Creating Permanent Tax Savings
By: Tom Wheelwright
Temporary Tax Savings These are the type of tax savings where you save taxes today but must pay them later. In other words, the tax is being deferred. Temporary savings can be helpful in a tax strategy, but even better is….
Permanent Tax Savings These are my favorite type because they eliminate tax!
So how do you create permanent tax savings? Let me first start with a question:
Did You Consider…? Think about the next trip you are taking. Did you consider if it could be a tax deduction?
A. Yes B. No, but I’ve always wondered about this C. No, my tax advisor tells me this is not possible
What Does Your Answer Say About Your Tax Strategy Creating Permanent Tax Savings?
Answer A Congratulations! Your tax strategy is successful regarding travel deductions. Even if it ends up not being deductible, at least you knew to ask the question.
Answer B You are thinking about it and ready to do something different.
Answer C You could be missing out on significant tax deductions resulting in paying too much tax!
Creating Permanent Tax Savings When you are able to turn your current non-deductible expenses into deductible expenses! The secret is knowing to ask the question and knowing what makes a particular expense deductible.
Every dollar you spend is certainly not going to be deductible, but it’s always shocking how many people don’t consider the possibility that an expense may be deductible.
The most successful tax strategies include the possibility that any expense may be deductible. It’s simply a matter of determining how it can be deducted and if that fits with the strategy.
Think about all the different expenses you have when you travel:
Airfare Cabs Hotels Tips Parking Rental cars Meals
The list can go on and on and we all know it adds up. This is why it is so important to look at ALL of your expenses!
Want to Know Even More Ways to Create Permanent Tax Savings? I’m so excited to share this information! I’ve launched my new 5-week teleseminar course. It starts June 9th and I spend the second week on creating permanent tax savings
Behind Every Secret Remember, behind every one of my secrets is knowledge – the type of knowledge that makes you aware of what creates massive tax savings so you begin to see your daily routine a little differently…like how to turn your non-deductible expenses into permanent tax savings!
About the Author:
Tom is the creative force behind ProVision Wealth Strategists. For more than 25 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 has a wide variety of professional experience, ranging from Big 4 accounting, where he managed the professional training for thousands of CPA’s in the national office to in-house tax advisor for a Fortune 1000 company. Tom is a published author on partnership and corporation tax strategies and his ideas have been featured in two books in the Rich Dad Poor Dad™ series. In addition to his frequent lectures on wealth and tax strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. The founder of ProVision, Tom is responsible for innovating new consulting services for ProVision’s premium clientele and for marketing ProVision services worldwide. In addition to his management responsibilities, Tom still likes to coach select clients on their wealth, business and tax strategies. Tom has his master’s degree in taxation from the University of Texas at Austin and his Bachelor of Arts degree from the University of Utah.
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