This small business owner maintained two entities – an S Corporation and a related partnership. Her tax challenges required effective strategies to address both corporate and personal tax considerations.
Haines & Lagerquist CPAs began by examining the S Corp., which had a large potential tax liability. Sylvia Lagerquist, CPA soon determined that an EZ credit carryover was available. This, in conjunction with other strategies, resulted in a tax savings of over $50,000.
On the personal level, the problem was that the owner had excess losses from the sale of a building that also resulted in the dissolution of a partnership. To address this, Haines & Lagerquist CPAs maximized the owner’s income in order to make efficient use of those losses, and then carried back the unused losses to prior years, which subsequently led to a personal refund in excess of $15,000.