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Tax Secrets for Entrepreneurs – Robert Kiyosaki, @TomWheelwrightCPA
Host Robert Kiyosaki and guest and tax expert Tom Wheelwright discuss how to avoid paying taxes, one of the topics that will be covered at the upcoming April, 6th, 7th, and 8th event in Scottsdale, Arizona – the first Rich Dad event in 13 years.
Kiyosaki believes we are facing a three-time crash. “The first crash is stocks and bonds, the second is real estate; the third is the dollar because they’re going to keep printing money. This is not a time to pretend you’re Warren Buffet,” says Kiyosaki, who is concerned we’re going to slide into a depression.
If your wealth is tied up in your home, there are some things you can do in preparation. You don’t get to deduct losses on a personal residence. You might want to consider rental properties where you get tax benefits, instead of personal property where you don’t. “If your house is still high in value, get a line of credit so when it does drop, the money is still available to them,” says Wheelwright.
This could be the biggest bubble in world history. When you have deflation going and the economy slows, you are in trouble. You can’t adjust that fast.
“Most people have never seen an audit. Especially if you’re under 40,” says Kiyosaki. “Now, you’re going to. You’ll have new tech that can catch you making mistakes or things that are rightfully in the law, that they might not like.” 90% of audits are under 400,000.
Corporations can move anywhere they want. Apple has some headquarters in Ireland and Ireland pays a lower tax rate than the US. They can move where they perform. Individuals can’t do this as much. Entrepreneurs always have the biggest tax advantages.
The middle class, especially the self-employed, is getting hammered. The poor pay nothing in tax. What can a person do? “There’s an opportunity to work locally, with the states,” says Wheelwright. “There are states that don’t charge any tax and states that charge a lot. California charges 13.3 %, Arizona charges 2.5; Texas charges nothing. You have an opportunity to work with the states. You just have to know the law.
Attend Rich Entrepreneur Poor Entrepreneur in Scottsdale, AZ April 6-8:
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