How Fields & Co. Cut Tax Liability by 34% in One Fiscal Year
A restructured entity plan and quarterly tax strategy unlocked six figures in savings — and caught a filing error the client's previous accountant had missed for two years.
A Growing Business, Outgrowing Its Tax Setup
Amanda Fields founded Fields & Co. Interiors as a sole proprietorship, and for the first few years, that structure worked fine. But as the business scaled past $1.2M in annual revenue with a small design team on payroll, the same setup that once made sense started costing her real money — and she had no way of knowing it.
Her previous accountant filed on time every year, but never reviewed whether the underlying entity structure still fit the business. Nobody was looking two moves ahead.
Where the Business Stood
annual revenue
original entity structure
employees on payroll
Fields & Co. came to Ledger through a referral, initially just looking for a second opinion on the current year's return. During that first review, our team flagged the entity structure as the biggest opportunity — along with a filing discrepancy from two years prior that had gone unnoticed.
What We Did
Reviewed Two Prior Years of Filings
We audited historical returns first, which is where we caught the missed filing error and confirmed the size of the opportunity.
Restructured to an S-Corp Election
We modeled the tax impact of an S-corp election against her current setup and filed the transition once the numbers were clear.
Built a Reasonable Salary & Distribution Plan
We set a defensible salary paired with distributions, reducing self-employment tax exposure without raising audit risk.
Introduced Quarterly Tax Check-Ins
Instead of a once-a-year conversation, Amanda now reviews estimated taxes and planning opportunities every quarter.
How We Supported the Business
What Changed
reduction in annual tax liability
Ledger's fee paid back in savings
of missed savings recovered
Beyond the immediate tax savings, Amanda now has a predictable quarterly rhythm for planning instead of a once-a-year scramble. The S-corp restructuring alone will continue generating savings well beyond the first fiscal year, and the missed filing error has been fully corrected with the relevant tax authority.
What Other Business Owners Can Learn
Entity structure isn't a one-time decision — it should be revisited as revenue and payroll grow, not left on autopilot.
A second opinion on prior filings costs little and can surface years of missed savings, even from a competent preparer.
Quarterly check-ins catch planning opportunities that a once-a-year tax season conversation simply arrives too late to use.
“The consultation alone was worth it — they found an error my old accountant missed for two years.”
Amanda Fields, Owner, Fields & Co. Interiors