing Your Tax Mindset
3:23 - The Tax Law as a Wealth Guide
5:17 - Practical Examples of Reducing Taxes
10:42 - Benefits of Being a Business Owner
14:17 - Understanding Deductions
20:03 - Strategies for Mortgages and Real Estate
22:41 - Finding a Competent Tax Advisor
27:16 - Navigating IRS Audits
30:26 - Life Events and Tax Planning
32:31 - Investing in Your Future
35:05 - Health Savings and Spending Accounts
36:45 - Where to Invest for Tax Benefits
43:25 - Estate Planning Insights
46:36 - Exploring Energy and Agriculture Investments
#taxes #wealthbuilding #podcast #taxday #irs
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[@donaldf.switlick3690]

Is it legal for two people to buy two homes and rent from each other???

[@Wealthion]

Hmmm, that is a great question. I'll have to reach out to Tom to get an answer on that.

[@DYI]

He was doing really well, but did get mixed up when he started taking about Health Savings Accounts. They differ from Flexible Spending accounts because the money rolls over from year to year. HSA is the best tax deduction because you never get taxed on your money (Roth IRA is taxed up front and normal IRA is taxed when you tax money out- HSA is never taxed)

[@Wealthion]

Thank you so much for watching. You are absolutely correct. It may have been better to ask those questions separately so as not to confuse the two. Thank you for clarifying. All your points are correct. Hope you enjoyed.

[@DYI]

@@Wealthion I wish they were offered in my younger years. They only came out after I was older, but I did max them out every year and never took any money out for medical expenses so it has been compounding 100% in stocks and doing well. My advice to younger people is to max them out for your first 10 years and watch it grow for 40 years. You will appreciate the advice when you are older and have medical expenses.

[@granjaindica4175]

What happened to the agriculture info? WTF

[@TaggeMD]

Death and Taxes. Or not

[@jackw5533]

Crazy people.