Bennett Financials isn’t just a financial services company for businesses; they’re the difference between making a profit and taking a loss. That’s because the tax experts at Bennett Financials understand how to position businesses best to weather tax season.
“Bennett Financial’s strategic tax planning and financial management have not only increased our revenue and profit but also converted our tax liability into a refund,” says Daniel Goodrich, CEO of @VirtualCounsel.
Indeed, Bennett Financials utilized its expertise to help @VirtualCounsel improve profitability in multiple ways.
Why @VirtualCounsel chose Bennett Financials
@VirtualCounsel provides legal support to startups, handling everything from legal contracts to ensuring enterprises comply with local, state, and federal regulations. They can also scale up beside their clients, safely managing increasing legal complexities so business leaders can focus on their own top priorities.
@VirtualCounsel is a quick, easy way for entrepreneurs to secure the comprehensive legal aid they need, no matter where their business may be located in the US. With this cutting-edge company, top legal minds who understand what it takes to launch and grow a successful startup today are available at all hours of the day or night.
Because @VirtualCounsel is an innovative company, they required innovative tax planners to help increase revenue. That’s why they turned to Bennett Financials.
@VirtualCounsel’s challenges
“When @VirtualCounsel came to us, they were aiming to improve their profit margins,” says Arron Bennett, owner and CEO of Bennett Financials. “Their situation was concerning in several ways. Perhaps most importantly, their expenses were higher than their revenue. That is the kind of major problem that can threaten a business’s entire existence.”
@VirtualCounsel is far from the only business that has faced this challenge. A US bank study has found that 82 percent of businesses fail due to inefficient cash flow management, making it the top reason why companies go out of business.
The team at Bennett Financials immediately got to work to turn @VirtualCounsel’s deficits into surpluses by first conducting a thorough analysis of the company’s financial picture. That’s when they noticed something important — @VirtualCounsel wasn’t taking advantage of asset-based tax planning.
The Importance of asset-based tax planning
The strategy behind asset-based tax planning leverages a little-known fact about taxes: not all money is taxed similarly. These strategies help businesses lower their tax burden by moving capital into certain kinds of accounts that are taxed at lower levels than they otherwise would.
This goes far beyond just ensuring that all capital losses are reported to offset capital gains. For instance, tax-exempt or tax-deferred accounts can shelter funds. Grantor gift trusts or retirement accounts can also be used. Sometimes, simply holding on to a given investment for longer than a calendar year can result in tax savings. In each case, the goal is to allocate funds so that the company’s exposure to taxes is minimized.
“When we discovered that @VirtualCounsel wasn’t doing this kind of tax planning, we knew this meant they had been paying higher tax bills than they should have all along,” Bennett explains. “But there was a silver lining. Once we had spotted the problem, we could help them manage their taxes better.”
How Bennet Financials turns minuses into pluses
The experts at Bennett Financials created a financial strategy plan that enabled @VirtualCounsel to start taking advantage of asset-based tax planning strategies.
“We tailored the approach to them specifically,” Bennett explains. “Every business has different areas of potential that can be actualized, so this personalization is a must. We do it for all our clients.”
In the process, Bennett Financials optimized the company’s tax savings. With less cash flowing out, @VirtualCounsel stabilized operations and used revenue to nurture the business.
The results have been impressive. According to Bennett, @VirtualCounsel’s revenue has shot up 94 percent, and its profit has skyrocketed 401 percent. Before the company turned to Bennett Financials, it paid nearly $88,000 in taxes in 2021. However, with Bennett Financials’ help, the company received a tax refund in 2022.
Moreover, Bennett Financials continues to work closely with @VirtualCounsel to ensure the enterprise remains as profitable as possible. This has not only given the company a solid financial foundation but also positioned it to expand and become even more profitable.
“Bennett Financials’ expertise and proactive approach are invaluable to our success,” Goodrich says.
Businesses thrive through tax optimization.
Imagine what your business could do if you could restructure its tax bill into a refund in under a year. That’s precisely what Bennett Financials helps companies do.
“By keeping more of our clients’ profits in their own coffers, we can change their whole financial picture,” Bennett explains. “Tax optimization requires expertise, but with our help, your business can become the thriving concern you’ve always known it could be.”
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