At the start of 2018 an unmarried, with no children, consultant was expecting to earn nearly $225,000 in revenue with profits of nearly $205,000. While they had the expectations of a successful year, they were also on-track for an unwelcome surprise come tax season with an approximate total tax of $58,200, an underpayment penalty of $320, and a balance due of nearly $38,520.
With the pro-active tax planning from Cornbelt Financial, LLC this individual was able to save $14,364 and have less than $1,000 due come tax season. These tax savings were identified and implemented using Cornbelt Financial, LLC tax planning services which identified tax reducing strategies including: business entity tax reclassification, the implementation of retirement savings, qualified business income deduction optimization, appropriate estimated tax payments, and identifying additional deductions.
While not all small-business owners are in the same financial position as this particular consultant, the opportunity for tax savings beyond the cost of services to achieve those tax savings are available with Cornbelt Financial, LLC. Let us educate you on how much savings are available to you.
