When Ryan came to us last year to file his personal and business taxes, it started off like any
other meeting. He runs a hospitality business, and like most business owners, he just wanted to
make sure everything was filed correctly and on time.
But once we got into the details, we started noticing opportunities and places where he could
legally reduce his tax bill if things were structured a little differently. That was when we shifted
from filing taxes to planning them.
After reviewing his setup, analyzing his returns, and mapping out strategies that actually fit his
business and personal goals, we helped Ryan save $509,651 in taxes for 2023, with another
$482,587 projected for 2024.
Half a million dollars in savings. All from planning ahead
Where It Started to Click
At first, Ryan didn’t think tax planning would make a big difference. He’s the kind of business
owner who keeps everything organized, but like most people, he thought planning was just about
staying compliant, not saving that kind of money.
What a lot of people don’t realize is that the tax code is full of opportunities. You just have to
know how to use them.
When we put together a tax plan, we look at everything: your prior returns, business setup,
personal goals, and even newer laws like the TCJA, FFCRA, and CARES Act. The goal is to
recommend strategies that legally reduce your taxes while still aligning with where your business
is heading.
We don’t just look at one year. We plan for the next few.
What Worked for Ryan
Ryan’s plan included 13 different tax strategies between his personal and S corporation filings.
Each was tailored to his situation, so nothing generic or cookie cutter.
Here’s how it broke down:
• Individual (Federal and State): $249,125
• S Corporation (Federal and State): $267,565
- Total Estimated Savings: $509,651 for 2023 and $482,587 for 2024 (projected)
Some of the strategies we used:
• 401(k) contributions to lower taxable income
• Conservation easements for charitable deductions
• Health Savings Account (HSA) to make medical costs tax efficient
• Oil and gas investments that qualified for deductions
• Qualified Business Income Deduction (QBI) for additional savings on pass through
income
Every single one was based on his goals and what made sense for him, not just what looked good
on paper.
Why It Matters
Ryan’s story isn’t about luck. It’s about timing and taking the time to plan things out before the
year ends. That’s what most business owners miss. They wait until tax season, when the options
are already limited.
Tax planning is about putting structure around your income, investments, and business decisions
so you keep more of what you earn. It’s not complicated, it just takes foresight and the right team
helping you map it out.
At Prudent, we make sure every client gets the best possible outcome for their business. Our
entire brand is built on one idea: helping clients achieve positive results, not just at tax time but
throughout the year.
If you’d like to see how much you could save too, contact us today.