Diane’s new clients at USTaxAid Services save an average of $30,000 in taxes, after one phone call. To learn how we could work with you to save more money, please drop Richard Cooley an email at Richard@DKTaxServices.com or give him a call on his direct number: 866.829.2368.
Here are a few recent USTaxAid Services Success Stories:
Wrong Tax Election Costs Them Thousands
The Smiths (not their real name) own businesses in multiple locations and own the buildings that the businesses are in as well. That’s a smart wealth-building strategy. In fact, in today’s tax world that’s about the only way you’re going to get good deductions for your real estate.
Their previous CPA had them set up 4 LLCs (limited liability companies). That’s also smart because they are able to separate out their assets. But that’s when the plan went strange. They somehow ended up with default taxation (partnership taxation) for the two entities that owned the business and a default taxation (partnership) and S Corporation election for the real estate. That meant that the business income was subject to self-employment tax. They had a loss to partially offset their normally high income and so the extra cost was only $12,000 in 2007. Luckily we caught it in 2008. We’ll make a late election for the LLC and save them over $50,000 in 2008.
Don’t wait until year end! What can we do to help you now?
Start today! Please drop Richard Cooley an email at Richard@USTaxAid.com or give him a call on his direct number: 888.592.4769.
Business Structures Didn’t Grow With Business
There is a 5 cycle lifecycle with businesses. Some businesses may skip one step, or pass through it very quickly, and some businesses, just like people, never really grow up and remain happily small and hands on.
As the business progresses through each of these stages, the business structures must change too. Many CPAs are so busy with tax compliance that they never get the opportunity to actually step back and look at where their clients are right now and what the short term and long term future look like for their client.
That’s what had happened to Bud and Sarah. Their business had a great strategy for a beginning business, but did not recognize the additional asset protection requirements and higher income they now had in their business.
Additionally, they had IP sitting on the shelf and were missing a huge opportunity to convert some active income into passive income.
Within one month, we had reduced their taxes by over $30,000 by making a few simple changes. The total cost to Bud and Sarah was less than $7,000 and they were able to recognize a full $30,000 in savings for 2008. In today’s world of uncertainty and stock and real estate losses, they were happy to see that type of ROI (return on investment)!
When are you ready to write your own USTaxAid Services Success Story?
Every dollar you save in taxes is a dollar you put directly in your pocket. How much money can you legally put in your pocket?
Find out today! Give Richard a call at 866.829.2368 or drop him an email at Richard@USTaxAid.com