Balancing Business Costs & Family Financial Goals
Running a successful consulting business creates substantial deductible expenses for Mr. Johnson. However, the Johnsons were unsure if they were accurately tracking and maximizing these deductions, potentially leaving valuable funds on the table that could be used for their children's college funds and accelerating retirement savings. They lacked clarity on the true cost of doing business.
Using Golden Door Asset's Cost of Doing Business Calculator, we meticulously analyzed Mr. Johnson's business expenses, identifying over $50,000 in previously overlooked deductible costs. This included home office expenses, vehicle usage, and professional development. By accurately calculating these expenses, we optimized their tax liability, freeing up funds for college savings.
The Cost of Doing Business Calculator allowed for detailed input of all relevant expense categories, generating a comprehensive report for tax planning and financial forecasting. This data was then seamlessly integrated with the agent-labor calculator to determine the feasibility of offshoring certain business tasks.
$15,000 additional annual college savings through optimized business expense deductions.
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