509. Tax-Free Wealth, 2nd Edition: How to Build Massive Wealth by Permanently Lowering Your Taxes

Rating:  ☆☆☆

Recommended by:

Author:   Tom Wheelwright

Genre:  Non Fiction, Business, Self Improvement

282 pages, published April 2, 2019

Reading Format:   Book

Summary

Tax-Free Wealth is about tax planning concepts and how to use tax laws to your benefit. Author Tom Wheelwright explains how the tax laws work and how they are designed to reduce you taxes, not to increase them, as long as you do things the government wants you to like start a business or own real estate.

Quotes 

“The hardest thing in the world to understand is income taxes. – Albert Einstein”

“TAX TIP: Put your family to work. Make your business a family business. Then when you travel for business, your family’s travel is deductible. And you can shift income from your higher tax bracket to their lower tax bracket. This creates permanent tax savings.”

 

My Take

As an inveterate optimizer, I am always looking for ways to lower our taxes.  However, since my husband and I have both recently retired, a lot of this book (which is geared toward business owners) is not applicable to us.  But I did pick up some useful tips on real estate depreciation that I plan to use when we buy a beach house rental in the next few years.