Saturday, April 20, 2013

Rich Dad Radio: Taxes

It's tax season! Not my favourite season I must admit. On the Rich Dad Radio that aired April 13, 2013; Tom Wheelwright, tax expert and rich dad adviser was the guest speaker. They talked about "Tax time and how to pay less taxes legally"

I really enjoy how refreshing Robert Kiyosaki is. He is very blunt with his opinion, and he doesn't seem concern with whose feathers get ruffled in the process. This particular radio show is about how to pay less taxes legally. Robert's mention that if you would rather learn about how to donate more of your money to taxes to go listen to Suze Orman. Funny stuff.

Now this radio show is American base, but the basic principal still apply to us Canadians. I enjoyed the show and found it entertaining and informative.

"Tax is an incentive if you are an investor or business owner. It's a punishment if you are an employee."

"Debt and taxes makes the rich, richer. Debt and taxes makes the poor, poorer"
One of the things that stood out the most to me was regarding home office deduction. If you own a home base business, and I think a lot of us women have at one point in our lives be it Avon, Pampered Chef or Mary Kay, you can claim home office deductions to your taxes. If your office space is say 20% of your home (for example you run your business out of your kitchen, or home office, or garage) you can claim that percentage of your home expenses as a business expense. That would be 20% of you heating bills, electricity, etc.

Of course, I am not an accountant, and I would recommend you consult one prior to making major changes to you tax application.

Rich Dad Radio as a new segment where Robert Kiyosaki answers questions that was sent in from listeners. If your question is selected to be answered in one of his radio show, you will win a free signed copy of a book written by Robert Kiyosaki of your choice. How cool is that? Be sure to submit your questions to Rich Dad Radio.

Leave me a comment, let me know what you thought of this week's show.