Here are a few short scenarios of how our staff have served other clients:
• Worked with a widow who was not involved with family finances to better understand assets and options. Slowed things down to avoid making quick decisions and then to design an investment plan that fit her standard of living.
• Educated client on the tax implications associated with the sale of his business, providing suggestions regarding the allocation of the sale price and other changes to the Purchase Agreement to save approximately $100,000 in income taxes on the sale.
• Prepared amended tax returns for a new individual tax client that had failed to claim the deduction for domestic production activities resulting in a savings of over $30,000 in federal and state taxes.
• Prepared amended tax returns for a new corporate tax client that had failed to take exclusion for domestic dividends resulting in a savings of over $13,000 in federal taxes.
• Helped a client in the electrical contracting business who thought they could easily use QuickBooks and TurboTax to do their accounting and prepare their business tax return. There was nothing wrong with the software but the knowledge and experience of RFM personnel resulted in major changes to the accounting and a $5,000 refund from amending tax returns.
• Worked with a client to split an existing corporation with two lines of business into two corporations in a tax free organization. The resulting companies minimized exposure to liabilities and helped focus management and employees on their core strengths.
• Assisted a client in eliminating over $2,000,000 in federal estate tax through business valuations and proper planning.