A corporate executive with W-2 income of $4,000,000. The executive had zero deductions available due to various phase-outs and limitations, was paying over $1,500,000 each year to the government. Current debt payoff was a priority for the client, rather than long term savings and retirement strategies.
Based on the client’s preferences, cash flow needs, and budget, we designed their custom tax plan to include the following as part of their larger overall plan:
A tax deduction of $730,000 reduced the executive’s tax liability by $262,000, delivering a refund of over $252,000!