💼Reduce taxes and build wealth by moving from being an employee to a business owner and investor.
💰Understand the four ways to earn money and the corresponding tax rates.
📚Learn about the incentives provided by the tax law for business owners and investors.
🔍Overcome the fear of audits and mistakes by getting the right education and building the right team around you.
🤝Partner with the government to create employment and benefit from tax breaks for real estate and debt usage.
How can I legally reduce my taxes as an entrepreneur?
—You can legally reduce your taxes as an entrepreneur by moving from being an employee to a business owner and investor. This involves understanding the tax rates for different ways of earning money and taking advantage of the incentives provided by the tax law for entrepreneurs.
What are the four ways to earn money?
—The four ways to earn money are 1) as an employee, 2) as a specialist or small entrepreneur, 3) as a big entrepreneur or business owner, and 4) as a professional investor. Each way has different tax rates and strategies for reducing taxes.
How can I overcome the fear of audits and mistakes?
—You can overcome the fear of audits and mistakes by getting the right education and building the right team around you. By understanding the tax law and having experts to guide you, you can navigate the system confidently and minimize the risk of errors or issues with audits.
What benefits can I receive by partnering with the government?
—By partnering with the government, you can receive tax breaks and incentives for creating employment, building real estate, and using debt in your business. The government wants to promote economic growth and will reward you for contributing to that growth.
Can anyone reduce their taxes and build wealth as an entrepreneur?
—Yes, anyone can reduce their taxes and build wealth as an entrepreneur, as long as they are willing to learn, take action, and follow the rules and incentives set by the tax law. It may require some initial effort and education, but the long-term benefits can be significant.
00:00Tom Wheelwright introduces the concept of legally reducing taxes and building wealth as an entrepreneur.
02:00Tom explains the different ways to earn money and the corresponding tax rates for each.
05:00Tom emphasizes the importance of moving from being an employee to a business owner and investor in order to reduce taxes.
08:00Tom shares the fear that holds people back from moving towards lower tax rates and how to overcome it.
11:00Tom discusses the incentives provided by the tax law for business owners and investors, encouraging listeners to partner with the government.
