How a Self-Employed Consultant Cut His Tax Bill by $50K Per Year
Key Numbers*
Net Worth
$6M
Invested Assets
with TrueNorth Wealth
$4M
* Data as of October 2025.
Subject to change.
The Power of
a Coordinated Team
When Ben and Claire first approached TrueNorth, they had a successful business and a great income. But they lacked the full professional team needed for the best results.
Beyond investment management and tax strategy, we connected them with an estate planning attorney and a qualified CPA who specializes in self-employment taxation.
This coordinated approach eliminated gaps in strategy. It enabled seamless implementation across all financial areas. And it ensured their professionals communicate effectively with one another.
The benefit for busy professionals like Ben and Claire is that they don’t need to find, vet, and coordinate multiple advisors themselves. They can concentrate on continuing to grow their business and enjoying their new freedom.
After years as a successful biomedical engineer in corporate roles, Ben made the leap to self-employment as a high-level engineering consultant.
The income was excellent, but the tax bills were shocking — sometimes hitting six figures. The inconsistent nature of his earnings made planning and saving difficult.
And as they neared retirement age, Ben and Claire were concerned about making the right decisions. They knew they needed expert help.
The Vision
Ben left corporate engineering excited to have control over his own time, choose his own projects, and work with clients he enjoyed. But he didn’t foresee the downsides of being self-employed.
Were they missing opportunities to reduce their taxes? Were they saving enough money to retire confidently? As long as he continued to worry about money, his freedom would take a backseat to his need to make as much money as possible and stay ahead of it all.
This was not what he had envisioned. He and Claire wanted relief from crushing tax bills, a diversified portfolio that didn’t expose them to unnecessary risk, and confidence in their retirement plan despite no longer having employer benefits.
Meet Ben & Claire
- Ben built his career as a biomedical engineer before transitioning to independent consulting in 2019. Major biomedical companies sought his expertise for high-level projects. This generated $300,000–$500,000 annually in 1099 income for Ben and his family.
- The money was excellent, and he valued his new freedom. But the transition from the security of a corporate job was more stressful than he had expected.
- The moment Ben became self-employed, the tax reality hit hard. Without proper planning, he faced annual tax bills ranging from $50,000 to $100,000.
- Those first large tax bills were a wake-up call. Ben and Claire knew they needed professional help to make the most of their new reality as a self-employed household.
TrueNorth Wealth Process
We saw significant opportunities in Ben’s situation. As a high-earning consultant with no employees, he could use powerful tax strategies available to business owners, without the complications of managing staff.
We developed a multi-year strategy addressing his immediate concerns (those crushing tax bills) and his long-term goals, including proper diversification and a comprehensive retirement plan.
Our Strategic Solutions
- We set up a special retirement plan (called a cash balance plan) that allowed Ben to defer over $100,000 each year on a pre-tax basis. This strategy saves him $40,000–$60,000 in taxes every single year.
- Ben owned tech stocks that had grown significantly in value. We created a three-year plan to gradually sell these stocks and spread his money across different investments. We used his tax savings to help cover the taxes from selling the stocks.
- We weren’t trying to time the market, but by diversifying his investments, we helped protect Ben’s money when tech stocks dropped.
- We created a retirement roadmap designed specifically for variable self-employment income, coordinating closely with his CPA and tax strategies to make sure everything worked together.
- Regular reviews allow us to adjust the strategy as Ben’s consulting business evolves. This gives him the confidence that typically comes from employer benefits, but tailored to his unique situation.
Where They Are Now
Ben and Claire’s assets have more than doubled since they began working with us. They have grown from $1.7 million in 2019 to $4 million as of 2025. The annual tax savings of $40,000–$60,000 continues to compound. Their portfolio has transformed from concentrated stock positions to a diversified strategy.
But the numbers only tell part of the story.
The real transformation is in Ben’s daily life. He now accepts only the consulting projects he finds genuinely interesting or meaningful. He works at the pace he wants. He has the freedom to be selective now that he is rooted in a solid financial foundation.
The anxiety over tax bills has been replaced by confidence in their tax strategy. The worry about having too much money in tech stocks has given way to peace of mind with diversification. And the uncertainty about retirement has turned into a clear path forward, even without traditional employer benefits.
This case study is based on a real client situation with names and certain details changed to protect privacy. Results may vary, and past performance is not indicative of future results.
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