Proactive accounting and financial management services designed to keep you on track throughout the year and make managing your finances simple again.

"The best financial advice does not need to be complicated or expensive but it does need to be available when you can use it". - Tony Novak, MBA, MT, Certified Public Accountant

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Builder-Remodeler and Physician spouse

SAMPLE CLIENT PROFILE:

Sample client profiles are not real people but the characteristics are based on characteristics of one or more real clients for illustrative purposes.

Jim, 50, an experienced building contractor and his wife, Carrie, 44, a physician, decided to cut back on his successful contracting business and focus on building a portfolio of real estate owned by himself and his wife. He focused on buying "ugly ducking" properties, fixing them up, renting them and then using "cash-out" refinancing to purchase the next property. Meanwhile, the couple build significant asset in her medical practice and 401(k). Prior to professional planning, about 40% of their total combined gross income was used to pay in various taxes.

Needs:

The couple needs tax planning and accounting help, business planning for the best ways to form and operate an LLC, financial statements for bankers and help with accounting and long term planning.

What they like about the adviser:

Carrie mentions that she likes the personal contact, accessibility, a feeling of trust, the long term relationship. In several cases where a bank made requests for documents to consider a mortgage application, they were pleased that Tony was able to respond within one day.

Concerns about the future:

They are concerned with limitations on their tax deductions due recent changes in tax law and their heavy amount of mortgage debt.

Strategies Used:

Business is now conducted both as a sole proprietorship as well as an LLC electing partnership treatment. By using the duel business accounting, Tony found that Jim and Carrie were able to reduce their overall tax rate to less than 10% of income. Carrie's senior physician partners are curious and perhaps a bit jealous of the results this junior partner has been able to achieve. Effective execution of a strategy to minimizing current taxable income means that developing innovative mortgage banking relationships is a key to long term success. Recently the planning focus turned to protection of assets with permanent insurance and a way to extinguish their large mortgage debts.

Results:

Jim and Carrie passed the $1 million net worth in their fifth year together at a relatively young age and are poised to exceed $5 million to $10 million before early retirement. Still, they have trouble viewing themselves as "multimillionaires". They are especially pleased that their marginal tax rate has remained below 10% despite their rapid growth in assets.