This is the time of year when all Americans think about
their tax situation and what they might do differently to
reduce their heavy tax burden. There is a record of an
ancient civilization that was required to pay 50% of their
earnings to their captors. They considered themselves in
bondage. And yet, many Americans who earn over $100,000 per
year pay far more than that in federal and state income
tax, sales tax, social security tax, property tax and
excise taxes.
I'm not against paying taxes for necessary government
services. To the contrary. What I am opposed to is paying a
dime more than I have to. But MOST OF YOU are paying far
more than you have to. Why? In most cases, it's simply
because you are getting poor tax advice.
The reality is that the Internal Revenue Code is full of
opportunities to reduce your taxes. I have spent almost 30
years pouring through the Code and learning all of these
opportunities. And I am continually learning new ways to
reduce taxes. It's all a matter of understanding the law
and applying it the way Congress intended. That's right,
Congress intended to provide tax benefits to individuals
and companies who behave a certain way. Why? Simply because
Congress has long used the Internal Revenue Code as a way
to promote social, energy and economic policies.
But how do you know if your tax advisor is giving you the
best advice? Unless you are legally paying no taxes, you
really don't. The answer, quite frankly, is to have
another, experienced tax advisor review your tax returns
from prior years and your current tax situation. It may be
that when you were a simple wage earner that there were few
ways to reduce your taxes. But now you are in business or
you are investing in real estate. What's happened is that
YOU HAVE OUTGROWN YOUR TAX ADVISOR!
Before you commit to another advisor, have them review your
situation. Don't expect that they will give you free
advice. But find out if they think they can do something
different. Just the other day while reviewing a tax return
I found $60,000 of taxes that a prospective client was
paying that we could easily eliminate. What would you do if
I found $60,000 of ANNUAL tax savings for you? I hope you
would jump on this opportunity immediately.
Whatever you do, remember that "if you always do what you
have always done, you will always get what you have always
got!"
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Tom Wheelwright is not only the founder and CEO of
Provision, but he is the creative force behind Provision
Wealth Strategists. In addition to his management
responsibilities, Tom likes to coach clients on wealth,
business, and tax strategies. Along with his frequent
seminars on such strategies, Tom is an adjunct professor in
the Masters of Tax program at Arizona State University. For
more information, please visit
http://www.provisionwealth.com
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