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43 of 53 people found the following review helpful
5.0 out of 5 stars Finally! A tax book that lifts the veil for everyone!
There is so much I could say about Tom Wheelwright's book and still not do it justice. So many of us "common folk" have grown up fearing the tax code because it seems more incomprehensible and scary. Often, the tax collector carries the same ominous aura of dread associated with the boogie man!

But, Tom is extremely intelligent, talented and passionate. And,...
Published on July 12, 2012 by Brian Yen

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72 of 76 people found the following review helpful
3.0 out of 5 stars Some great concepts, but perhaps pushing the boundaries a bit
Light bulb moment: Wheelwright's stress on the concept that the bulk of the tax code is there to provide incentives for doing one thing or another, and that you can be a lot wealthier by choosing to actively participate in ways the tax system rewards. I really hadn't thought about it in that particular way, but he's spot on. His corollary -- finding a tax accountant who...
Published 21 months ago by Barb


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72 of 76 people found the following review helpful
3.0 out of 5 stars Some great concepts, but perhaps pushing the boundaries a bit, April 6, 2013
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This review is from: Tax-Free Wealth (Kindle Edition)
Light bulb moment: Wheelwright's stress on the concept that the bulk of the tax code is there to provide incentives for doing one thing or another, and that you can be a lot wealthier by choosing to actively participate in ways the tax system rewards. I really hadn't thought about it in that particular way, but he's spot on. His corollary -- finding a tax accountant who can prospectively guide you into thinking through ideas in this tax-efficient way is also a really good one. I've spent a lot of time learning about my taxes, but this new vantage point has given me a lot of really good ideas that I'll be working on over the next few years, and that will certainly influence some restructuring of my business. (The concept of having one type of entity -- like an S corp -- being a member of another -- like an LLC -- in order to put activities and expenditures in the most helpful place was really illuminating.)

However, the continued statements that anything can be deducted if you just handle it the right way are disingenuous, and some people may try to stretch and get into completely indefensible situations based on his broad and often repeated statement. Everything is not potentially deductible. It is also a very padded book, with the author stretching to increase the word count to make it "book length".

Still it is a helpful book if the ideas are taken with a grain of salt, and it has really helped me think about taxes in a different way.
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43 of 53 people found the following review helpful
5.0 out of 5 stars Finally! A tax book that lifts the veil for everyone!, July 12, 2012
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This review is from: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) (Paperback)
There is so much I could say about Tom Wheelwright's book and still not do it justice. So many of us "common folk" have grown up fearing the tax code because it seems more incomprehensible and scary. Often, the tax collector carries the same ominous aura of dread associated with the boogie man!

But, Tom is extremely intelligent, talented and passionate. And, as we all know, passion drives excellence. Tom's incredibly thorough understanding of taxes from concept to inception makes his insights incredibly valuable. The key value is that he can accurately demystify taxes for nearly everyone to understand. His explanations are easy to follow and the book covers many aspects of taxes to, not only apply to whatever the reader's current financial situation is, but it also explains the simple concepts available to all people to move forward to a brighter financial future. It is very clear that this book is intended for anyone with an open mind to looking at taxes differently and using that knowledge to their own advantage.

This book takes the fear out of being taxed. It brings understanding of how the tax system works and how it can work to the taxpayer's advantage. I bought this book the first day it became available on Amazon and I read it all the way through in 2 days and will keep re-reading it for many years. I even bought a copy and gave it to my tax preparer saying, "Read this. This is how I want to formulate my tax strategies from now on. Let me know if you can keep up."
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20 of 24 people found the following review helpful
5.0 out of 5 stars Finally, the "Rich Dad" Principles Are Clear, February 4, 2013
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This review is from: Tax-Free Wealth (Kindle Edition)
If you are a fan (or student) of the "Rich Dad, Poor Dad" series, and understand those basic principles, but may feel as if you are still missing a piece of the puzzle toward building wealth----then you must read this book. This book will fill that void.

This book ties all the Rich Dad principles together and demonstrates how and why they work to build vast wealth over a lifetime---and beyond---for generations to come. I truly understand now why the old adage of "the rich just keep getting richer" is so true: the tax code.

However, be warned that this book may seem somewhat controversial to some due to its right-wing political overtones. I can see how those from the left may get offended by what this book teaches: using the tax code to pay very little tax; or legally paying no taxes while having other people pay them for you.

This book may also be offensive to some who may experience an "Ah-ha!" moment when they realize how their own political leaders use the tax code to become very, very wealthy. Meanwhile those leaders hypocritically campaign that they are "working for the little guy" while surreptitiously robbing their own constituency though the legal use of the tax code. This reality is rife with irony.

I don't think Wheelwright had the intention for this book to be confrontational. However, the truth hurts, and this book demonstrates the truth of why "the rich" get rich----and stay rich.
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5 of 6 people found the following review helpful
4.0 out of 5 stars The Good, The Bad, and The ehh..., March 15, 2013
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This review is from: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) (Paperback)
For what it's worth, the book is a good value for the money and here I'll attempt to present my honest overview of what it is, what you can expect, and what not to expect.

The book is written in plain English and attempts to explain in a straightforward way how taxes work and how as an investor you can benefit from the tax code, and what to be careful with. He does this by giving a few examples along the way that illustrate his point. To that I will add that some of his advice is overly vague filled with very general rules that the average person may find themselves scratching their heads, thinking, would that even apply to me, or, what the ____? I say this because the tax code is 10s of thousand of pages long and there is no way that a non technical book with about 250 pages is going to even scratch the surface of the behemoth that we have all come to love and embrace.

What you should not expect from this book is a silver bullet that starting next year you tax liability is going to drop by 50%. You can think of it as something like a financial crystal ball that gives you a handful of clues with little glimpses into the future but never giving you a solid answer. With the exception of a few things like cost segregation and accelerated methods of depreciation the rest of the strategies are going to require homework, research, and the help of a good accountant who is willing to work with you for a reasonable price and be knowledgeable in your industry. Remember, not all accountants are created equal and most of the states with the exception of a few have multiple levels of taxation that are not bound by federal law.

Overall the price to value ratio is pretty good regardless of your income tax IQ, even if you get nothing new of value it's an entertaining read. The shortcoming is actually part of it's strength, ease of use. But, by making the book simple, they also sacrificed substance and made a good portion of it vague with for example, he writes I believe 5 short paragraphs amounting to about 1 page on agricultural tax credits. Preceded by 1 paragraph dealing with mining and another about renewable energy which basically tell you nothing.
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20 of 28 people found the following review helpful
5.0 out of 5 stars Excellent book = Applied knowledge, July 23, 2012
This review is from: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) (Paperback)
An excellent book full of a lifetime of applied knowledge.

I like the author's viewpoints on taxation very much and about how to win the game of wealth by permanently lowering my taxes.

It's helped me already and I look forward to lowering my taxes and increasing my wealth even more. Thank you.

Also, two great rules:

Rule#1: It's your money, not the governement's.
Rule#2: The tax law is written primarily to reduce your taxes.
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2 of 2 people found the following review helpful
5.0 out of 5 stars This book will open your financial eyes, February 18, 2014
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Ironmanbart (San Diego, CA, USA) - See all my reviews
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As Tom says, it is not how much you make but how much you keep. As a self-employed person, I found out how critical it is to set up legal entities around you to protect what you have and if you do this right, you can save big in taxes. This is an easy to read and understand book that everyone should read.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Great Book with Lots of Info!, January 18, 2014
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William Ponds (Lodge, SC United States) - See all my reviews
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This review is from: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) (Paperback)
What more is there to say! Great tips on how to reduce your taxes but also includes instructions on how to make it all legal.
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25 of 36 people found the following review helpful
1.0 out of 5 stars beware of misleading book title, December 3, 2013
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This was a disappointing read. some annoying aspects from this book are: 1) almost every page mentions that you need to hire a tax professional, 2) Wheelwright tried to make this an international book and constantly makes references to IRS equivalents in other countries that do not apply to the US, 3) most tax advice is geared for business owners and real estate speculators, 4) Wheelwright dismisses and discourages 401k's and IRA's as well as any type of securities investments such as mutual funds and barely even mentions them. But I suppose this is to be expected from the rich dad series. And the fact that this was intended to be an international book was a bad idea because the only high level concept that applies worldwide is that everybody wants to minimize their taxes. I am sure that the international community will not benefit from any real tax advice from this book, but to be fair, nobody in the US will benefit either.
A more appropriate book title should be: "Reasons why business owners should hire me (tax professionals)"
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11 of 15 people found the following review helpful
2.0 out of 5 stars Very general, October 21, 2013
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Brian (Greenville, SC, United States) - See all my reviews
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This review is from: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) (Paperback)
Save yourself the time and trouble. Skip the book and get an attorney and an accountant...that's basically all he tells you.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Never thought taxes could make me want to earn more money!, October 15, 2013
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This review is from: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors) (Paperback)
Taxes rarely excite anyone. Tax-Free Wealth actually got me pumped with ideas on how my family could make more money and pay less taxes. While the tips and secrets aren't for everyone, those with an entrepreneurial spirit will get pumped about Tax-Free Wealth. If you work for someone else and aren't interested in real estate, investing, or owning your own company, don't waste your money - this book is not for you.

On the other hand, investors should hit the buy button as quickly as possible. Excellent read.
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Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors)
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