Tom Wheelwright

Tempe

Contributor at Freelance

Author at WealthAbility® for CPAs

Host at The WealthAbility Show with Tom Wheelwright, CPA

Tom Wheelwright, CPA is an international speaker and worldwide authority on cutting taxes and building wealth.

Articles

Why New Tax Rules Could Be a Game Changer for Your Business

1 week ago | entrepreneur.com | Tom Wheelwright

No entrepreneur wants a surprise tax bill — especially when every dollar matters for growth. Staying ahead of tax policy changes is one of the smartest ways to protect your bottom line and avoid disruptions. With the Senate now reviewing the One Big Beautiful Bill Act, Congress is moving closer to enacting one of the most significant shifts in U.S. tax policy in recent history.
What the New IRS Rules Mean for Your Business — And How to Come Out Ahead | Entrepreneur

2 months ago | entrepreneur.com | Tom Wheelwright

The IRS is rapidly getting much, much smaller. In February, the agency laid off roughly 7,000 probationary employees from its 90,000-person workforce as part of the Trump administration's widespread effort to reduce the size of the federal government. Then, in early March, the Associated Press reported that the IRS was drafting plans to cut its staff by as much as 50%. That's a big change.
The Union Budget Tax Rebate got you thinking? Let these audiobooks break finance down for you

Feb 5, 2025 | radioandmusic.com | Tom Wheelwright |Robert Kiyosaki |CA Rachana Ranade |Douglas Lennick

MUMBAI: India’s Finance Minister announced the Union Budget on Saturday, and the nation had much reason to celebrate—especially with the income tax relaxation bringing relief to many. While some were thrilled about the revised taxes, others found themselves wondering: What exactly does this rebate mean? And if you earn beyond that, how does it impact you?
What the Inauguration Means for Your Taxes

Jan 21, 2025 | entrepreneur.com | Tom Wheelwright

"Nothing is certain except death and taxes."This proverb, often attributed to Benjamin Franklin, has stood the test of time. But if I could add one more piece to this pearl of wisdom, it would be this: "Nothing is certain except death and taxes, but death doesn't change; taxes are always changing."With President-elect Donald Trump's second inauguration, entrepreneurs and investors are watching closely for those changes.
4 Tax Tips That Will Give Your Business an Edge and Save You Money in 2025

Jan 20, 2025 | entrepreneur.com | Tom Wheelwright

Strategic entrepreneurs recognize that the new year is prime time to gain a competitive edge. One of the best ways to do this is to take a fresh approach to your tax planning. Instead of simply closing out your books, carve out time for some high-value strategic work. You'll come away with a clear vision for your financial future, less stress and, most likely, more money in your pocket. Here are four steps to guide the process. 1.
Why Donald Trump's Business-First Policies Trump Harris' Consumer-Centric Approach

Nov 22, 2024 | entrepreneur.com | Tom Wheelwright

President Donald Trump's election to a second term was a win for business and investment — two important drivers of economic growth. His campaign promises largely reflected a pro-business ideology, promising support for entrepreneurship and corporate expansion and starkly contrasting with Vice President Kamala Harris's consumer-focused approach, which seemed to overlook the crucial balance between investment and consumption.
Which Candidate's Tax Plan is Better for Small Businesses? Here's What You Need to Know.

Nov 5, 2024 | entrepreneur.com | Tom Wheelwright

It presents an opportunity to rethink the tax code, potentially making it more pro-growth by moving away from income-based taxes towards consumption-based models. Such reforms could increase savings and capital investment, fostering a more robust economy. Yet, some politicians appear to be weaponizing tax policies against entrepreneurs and the wealthy, reflecting a growing populism that views inequality and success as problems to be solved through higher taxes.
Tom Wheelwright, CPA, Examines the Advantages of Franchising Your Business

May 13, 2024 | success.com | Tom Wheelwright

Most people hate taxes. Sales tax. Income tax. Employment tax. Property tax. Every day, these and a host of other taxes are sucking money from hardworking people. In fact, the average person in a developed country spends 25%–35% of their lifetime working to pay taxes. Add in how stressful it can be to pay some of these taxes, and it’s easy to understand the loathing. On the other hand, I love taxes.
Navigate the IRS audit storm: Essential extension strategies for partnerships

Apr 5, 2024 | financial-planning.com | Tom Wheelwright

CPAs who serve as tax advisors to entrepreneurs and investors have a lot of worried clients these days, and with good reason. The Internal Revenue Service is using billions of dollars in new funding from the Inflation Reduction Act for audits and artificial intelligence-powered scrutiny of tax returns. A sizable chunk of this enforcement effort is aimed at partnerships, one of the most common business structures across many sectors, including business, agriculture, energy and real estate.
Navigate the IRS audit storm: Essential extension strategies for partnerships

Apr 4, 2024 | accountingtoday.com | Tom Wheelwright

CPAs who serve as tax advisors to entrepreneurs and investors have a lot of worried clients these days, and with good reason. The Internal Revenue Service is using billions of dollars in new funding from the Inflation Reduction Act for audits and artificial intelligence-powered scrutiny of tax returns. A sizable chunk of this enforcement effort is aimed at partnerships, one of the most common business structures across many sectors, including business, agriculture, energy and real estate.