Foley & Giolitto CPA, PLLC

Real Estate Investor Saves $20,000 in Back Taxes In 2016, we were able to navigate some highly complex tax rules related to real estate professionals, saving our client over $20,000 in back taxes. The best part about our success here is that $10,000 of those savings relate to an item that recurs every year. In this case, not only did our client save $20,000 up front by working with us. The client also continues to save $10,000 each and every year as a result of our tax advice. We consider this case a huge win for our client and for our firm. Individuals Save Over $10,000 with State Tax Planning Multi-state tax planning can quickly become very complex. By mapping out an optimal tax strategy for contractors working in several different states, we were able to save our clients over $10,000 in a 2 year period. This case is proof that W-2 employees still have multiple avenues for tax savings, despite the popular belief that only business owners and investors have enough flexibility in their tax situation to significantly save on their taxes. New Business Owners Save Nearly $10,000 with Entity Restructuring We know that entity structure is the foundation of proper tax planning. That is why entity structure is our first step in consulting with our clients. Unfortunately, many individuals continue to form entity structures with bad advisors either in the CPA or legal field. In this case, our new client was a professional service group that had been set up with an improper tax structure from the start. Using our knowledge of optimal entity structures, we were able to make some very beneficial changes in structure, resulting in nearly $10,000 in tax savings. On top of that, the owners of this startup business were able to pay nearly $0 tax on approximately $67,000 of net income in their first year of business. When forming a new company or entity, it is very important to consult with both a knowledgeable CPA and attorney to make sure the entity you are forming is the optimal one for your specific situation. Business Owner Saves $7,000 on Health Insurance Snafu By taking the time to properly connect with our client and understand their personal financial situation, we were able to ask a question based on our knowledge that ultimately saved our client over $7,000 in taxes. We find that many others in our industry do not take the time to properly understand their client's entire financial picture. By taking the time to personally know our client's situation, we identified a health insurance reporting error that we were able to get corrected, resulting in a tax savings of $7,000. When choosing a tax advisor, it is incredibly important to evaluate if that advisor is taking the proper time to really get to know you and your personal financial situation. Business Owners Save $3,000 with Long Term Tax Planning Let's face it. Most tax advice in our day and age is incredibly short-term focused and centers on taking any available deduction now rather than later to achieve the benefits of the time value of money. Furthemore, this advice often results in only temporary tax savings, such as making pre-tax retirement contributions and claiming depreciation deductions. However, a one-size fits all approach often fails to achieve the optimal results. In 2 separate cases, we were able to save our clients $3,000 each by actually delaying a deduction, which is completely contrary to traditional tax advice. We achieved this result by analyzing the long-term tax plans for these clients and structuring those plans to minimize our client's effective tax rate over a 5 year period. On top of all that, the $3,000 savings in both of these cases are permanent tax savings, which means that our clients save $3,000 now and never have to pay that tax savings back in the future. Many advisors in our industry fail to look beyond the current or next year with respect to tax planning. It is important to make sure your advisor considers your long term future and offers you advice that results in permanent tax savings. Failing to do either of these results in missed tax savings and missed opportunities.

Address: 14300 North Northsight Boulevard, Suite 114, Scottsdale, AZ 85260, USA

Phone: +1 480 998 4100
FAX: +1 480 998 4110