R.F., a professor of medicine, knew for a long time that there was more he could do to minimize his taxes. He just hadn’t gotten around to finding someone who could help him.
He earned W2 income from his main employer, as well as a significant amount of side income from consulting, resulting in “a lot of 1099s at the end of the year.” He had a lot of different accounts he was putting his money into, many without a clear purpose, and he wasn’t taking even the most standard deductions he could be.
In his first meeting, he said “I’ve known for a long time that I needed to do more due diligence in this area.” After working with Terra Firma, his many accounts are consolidated and all have a clear purpose, with his previously “dormant dollars” now working hard on his behalf.
In addition, he’s deducting expenses related to his 1099 income that he wasn’t before, and he’s investing in alternative assets to create wealth and additional tax savings, ensuring a very secure future for his wife and four children, which was one of his primary goals.
His first-year tax savings was almost $200,000, with year two being projected to be higher.
