Proper Deductions Saved This Physician $11,412 in Taxes
Angie M Grainger
When a successful physician with a side business in consulting and training other doctors came to us, she believed her books were in order. She had someone assisting her with bookkeeping and felt confident in their ability to manage the financials. However, as we began preparing her tax return, it became clear that things were not as they seemed.
Our initial review revealed that the bookkeeper had recorded less than $1,000 in expenses for the entire year. Given the nature of her consulting business, we knew this figure was alarmingly low. We recommended conducting a thorough accounting of all her bank and credit card transactions used for the business.
Taking this advice, she provided us with comprehensive records, and our team got to work. We meticulously went through each transaction, categorizing and recording them to create a complete set of business books from scratch. This detailed process revealed over $30,000 in legitimate business deductions that had previously gone unnoticed.
Thanks to our rigorous approach, we uncovered $11,412 in tax savings for her.
At Prosperent Co, we believe that true prosperity means flourishing personally and financially. Our mission is to help you achieve both. This experience highlights the critical importance of accurate bookkeeping and the potential financial benefits it can bring. We understand that as a busy professional, keeping track of every business expense can be daunting, but that’s where we come in. Our role as your Personal CFO is to take that burden off your shoulders and ensure your financial records are accurate and complete.
We’re not just here to manage your books; we’re here to help you uncover hidden opportunities and achieve financial clarity. Our dedicated team is committed to making your financial life simpler and more prosperous.
If you find yourself uncertain about the state of your business books, let us help. Speak with us today to see how we can turn your financial chaos into clarity and discover the savings that may be hidden in your own records. At Prosperent Co, we’re with you every step of the way, helping you prosper in all aspects of your life.
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