Three Practices in Two States

by | Jun 1, 2021 | Case Studies

“Dr. Mike” is a dentist who owns 3 dental practices across 2 states. He came to us for help reducing his taxes and organizing his QuickBooks file, as it had not been maintained properly. We were able to “clean up” his accounting and, in the process, discovered that his previous year’s tax returns had not been prepared correctly, as his accounting had not reflected actual income and expenses. We amended his previous year’s tax return and started the tax planning process.

Dr. Mike had not been maximizing his deductions and was not quite sure which expenses to keep track of (and how to keep track of them).

We helped him change his entity structure from an LLC to an S-Corp, advised him on the deductions he should be taking and helped him hire his wife, who had been hitherto informally working with Dr. Mike on the business. With just a few strategies we helped him save approximately $53,200 annually in taxes.
However, we also employed additional, advanced tax-planning strategies for total savings of approximately $149,000 in total in a single year.

Needless to say, this client would have overpaid almost $750,000 in a five-year period had he not contacted us.
What could you do with an additional $149,000 in funds annually?