Tax Free Wealth: A must read for all business owners and entrepreneurs who want to understand tax laws and utilize them to their advantage.
Here are several important points that Tom conveys in his book ‘Tax Free Wealth’:
- Tax law is meant to encourage certain activities, businesses, and investment.
- Tax law shapes the economy.
- 95% of the tax code is not to raise money, but to stimulate growth.
- The focus should be on after-tax returns.
- What is the single biggest tax shelter? Real estate!!
- Entrepreneurs and investors get all the tax breaks.
- Why you should think twice before utilizing the traditional strategies of retirement planning.
- What you need to look for in competent tax preparer.
Tom dives into the “Cash Flow Quadrant”, a chart that Robert Kiyosaki designed that illustrates the four types of earners, and how taxes affect each of the quadrants. Tom describes in detail how the business owner and investor receive a far more favorable tax status.
The book shattered my limiting beliefs surrounding taxes and made me focus on how to use the tax code to my benefit. I decided to focus on investments where the government is trying to stimulate growth.
Once you finish the book, you will be able to engage in an intelligent conversation with your tax preparer and come to the realization the importance this team member is to your success. As Tom says, it’s not what you make but what you keep! Finally, the book reinforced to me the power of real estate as an investment that delivers superior tax benefits along with favorable returns.
Tom also delivers on the ease with which the content can be consumed. It is well written, easy to understand, filled with actionable content and most importantly enjoyable to read with all the stories interjected throughout.
Whether you are an aspiring entrepreneur, or a seasoned veteran, I would highly recommend reading “Tax Free Wealth” for a better understanding of how taxes affect our lives and how you can take control of your own tax situation.
Here is a link where you can buy the book: Tax Free Wealth
Let me know if this review was helpful! – Jake & Gino
Additional Read: The Millionaire Fastlane By MJ DeMarco