631: BiggerNews July: Rich Dad's CPA on How ANY Investor Can Avoid Taxes in 2022 w/Tom Wheelwright

Everyone wonders how the rich avoid taxes. To most Americans, it seems like there is some big loophole that only the mega-wealthy know about, leaving average workers strapped with a large tax bill. Are the ultra-wealthy cheating the tax code, or are they onto something that everyday Americans simply don’t know about? Tom Wheelwright, author of Tax-Free Wealth and Rich Dad’s (Robert Kiyosaki) CPA is here to tell you how to take advantage of these big tax deductions that mystify small-time investors. If you’re already investing in real estate, you’ll know that the tax deductions can be plentiful. You get mortgage interest, depreciation, maintenance, and insurance write-offs. But, even bigger than those, are bonus depreciation and cost segregation, which aren’t complicated tax strategies and can help almost any investor reduce their tax bill significantly. So what can an average investor like you do to get started saving on taxes? Tom walks through the 2022 tax deductions that are decreasing this year, which to take advantage of immediately, how to find the right CPA for you, and which write-offs you may be missing. These tips could reduce your taxes by a significant amount, freeing up much more of your capital for future real estate deals! In This Episode We Cover: The disappearing tax deductions that every investor should take advantage of How the wealthy avoid taxes by buying real estate and getting into debt Renting vs. buying and which makes more sense in 2022 as affordability plummets Using cost segregation and bonus depreciation to wipe out your tax bill How to work with the government, instead of against it, to build wealth faster  The best 2022 real estate tax strategies that small or large real estate investors can implement And So Much More! Links from the Show BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast Get Your Ticket for BPCon 2022 Listen to All Your Favorite BiggerPockets Podcasts in One Place Subscribe to The “On The Market” YouTube Channel Hear Our Past Interview with Tom on 5 Steps to Eliminate Income Tax Listen to The Rent vs. Buy Debate on This Week’s Episode of On The Market Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts David's BiggerPockets Profile Dave's BiggerPockets Profile David's Instagram Dave's Instagram Books Mentioned in the Show Tax-Free Wealth by Tom Wheelright The Win Win Wealth Strategy by Tom Wheelright Connect with Tom: Tom's Website Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-631 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices