From Financial Chaos and Instability to Annual tax savings of $48,000 with Clarity, Reduced Stress, and a Clear Path to Retirement for Film Production Couple
Client Snapshot
Industry: Film Production
Gross Revenue: $1,362,250
Entity Type: Multiple Entities
The Challenge
This couple owned and operated multiple entities that fluctuated annually in revenue and didn’t make regular tax distributions, which left them feeling uncertain about their finances. Financial stability was important to them, but they couldn’t seem to get control of all the moving pieces to be confident in their decision making. They were constantly playing catch up with taxes. Moving to a new state also added complexity. Their existing financial advisor was wonderful, but was left in the dark by their prior CPA who was not collaborative or actively communicating with them to service the them collectively as a team, which made it more cumbersome for them to project manage their financial decisions and juggle the input from various advisors.
Encurio’s Approach
After getting to know the client’s needs and goals, we met with their financial advisor to add more context to their situation. Then we:
- Reviewed their entity holdings and advised on a different structure
- Aided in setting up proper retirement accounts that fit their needs
- Consulted with their in house accounting teams on how to structure tax distributions
- Provide regular, pro-active planning for estimated taxes
The Impact
This busy couple now has efficient and valuable meetings with their financial team which saves them time as they don’t have to project manage their team to get answers and make decisions. They are on track for retirement and their personal budget now allows them to spend without worry even when their income fluctuates. They are receiving regular distributions from their companies so they don’t have to pay the taxes out of their personal funds, and planning has given them much more foresight and control now that they know what they will owe in taxes well in advance. Re-structuring their entities saves them about $18,000 annually, which only further helps their budget. Through this relationship, we’ve guided them through the instability and uncertainty of a complete career change, a complete home remodel, and a large cash payout from a prior employer. They feel in control of their finances and all it’s moving parts.
To learn more about how Encurio’s strategies could improve your businesses finances, set a meeting with us.
