Optimizing Cash Flow and Expense Management with Tom Wheelwright
![Optimizing Cash Flow and Expense Management with Tom Wheelwright](https://d3wo5wojvuv7l.cloudfront.net/t_square_limited_480/images.spreaker.com/original/29370141d3dc7b12e6f66378d5639e27.jpg)
Sign up for free
Listen to this episode and many more. Enjoy the best podcasts on Spreaker!
Download and listen anywhere
Download your favorite episodes and enjoy them, wherever you are! Sign up or log in now to access offline listening.
Optimizing Cash Flow and Expense Management with Tom Wheelwright
This is an automatically generated transcript. Please note that complete accuracy is not guaranteed.
Description
Unlock the secrets to achieving financial success and stability with insights from Tom Wheelwright, tax advisor extraordinaire and author of "Tax-Free Wealth." This episode of "Escaping the Drift" promises to...
show moreWe dive deep into maximizing cash flow and mastering tax strategy. Tom demystifies the process of analyzing income statements and balance sheets, offering practical advice on managing expenses and distinguishing between offensive and defensive expenditures. Explore how to optimize your income, ensure that liabilities contribute positively to your business, and understand the importance of trusting assets when managing debt. Whether you’re a seasoned entrepreneur or just starting, these insights can help you create a robust financial foundation.
Finally, discover advanced tax strategies tailored for real estate professionals and family-focused financial planning. Tom highlights the benefits of having a home office, leveraging tax payments for investments, and employing your children to maximize standard deductions. Learn the intricacies of writing off business expenses and how to build your children's financial literacy from a young age. Plus, understand the value of upgrading your tax advisor to avoid costly mistakes and optimize your tax savings. With actionable tips and expert advice, this episode is a treasure trove for anyone looking to take control of their financial future. Tune in and start escaping the drift today!
Highlights:
(03:44 - 05:14) The Importance of Financial Literacy
(12:31 - 14:09) Tax Preparation Progression
(16:37 - 17:38) Choosing the Right Tax Advisor
(19:20 - 21:17) Handling IRS Audits With Professional Help
(24:07 - 24:49) Tax Debt Repayment Rules and Options
(31:17 - 32:19) Leasing vs Buying Car Costs
(34:24 - 35:28) New Mexico Travel for Tax Deduction
(39:56 - 40:39) Deductions Criteria for Business Expenses
(45:04 - 46:21) Tax-Free Wealth User's Manual
(48:28 - 49:22) Franchise Locations and Tax Tips
CHAPTERS
(00:00) Maximizing Tax Savings With Tom Wheelwright
(04:58) Maximizing Cashflow and Tax Strategy
(14:37) Navigating Taxes With Confidence
(25:06) Leveraging Tax Strategies for Real Estate
(37:58) Strategies for Family and Finances
(49:27) Engaging Fans for Escaping the Drift
💬 Did you enjoy this podcast episode? Tell us all about it in the comment section below!
☑️ If you liked this video, consider subscribing to Escaping The Drift with John Gafford
*************
💯 About John Gafford: After appearing on NBC's "The Apprentice", John relocated to the Las Vegas Valley and founded several successful companies in the real estate space.
➡️ The Gafford Group at Simply Vegas, top 1% of all REALTORS nationwide in terms of production. Simply Vegas, a 500 agent brokerage with billions in annual sales Clear Title, a 7-figure full-service title and escrow company.
➡️ Streamline Home Loans - An independent mortgage bank with more than 100 loan officers. The Simply Group, A national expansion vehicle partnering with large brokers across the country to vertically integrate their real estate brokerages.
*************
✅ Follow John Gafford on social media:
Instagram ▶️ / thejohngafford
Facebook ▶️ / gafford2
🎧 Stream The Escaping The Drift Podcast with John Gafford Episode here:Listen On Spotify: https://open.spotify.com/show/7cWN80gtZ4m4wl3DqQoJmK?si=2d60fd72329d44a9Listen OnApple:https://podcasts.apple.com/us/podcast/escaping-the-drift-with-john-gafford/id1582927283
Information
Copyright 2024 - Spreaker Inc. an iHeartMedia Company