Redwood Tax Specialists - Tom Space

Redwood Tax Specialists - Tom Space Tax Reducing Strategies for Business Owners and Company Executives "Your secret weapon in the world of tax reduction"

08/21/2021

Did you know Taxes can erode 20% to 50% of your retirement Income. But, there are ways to lower the Tax Bite so you can enjoy Your Retirement without worry. Get "Tax Planning" you can't find on "Main Street"

07/21/2021

Albert Einstein is credited with saying, doing the same thing over and over and expecting a different out come is the definition of "Lunacy"..so, if you have been doing the same thing each year and "Hoping" to reduce your Taxes but achieving little to no satisfying results, perhaps it's time to talk to a Professional Team that has a track record of Tax Reduction not found on Main Street and unparalelled by any CPA firm touting "Tax Planning" on their website!
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If you're a business owner wanting to reduce your taxes by 50%, then contact Contact Redwood Tax Specialist - Tom Space ...
01/31/2021

If you're a business owner wanting to reduce your taxes by 50%, then contact Contact Redwood Tax Specialist - Tom Space for a FREE Tax Reduction Call!

Case Study #3:BackgroundA pediatrician and spouse with W-2 income of $250,000 and rental properties generating an addit...
01/31/2021

Case Study #3:

Background

A pediatrician and spouse with W-2 income of $250,000 and rental properties generating an additional $25,000 of taxable income each year were paying $65,000 in taxes annually. The spouse had chronic medical expenses that cost $15,000 per year out of pocket, that were non-deductible due to their income. The client also spent several thousand each year on continuing education, travel, and licensure expenses that were not deductible. The client wanted a 5-7 year retirement plan, has a conservative investment outlook, and wanted comfort that their assets would cover both retirement needs and medical care.

Fortunately, they called one of our Managing Directors at Redwood Tax Specialists!

The Plan

Based on the client’s preferences, cash flow needs, and budget, we designed their custom tax plan with:

a newly formed professional association employing the pediatrician, contracted with the previous employer
designed a retirement savings plan to contribute $110,000 annually into conservative investments to protect principal
enhanced health care coverage and elected a tax-deductible medical reimbursement plan paid for by the association implemented tax-deductible travel and education reimbursement plans paid for by the association.

The Results

An overall 80% tax reduction with combined Federal & State taxes reduced from approximately $32,672 the very first year. Then we saved them an additional $12,712 the second year.

Case Study #2:BackgroundWe consulted with a client and implemented a tax savings plan starting in 2015. The client had ...
01/31/2021

Case Study #2:

Background

We consulted with a client and implemented a tax savings plan starting in 2015. The client had left their W-2 job, and transitioned to a consulting role and was self-employed, and the spouse had other significant W-2 income. The client quickly began generating about $300,000 annually in consistent income in the new venture, had no employees, all expenses were reimbursed, generating approximately $115,000 in annual tax liabilities.

​Retirement contributions were already maxed out, itemized deductions, college benefits were being limited, and every year the client had an increasing amount due at tax return filing, and felt like they could never catch up with the increasing burden.

Fortunately, they called one of our Managing Directors at Redwood Tax Specialist

The Plan

The client was particularly in favor of tax deferral, and being in the markets with a more aggressive investment strategy. Based on the client’s preferences, cash flow needs, and budget, we designed their custom tax plan with:

a focused retirement strategy contributing approximately $250,000 annually into retirement,
optimized the corporate structure to reduce the rates and provide an opportunity for enhanced reimbursements and deductions for previously non-deductible items,
shifted income to college age children to pay for college tax free,
implemented an insurance strategy through the business to make the payments tax-deductible

The Results

We consulted with a client and implemented a tax savings plan starting in 2015. The client had left their W-2 job, and transitioned to a consulting role, and was self-employed, and the spouse had other significant W-2 income. The client quickly began generating about $300,000 annually in consistent income in the new venture, had no employees, all expenses were reimbursed, generating approximately $115,000 in annual tax liabilities.
Combined Federal & State taxes were reduced from approximately $160,000 per year to:

2015 – $92,826
2016– $28,824
2017 – $680
2018 – $26,427
Over a four-year period, the strategies reduced taxes by $491,243. These savings created additional funds to be re-invested in the client’s equity-based savings plan, generating an additional six figures in investment capital gains from money that would have been paid to the IRS!

This client is on target to increase net worth by $1 million dollars, in five years, just by implementing a tax reduction plan for the business.

Case Study #1:BackgroundA client operated a successful HVAC business for many years. The business generated approximate...
01/31/2021

Case Study #1:

Background

A client operated a successful HVAC business for many years. The business generated approximately $300,000 in cash flow and was in a C-Corporation. Like many C-Corporations we come across, the prior “strategy” was to pay the profit out in W-2 wages to avoid double taxation, while overpaying F**A.

Fortunately, they called one of our managing Directors and Redwood Tax Specialists!

The Plan

The client wanted a 5-7 year exit strategy and is extremely conservative and wanted fixed/guaranteed options for any retirement balances. Based on the client’s preferences, cash flow needs, and budget, we designed their custom tax plan with:

reduced W-2 wages to $80,000 per year with a compensation study, cutting F**A tax in half
implemented a retirement plan contributing $200,000 annually, of which 90% of that amount was for the owners’ benefit
optimized the corporate structure to reduce rates and avoid double taxation
Created a retirement savings plan and exit strategy utilizing fixed return and guaranteed options to achieve the retirement goals, while eliminating risk implemented an insurance strategy through the business to make the payments tax-deductible

The Results

Combined Federal & State taxes were reduced from $116,000 per year to: 2016 – $83,026 2017 – $45,626 2018 – $11,027 In only three years, the client’s net worth increased by over $200,000, with zero investment risk, the client has a guaranteed lifetime retirement income benefit in excess of what they previously thought was unreachable. The client is in a position after only three years to retire comfortably, compared to their desired goal of 5-7 years that was unreachable under their previous plan, and the client has been taking the opportunity to travel the world with family, now that there is a clear path forward.

We're dedicated to helping business owners reduce their taxes every year!
01/31/2021

We're dedicated to helping business owners reduce their taxes every year!

Address

18 Tannery Hill Rd
Gilford, NH
03249

Opening Hours

Monday 9am - 7:30pm
Tuesday 9am - 7:30pm
Wednesday 9am - 7:30pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 9am - 7:30pm
Sunday 9am - 5pm

Telephone

+16035241599

Website

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