Case Study 2
How Tax Strategies boosted a design agency Bottom Line and saved $42,452/year
Story of Brand
Solutions and Strategies provided by Stepanchuk CPA
The Design agency was facing many financial challenges, huge part of which was a high tax bill that the business and the owners had to come up with every year. They felt that all their money was going away for taxes. The more money they made, the more taxes they paid. They were starting to feel desperate.
We provided innovative solutions to these challenges to help the business thrive.
Difficulty in identifying and implementing strategies to save money.
We help them save $42,452 per year by implementing cost-saving strategies.
We optimised the business's financial resources and reduced unnecessary expenses.
Our guidance in expense management, budgeting, and cash flow analysis brought great results.
Limited knowledge and understanding of tax laws and regulations.
We executed 6 tax planning strategies, resulting in more deductions and tax savings they could never imagine before.
Our tax planning and preparation guidance ensured compliance with tax laws and regulations.
We did it all while maximising tax benefits for the business.
Lack of retirement planning and insurance strategies.
We helped them with retirement plans and chose the ideal insurance options.
Also, we assisted with implementation to ensure financial security for the future.
We did it by getting the right plans in place while reducing costs and maximising coverage.
Uncertainty surrounding entity classification and the best structure for the business.
Our team identifies the best entity classification based on their specific needs.
We guided them through the pros and cons of each structure so that they could make informed decisions.
Inability to identify legal loopholes to reduce costs & increase revenue.
Our team pointed out and leveraged legal loopholes to reduce costs.
It delivered massive results and increased their after-tax net profits.
We provided expert advice on contract negotiations, lease agreements, and other legal matters with the help of the professionals we have in our network.
All these ensured the business took the advantage of every opportunity and made the most of it.
Maintaining compliance with ever-changing state and local tax laws and regulations.
As state and local tax laws changed, we informed them of those changes on a regular basis.
We offered expert guidance and support to businesses on regular compliance reviews.
It helped them to identify any potential issues and develop customised solutions.
Our approach ensures minimising the risk of penalties, audits and legal issues.
Result within a year
It has been a year since the Design agency applied all the changes suggested by Stepanchuk CPA.
We were able to help our client achieve great results.