Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes Kindle Edition

According to this book, the only way to save money on your taxes is by starting a business, becoming a landlord, or investing in high risk commodity based things like oil wells, farms, and wind mills. You’re out of luck if you are a W2 based wage earner, just pay your taxes and enjoy being broke.This book is full of ridiculous ideas but, here are few of the more nonsensical tax saving strategies: Start a business and hire your kids. Start a business and make your kids partners. Trade stocks and options in your IRA.The list goes on and on. And the tax savings examples are just as ridiculous...one example uses a wage earner in the 40% tax bracket...really? The tax system is tiered and the highest tier is 37%. In fact , the entire book is chock full of over simplified examples showing how financially awesome it isto be an entrepreneur or landlord. I guess if you hate your job and are ready for a change, this book can certainly give you hope that one day, if you can be successful at some form of entrepreneurship, high risk investing, or being a landlord, you may be able to save money on your taxes. For the rest of us, we’re stuck.

Agree with other reviewers who say this book is half filler and half borderline unethical advice like hire your kids as business partners so you can be taxed at their income rate. At any rate, even if one wanted to partake in some of these questionable “tips” one would need to consult one’s “team of tax advisors and lawyer”...like....who has that kind of money? Oh, people who already have massive wealth. And also, this writer admits he bought he first business with a loan from his parents (and other acquaintances) so its not exactly a book to teach middle class people how to be more financially stable. I make a decent income and there was really nothing in here of value to me. Unless I wanna buy a house in Hawaii and rent it out so I can write off family trips to Hawaii as a business expense...yeah...that’s the kind of advice we’re talking about here. Oh, and how to make all of your lunches “business expenses” and eat for free.

In this book, Tom Wheelwright describes how paying high taxes can hinder an individual's ability to achieve financial freedom as well as their other goals in life. While lower than in some European countries, taxes in the US are fairly high (>25%), especially for single individuals who earn W2 income (employees), and many traditional methods of reducing one's tax bill are subpar since they focus on temporary tax deferral rather than permanent tax reduction. More importantly, however, Tom gives actionable advice on how to reduce your personal tax bill mainly by being aware of your financial situation and understanding the incentives offered to investors and business owners. For example, business owners pay less tax since they can write off various business expenses and structure their firm as an S-corp in order to mitigate payroll taxes. In addition, direct investors in real estate and oil& gas receive numerous tax benefits that can limit their tax liability or even result in a zero tax bill through the use of accelerated depreciation, 1031 exchanges, and various tax credits. Finally, Tom provides actionable advice regarding estate and retirement planning; the use of a Roth IRA is recommended over traditional IRAs & 401ks since all profits made within a Roth are tax-free, not tax deferred. Furthermore, he argues that while traditional retirement vehicles give investors an immediate tax deduction, that deduction comes at a steep cost of converting capital gains & dividend income into ordinary income which is taxed at a higher tax rate (roughly double). All in all, I highly recommend this book to any individual who aspires to be financially free and pay less tax.

I find it funny how people or "employees" are giving this book a one-star rating. It is not the author's fault that employees get taxed the highest and, therefore, do not obtain significant credits or deductions. The fact is that employees and small businesses pay a top % in taxes compared to corporations or investors. That's a fact. Now, if you are unhappy about that, you can go and complain about it to the government, not to the author of the book!*I enjoyed studying this book; I've read so many books about taxes, and this one is by far the best one I've read. The author knows what he is talking about and gives you all the facts rather than opinions. Thank you!Thank you!Why is this review marked as "sensitive"? This is an honest review.

I heard the author talking about this book on a podcast and he mentioned how it was updated regarding the new tax code. Honestly, that was why I bought it, I thought it would have some good tips regarding the new code. It was very basic in that area and had only a very short segment. It did provide some actionable advice on some areas, however, the book gave minimal detail. As others mentioned, it does discuss in detail investing in real estate and using maximum leverage to achieve your results. I, personally, think some leverage is good, but max leverage on the downside is how people get crushed. He also is very down on retirement accounts, which I don’t totally agree or disagree with. I think some real estate with or without leverage and some traditional retirement accounts are a good idea. I would probably give this book a lower rating, but I think for some people starting out, this book provides some key advice they may not have heard before.

Fantastic book had to buy another one for my accountant as well.

Amazing product

Excellent

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I find this book is too much US focused and talked too much on the tax benefit of becoming a business owner or investor. To me, it more like an advertisement on promoting the "Rich Dad group"'s training and services in stead of providing some real valuable tax advanced advice. I will return the book.