Case Study: Finding Hidden Tax Savings For A Multi-Business Household

A strategic tax review reveals an estimated $65,000 refund opportunity

Background

A successful healthcare provider and his spouse owned and operated multiple businesses, including medical and consulting entities. Although they had worked with an established accounting firm for several years, they felt disconnected from their financial strategy and wanted more proactive guidance to support their growing operations.

Challenge

The couple was introduced to MGO through their financial advisor while evaluating alternatives that could provide more responsive service and a more strategic approach to tax and business advisory needs.

The clients faced two primary concerns: (1) Limited communication and responsiveness from their existing accounting provider; and (2) uncertainty about whether their tax returns and planning strategies were being fully optimized.

Approach

MGO assembled a multidisciplinary team of tax and business management professionals to evaluate the clients’ situation and provide strategic recommendations. The team:

• Conducted a comprehensive review of prior-year tax returns during the onboarding process.

• Identified that the clients had not fully utilized the Qualified Business Income (QBI) deduction, a tax provision that can significantly reduce taxable income for qualifying business owners.

• Determined that amending a prior-year tax return could generate a meaningful refund opportunity.

• Walked the clients through the technical analysis and financial impact of the refund.

• Demonstrated a collaborative service model that provided direct access to multiple senior advisors.

Results

Through a detailed review of prior-year tax filings, MGO identified an opportunity to amend a previously filed return and generate an estimated $65,000 tax refund (before applicable interest).

Beyond the estimated refund opportunity, the clients gained greater visibility into their tax position and confidence their advisors were actively evaluating opportunities to improve outcomes rather than simply preparing returns.

Value to Client

The discovery provided immediate financial value while demonstrating the benefits of a more strategic advisory relationship.

MGO’s combination of technical tax knowledge, business insight, and responsive service helped establish trust early in the relationship and accelerated the clients’ decision to transition their tax and advisory services to the firm.

Today, the family benefits from ongoing tax planning, business management support, accounting services across multiple entities, and regular advisory meetings designed to provide forward-looking guidance and strategic insight.