Small Business Owner
Running a successful business means wearing many hats—and managing your finances can feel like a full-time job on its own. At AG Wealth Management, we help business owners like you simplify your financial life, reduce taxes, and focus on growing your business. Whether it’s optimizing payroll, maintaining clean books, or preparing for tax season, we’re here to make your finances work for you.
How We Can Help
Analyzing and benchmarking your retirement plan
Create personalized retirement plans tailored to your practice
Managing Payroll
Tax Planning
Cash flow management
Case Study
Client Profile:
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Name: Jamie
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Age: 38
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Location: New York City
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Business: Freelance Consultant
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Income: $250,000/year
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Challenge:
Jamie’s growing business was bringing in substantial income, but the financial complexities were overwhelming. Her challenges included:
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Managing cash flow of the business
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Keeping business books organized to avoid end-of-year chaos.
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Filing taxes accurately and minimizing liability.
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Misunderstanding how her pass-through income was taxed, leading to missed opportunities. We recommended switching from an LLC to an S-Corp, which saved her about $13,000 annually in payroll taxes.
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What We Did:
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Optimized Payroll Management:
We implemented a reliable payroll system, ensuring that her contractors and any future employees were paid on time with accurate tax withholding and reporting. -
Bookkeeping and Expense Tracking:
We worked with Jamie to set up a clean, automated bookkeeping system, enabling her to track income, expenses, and deductions effortlessly. -
S-Corp Transition for Tax Savings:
By recommending a switch from a pass-through LLC to an S-Corp, Jamie saved $13,000 annually in payroll taxes while maintaining compliance. -
Profit-Sharing Plan to Maximize Retirement Savings and Tax Benefits:
We established a profit-sharing plan that allowed Jamie to contribute $65,000 toward retirement. This strategic move reduced her taxable income and brought her below the QBI (Qualified Business Income) phaseout range, securing her a 20% deduction on her pass-through income.
The Results:
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Saved over $33,000 annually: $13,000 from payroll taxes and $20,000 from additional QBI deductions.
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Built a $65,000 retirement contribution in her profit-sharing plan.
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Simplified payroll and bookkeeping processes, reducing Jamie’s financial stress.
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Secured peace of mind with accurate tax filings and optimized savings.