When Larry contacted MAP, he and his wife Laura were ready to send their youngest child to college. Larry had been self-employed for years and revenue was starting to take off. After years of modest income, they felt taxes were going to increase substantially due to higher income, but did not know how much. Although they were patriotic, they did not prefer to pay more taxes than required, and wanted to capture most of the increased earnings for their future spending after they stopped working.
Larry and Laura were disappointed that their accountant and bookkeeper did not provide forward-looking tax strategies. The focus was on tax preparation based on what happened in the past year, rather than on proactive and creative tax reduction strategies. They realized during the MAP planning process that they needed to better understand their business structure and organization in order to improve their outcome for building wealth and continuity. A plan for addressing taxes, insurance, estate organization, and investing strategies was designed and implemented.
With MAP’s guidance, Larry and Laura achieved a clear big picture of their current financial status, and which decisions were most important with the greatest financial impact. They were thrilled to find out how much easier it was to hit their annual savings target when they saved substantial taxes. MAP referred them to an accountant who was able to create a more efficient accounting entity and structure, and collaborated with MAP to develop a multi-year tax plan as their income continued to increase.
Larry and Laura are relieved and more confident with a clear plan for all areas of their financial life. They now focus on what’s most important to them – family and growing their business. Ongoing support from MAP ensures they will continue to utilize the best strategies available as they grow and develop at an optimal pace.