The story: A practice and business owner in California was introduced to Terra Firma through a mutual acquaintance. Despite being in his late 50s, he said he’d “never heard the term strategic tax plan before,” and when the Terra Firma team was able to show him how they could help him reduce his current tax liability of 54% to less than 20%, he said, “I’m EUPHORIC that this would even be possible.”
Tax Situation Overview:
Initial effective tax rate: 54%
Annual tax savings: $2 million
The outcome: Not only did Terra Firma help him save more than $2 million in taxes during their first year of working together, they were also able to help:
– dramatically improve practice operations, efficiency, and culture
– hire new doctors and office staff
– implement weekly leadership meetings
– and reinvest recovered tax dollars into their supplement business and grow it by 25% within the first year of working together