One of our clients had sold their business and moved from their hometown.
When they moved, they couldn’t forward all of their mail from their business to their new address. This was a problem because they moved right before the end of the year and tax documents are usually sent out in January.
Due to this, they didn’t receive any of their tax documents. They came to us because they weren’t sure what to do next.
After chatting with them, we learned that they had sold their business on December 28th and knew they had capital gains, but they didn’t have any of the forms they needed.
Our team stepped in to help get everything in order.
We were able to:
- Contact the IRS and collect all transcripts and forms that were sent to them that they hadn’t been able to receive.
- Find deductions they hadn’t taken including most of their living expenses since they lived in the same building as their business.
- Discover that when they sold their business, they also sold the building where they had lived for over a year so they could deduct the entire gain on the sale of their home.
When our client first came to us they thought they were going to owe around $7,000 dollars in tax. However, after the work we did, they actually got a $10,000 dollar refund.
In total, we saved them about $16,000 dollars in tax. That’s $16,000 they weren’t expecting to have.
What would you do with an extra $16,000 dollars?
The opportunities are endless!