Meadows Urquhart suggested the client consider contributing to a SEP-IRA, explaining that she would not need to make the contribution by year-end but could do so by the time her tax return was filed, including any extensions. After preparing her return, she was able to contribute $34k to her SEP-IRA, which ultimately saved her approximately $10k in taxes.

Meadows Urquhart advised the client to purchase tax credits to offset the potential tax burden. This strategy saved the client well over a million dollars. The team accompanied the client to view the eligible projects and structured the tax credits to apply as the taxes became due, ensuring optimal timing and savings.

Meadows Urquhart helped the contractor extract key data from the existing system to identify which companies they had the highest success rate with, along with acceptable profit margins. By providing this insight, the owners were able to streamline their bidding process, making it more efficient and freeing up valuable time to focus on managing their business.

Meadows Urquhart recommended conducting cost segregation studies on both recent and future acquisitions. These studies accelerate the tax deduction of depreciation, which can significantly reduce or even eliminate taxable income when planned properly. As a result of following these recommendations, the client was able to eliminate taxable income for over a decade, dramatically improving their cash flow.