Summertime, Taxes, and One Lesson Every Entrepreneur Should Learn
By Dr. Linh Trinh An
Originally published in Startup Today Magazine | July 31, 2026
Summertime is a season for family vacations, creating new memories, and, for me, learning something new.
I’ve always believed in lifelong learning. Years ago, someone told me, “If you stop learning, you simply… die.” That idea resonated with me on a very deep level. As an immigrant, a doctorate holder, a mother, and a divorcee who has had to rebuild her life from scratch more than once, continuous learning has become part of my identity.
I’ve discovered that keeping a curious mind, asking questions, and being completely unashamed of what I don’t know are some of the greatest gifts I can give myself.
So today, I’d like to share something I learned during my three-week vacation back home in Hanoi, Vietnam.
Entrepreneurs, What Keeps You Up at Night?
As an entrepreneur, what’s your biggest financial concern?
For me, it has always been financial clarity.
Working in financial services, the stories that scare me the most almost always involve taxes.
Audits.
Unexpected tax bills.
Poor bookkeeping.
Missed planning opportunities.
Naturally, I became fascinated with tax planning, especially because I live in a country where understanding the tax code sometimes feels even more complicated than navigating first-time motherhood. At least, that’s how it feels to me.
During my trip, I finally picked up a book that had been recommended to me countless times: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright, CPA, who is also well known for working with Robert Kiyosaki, author of Rich Dad Poor Dad.
Have you read it?
Do you work with a CPA or tax advisor?
If so, many of the ideas I’m about to share may sound familiar.
The Idea That Changed My Perspective
One concept from the book immediately caught my attention.
According to Mr. Wheelwright, the tax code isn’t simply a system for collecting revenue. It also serves as a tool governments use to encourage certain economic activities.
In other words, tax laws often reward behaviors that policymakers want to encourage, such as investing, starting businesses, creating jobs, developing real estate, conducting research, and supporting economic growth.
Wheelwright describes this as “changing your facts.”
Instead of asking, “How do I pay less tax?” the better question becomes:
“What activities does the tax code encourage, and how can I legitimately participate in them?”
That shift in thinking completely changed how I viewed taxation.
Employees, Business Owners, and Investors
Robert Kiyosaki often describes four broad groups of income earners:
Employees (E)
Self-employed or Small Business Owners (S)
Business Owners (B)
Investors (I)
While the labels are simplified, the larger lesson is valuable.
Many employees and self-employed professionals primarily earn active income, while larger business owners and investors often have access to additional planning opportunities created by the tax code.
That doesn’t mean business owners “don’t pay taxes.”
Far from it.
It simply means they often have more legitimate deductions, credits, and planning strategies available because of the activities they’re engaged in.
That realization was eye-opening for me.
Years ago, every April I was one of those people complaining about taxes and wondering why “rich people never seemed to pay any.”
Looking back, I realize I simply didn’t understand the game.
I was focused on earning more money through my small piano studio. I was working hard. Very hard. But I wasn’t thinking strategically.
Larger businesses and investors operate differently. They create jobs, invest capital, develop property, and fuel economic activity. Tax policy often encourages those behaviors.
That’s an important distinction.
You Don’t Need to Be Wealthy
One of my favorite lessons from the book is this:
You don’t have to be wealthy before you begin learning how wealthy people think.
You simply need to begin doing the kinds of activities that build wealth over time. Or as Mr. Wheelwright says, “start doing things that ‘the wealthy’ do.”
Invest.
Start a business.
Create value.
Continue learning.
Develop financial intelligence.
Those habits are available to almost anyone willing to put in the work.
A Few Practical Examples
One example Wheelwright discusses involves business travel.
Many entrepreneurs love traveling. I certainly do.
If a trip includes legitimate business activities and satisfies the applicable tax rules, portions of certain travel expenses may become deductible.
Imagine you travel to Cancun every year. If part of that trip is genuinely dedicated to business meetings, property research, networking, or other qualifying business activities, you may be able to deduct eligible expenses.
Of course, the vacation itself doesn’t magically become a tax deduction simply because you answer a few emails by the pool.
Documentation matters.
Business purpose matters.
The IRS has detailed rules governing what qualifies, which is exactly why working with a qualified tax professional is so important.
The larger lesson isn’t “turn every vacation into a deduction.”
The lesson is that many entrepreneurs simply aren’t aware of the planning opportunities that may already exist.
Build Your Team
This leads me to my second lesson.
Learn your tax laws.
Better yet, surround yourself with professionals who know them inside and out.
That team may include a CPA, tax advisor, tax attorney, banker, financial planner, and meticulous bookkeeper.
Teamwork truly makes the dream work.
Very few successful entrepreneurs build lasting wealth entirely on their own.
That said, don’t outsource your education.
I’ve always told my clients:
Nobody cares more about your money than you do.
Ask questions. Read books. Understand the basics. Become an active participant in your own financial life.
Small Decisions Can Create Big Results
The book also discusses strategies many entrepreneurs use, depending on their individual situations.
For example:
Hiring family members who legitimately work in the business.
Tracking business vehicle use carefully.
Understanding depreciation for investment property.
Keeping detailed business records.
Structuring investments thoughtfully.
Each strategy comes with specific legal requirements, which is why professional guidance matters.
But the bigger lesson is this:
Tax planning isn’t about finding loopholes. It’s about understanding the rules and using them the way they were intended.
My Biggest Takeaway
I’ll admit it.
When I first opened this book, I expected to learn tax deductions.
Instead, I learned something much bigger.
I learned that governments often use tax policy to encourage the kinds of activities that help economies grow.
That completely reframed the way I think about entrepreneurship.
The more value we create, the more people we employ, the more responsibly we invest, and the more we contribute to economic growth, the more opportunities may exist to structure our finances efficiently within the law.
Education always comes first.
So if you’re an entrepreneur, I encourage you to read this book.
Have conversations with your CPA. Review your financial statements. Ask better questions.
Because there are two things certain in life:
Death…
and taxes.
You can’t avoid the first. But with education, thoughtful planning, and the right team, you may be able to legally reduce the impact of the second.
Disclaimer: This article reflects my personal observations and takeaways from reading Tax-Free Wealth by Tom Wheelwright and is intended for educational and informational purposes only. It should not be construed as tax, legal, accounting, or financial advice. Tax laws are complex and vary based on individual circumstances. Always consult with a qualified CPA, tax advisor, attorney, or other licensed professional before making financial or tax-related decisions.
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