{"product_id":"tom-wheelwright-tax-free-wealth-9781947588059","title":"Tax-Free Wealth","description":"After 31 years... Major Tax Reform\n\u003cbr\u003e\n- and what it means to you\n\u003cbr\u003e\nTrue overhaul of the tax law only happens about once every 30 years. In the\n\u003cbr\u003e\npast 75 years, the U.S. tax law has only seen three major revisions; one in 1954,\n\u003cbr\u003e\nthe next in 1986 and most recently at the end of 2017. I have been fortunate as\n\u003cbr\u003e\na tax professional to be heavily involved in the last two reforms.\n\u003cbr\u003e\nIn 1986, I was a manager in the National Tax Department (NTD) of\n\u003cbr\u003e\nErnst \u0026amp; Whinney (now Ernst Young). My primary responsibility during my\n\u003cbr\u003e\nthree years there was to create, teach and administer tax courses to the Firm's\n\u003cbr\u003e\nU.S. tax professionals. Just as I arrived in the summer of 1985, I discovered\n\u003cbr\u003e\nthat much of NTD's resources were being devoted to following the tax reform\n\u003cbr\u003e\nbill that had been introduced that year.\n\u003cbr\u003e\nThis gave me, as a young tax professional, some amazing insight into the\n\u003cbr\u003e\nlegislative process as well as the horse trading for tax reform. President Reagan\n\u003cbr\u003e\nwanted two things; simplicity (the 1985 act was call the Tax Simplification\n\u003cbr\u003e\nAct of 1985) and he wanted it to be revenue neutral (no net increase to the\n\u003cbr\u003e\ndeficit). It took another year before bill was finally passed as the Tax Reform\n\u003cbr\u003e\nAct of 1986. (Simplicity took a back seat to other goals of the reform.)\n\u003cbr\u003e\nIn 1986 the big winners from tax reform were individuals, with significantly\n\u003cbr\u003e\nlower tax rates, insurance companies (who got by relatively unscathed)\n\u003cbr\u003e\nand businesses. The big loser was real estate investors (the passive loss rules\n\u003cbr\u003e\nwere used as a last-ditch effort to make a \"revenue-neutral\" bill. The result a\n\u003cbr\u003e\nfew years later was the Savings and Loan debacle accompanied by a massive\n\u003cbr\u003e\nreal estate depression and the government bailing out real estate through\n\u003cbr\u003e\nthe RTC (Resolution Trust Corporation).\n\u003cbr\u003e\nFast forward 31 years to 2017. President Trump had promised economic\n\u003cbr\u003e\nstimulus and had stumbled out of the blocks with the failure to repeal\n\u003cbr\u003e\nObamaCare. Everyone thought tax reform would take two years to complete\n\u003cbr\u003e\nlike it had in 1985-1986. Instead, the Republican-controlled Congress was\n\u003cbr\u003e\nable to use slick procedural rules to pass major tax reform in record time (less\n\u003cbr\u003e\nthan three months from start to finish).\n\u003cbr\u003e\nThe result was a bill the consequences of which and application of which\n\u003cbr\u003e\nare still largely unknown. Known are the clear winners and losers. Losers\n\u003cbr\u003e\ninclude employees with lost deductions for moving, investment expenses\n\u003cbr\u003e\nand reductions in home mortgage interest and state income tax deductions.\n\u003cbr\u003e\nWinners include big corporations, with a major tax reduction from 35% to\n\u003cbr\u003e\nbig corporations, with a major tax reduction from 35% to\n\u003cbr\u003e\n21%, small businesses, with a 20% net income deduction, and real estate, with\n\u003cbr\u003e\nmajor depreciation incentives and the 20% net income deduction given to\n\u003cbr\u003e\nother small businesses.\n\u003cbr\u003e\nThe key to remember is that very few people had the chance to influence\n\u003cbr\u003e\nthis legislation. Everyone has the same chance to take advantage of the windfalls\n\u003cbr\u003e\ngiven to the winners. Employees can choose to be independent contractors\n\u003cbr\u003e\nand receive the 20% small business deduction. Service professionals who were\n\u003cbr\u003e\nleft out of the 20% deduction can now become C corporations and reduce\n\u003cbr\u003e\ntheir tax rate to 21%. Investors who received tax benefits from the costs of\n\u003cbr\u003e\ninvesting in the stock market can either begin investing in real estate, with its\n\u003cbr\u003e\nmassive tax benefits, or invest through their Roth IRA or Roth 401(k) and\n\u003cbr\u003e\navoid tax altogether on the income and gains from their investments.\n\u003cbr\u003e\nTax-Free Wealth is about using the tax law the way it's meant to be used\n\u003cbr\u003e\n- as a series of incentives to do what the government wants you to do. This\n\u003cbr\u003e\nSecond Edition incorporates some ideas of how to use the new incentives. The\n\u003cbr\u003e\nreality is that the incentives don't really change that much. The government\n\u003cbr\u003e\nstill wants businesses to hire employees, so businesses receive tax benefits\n\u003cbr\u003e\nfor doing so. The government still wants investors to provide housing for\n\u003cbr\u003e\nrenters (even more so now), so real estate investors receive large tax breaks for\n\u003cbr\u003e\nfollowing through on the government's goals. Energy is still favored, both\n\u003cbr\u003e\ntraditional energy (oil \u0026amp; gas and coal) and renewable energy (wind, solar and\n\u003cbr\u003e\nhydroelectric).\n\u003cbr\u003e\nFor U.S. taxpayers, you will find helpful tips in this new edition to help\n\u003cbr\u003e\nyou apply the new tax incentives to your situation. As a bonus, I have included\n\u003cbr\u003e\ninformation and a link to a free eBook that you can download detailing the\n\u003cbr\u003e\nTop Ten Tax Benefits from the Trump Tax Reform. For you who live outside\n\u003cbr\u003e\nthe United States, and no matter what country you live in, this edition should\n\u003cbr\u003e\nhelp you look for ways to apply your government's incentives. You may even\n\u003cbr\u003e\ndecide that now is the time to do business in the United States as that country.\n\u003cbr\u003e\nis, to some degree, a tax haven.\n\u003cbr\u003e\nYou can take advantage of the tax incentives offered by your government\n\u003cbr\u003e\nonly if you understand how the tax law works. Every day, you have the\n\u003cbr\u003e\nopportunity to reduce your taxes. Once you have digested this book, take it\n\u003cbr\u003e\nto your tax advisor and have them read it (or better yet, buy them their own\n\u003cbr\u003e\ncopy). Then your tax advisor, who is responsible for understanding all of the\n\u003cbr\u003e\ntechnical details of the law, can help you apply them to your specific situation.\n\u003cbr\u003e\nEnjoy this book and let me know what you think. You can always reach\n\u003cbr\u003e\nme at team@wealthability.com. Here is to your Tax-Free Wealth.","brand":"Success DNA","offers":[{"title":"Used - good","offer_id":53245058253142,"sku":null,"price":0.0,"currency_code":"EUR","in_stock":false},{"title":"Used - very good","offer_id":53355155554646,"sku":"9781947588059-V","price":13.49,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0925\/5829\/5382\/files\/product_image_9781947588059_1_f6dabf4f-21c9-48c3-a1b9-89f71ab6abb8.jpg?v=1777938955","url":"https:\/\/www.momoxbooks.com\/products\/tom-wheelwright-tax-free-wealth-9781947588059","provider":"momoxbooks","version":"1.0","type":"link"}