How Breadcounter Helped This Multi-Income Earner Navigate a $51K Tax Bill in December
Went from panic mode in December with a $51K tax bill to having a clear plan that saved $5,612 immediately, plus a roadmap for maximizing savings as his businesses grow.
The Challenge
This client was pulling $15K+/month from his W-2 job while running a cleaning business and managing rental properties on the side. In December, he realized he was sitting on a $51,449 tax bill and had no idea how to handle it. The situation was messy. He'd just sold a rental property with a $65K gain plus $34,687 in depreciation recapture he didn't see coming. He'd also cashed out some crypto with a $17K gain. His cleaning business was operating at a loss, but he wasn't tracking expenses properly so he was missing deductions left and right. Bro came to us in late December completely stressed about the tax hit and needing help fast.
The Breadcounter Approach
See the dramatic difference Breadcounter makes for your business
WITHOUT BREADCOUNTER
- Facing $51,449 tax bill with no plan
- Missing thousands in cleaning business deductions
- No strategy for property sale and crypto gains
- Depreciation recapture blindsiding him
- $18K in capital losses sitting unused
- Zero long-term tax strategy for side businesses
WITH BREADCOUNTER
- Reduced 2024 tax bill to $45,837
- Properly documented cleaning business expenses
- Strategic loss utilization across all income sources
- Clear understanding of depreciation recapture impact
- Capital loss carryforward maximized
- Multi-year tax plan projected to save $13K+ annually
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