Burton Richard,
Age 29, Medical Sales
Primary Goal, was to reduce his tax bill and invest part of his savings in rental real estate.
He received bonuses at work as well as Restricted Stock Units. He already owned 2 properties and was confronted with the choice to either buy another, or make improvements to one of his existing properties.
Burt initially contacted Toce Financial about taxes because his rising income created a serious tax bill. He felt that his bonus was taxed even more than his normal income, and he wasn’t sure at all about the taxation of his RSUs. We explained that bonuses are subject to greater withholding, but not taxed at a greater rate. We showed him how he could get that withholding back by reducing his tax bill. Toce Financial also showed him how to optimize the tax on his RSUs. We opened a traditional IRA for him personally, and a SEP IRA for his real estate business.
Taylor and Callie Callais-Rusich,
Age 36, Healthcare Workers
Primary Goal, was to live off their investments.
Callie said, “whenever my mom wants money, she just calls her advisor and he sends her whatever amount she asks for. Seems like she never has to worry about money again. We want that.”
When Toce Financial began working with them, they wanted to plan for Callie to go back to school to become a Nurse Practitioner to significantly improve her earnings capacity. We created easy-to-read personal financial statements for them so they could better understand their financial situation. This allowed them to feel comfortable making the decision for Callie to take a year off of work to go back to school. We advised them AGAINST using their savings to pay down their mortgage. Instead, they invested and grew their savings substantially. Now they have an incredible mortgage rate that will provide decades of below-average monthly payments plus a robust brokerage account that grows their savings in the most tax-efficient way.
Tyler Albrecht,
Age 36, Real Estate Agent
When we started working together, Tyler owned 5 single-family rentals and earned real estate brokerage commissions as a 1099 independent contractor. Tyler wanted to invest all of his savings into more properties but was nervous because he didn’t have a clear picture of his finances. First, I helped him set up LLCs to provide protection to his personal wealth in the case a lawsuit was filed against him which insurance was insufficient to cover. We also diversified his savings AND tax assets by opening a solo 401(k) for Tyler’s 1099 income to be sheltered from tax and grow tax-deferred. Then we created clear, easy-to-understand financial statements for his personal finances as well as a consolidated statement of his various LLCs. This allowed him to obtain favorable financing on additional properties both from banks as well private financiers. Having me on his team upped his creditworthiness. Now he has 13 properties all financed at favorable rates, a growing 401(k), and a much lower tax bill.
Darien Nichols,
Age 27, Sales Associate
Primary Goal, was tax relief and planning for the future.
Darien started making decent money right out of college. When she received her federal income tax bill for the first time, she called me to ask how she could reduce her taxes. We discovered that she had more than enough savings to fund her IRA and it wasn’t too late to contribute toward the previous year. Fast forward 4 years and she has a tax-free pool of savings worth over $50,000. Far ahead of the average 27yo. She said that working with me is what gave her the confidence to invest whereas before, she was too scared to do anything accept let it accumulate in her checking account where it was earning no interest and getting eaten away by inflation.