The story: A California chiropractor knew it was time to move on from his accountant, who he felt wasn’t doing much more than checking boxes for him each year. He owned his practice, held real estate, and had money sitting forgotten in various accounts. He wanted a plan in place to both lower his taxes and ease the stress of trying to manage it all that was on him and his wife, who were busy running their practice.
Tax Situation Overview:
Annual income: $550,000
Lifestyle expense: $300,000
Cash flow recovery number: $250,000
Initial effective tax rate: 34%
Annual tax savings: $130,000
The outcome: Terra Firma put a plan in place to help the couple save on taxes, improve the efficiency of their existing assets, and create new streams of passive income. The chiropractor now sees a path to the early retirement he desires.