With the 2022 tax season approaching, Eric Green discusses what every tax professional should be considering right now and how to make your 1040 practice more enjoyable and profitable than ever before!
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What To Do Right Now With Your 1040 Practice By Tax Rep Network
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How Tax Pros Can Handle Messy Cases
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Managing Tax Practice With The Right Tools
How do I manage my Tax Rep practice? How do I get transcripts? How do I track what is going on with the IRS with every single one of my client cases? How do we complete the offer forms, the powers of attorney, everything? We use Tax Help Software. Tax Help Software is the cornerstone of our practice. We use it for its intelligent ordering. Every single night, it will update the transcripts of our clients. We will see things happen long before those letters even go to the mail.
We can then react. We can let the client know. We can get all the transcripts we need to determine what our client’s best options are, and when the debt going to expire. We can fill in all of the IRS forms and get them filed accurately, and the analysis done correctly. If you’re interested in giving it a test, go to www.TaxHelpSoftware.com. Use promo code TAXREPTRIAL, all one word, all caps. You’ll get a free two-week trial. If you love it and want to buy it, use TAXREP10, all caps, one word. You’ll save 10% on your purchase. It will be the engine that runs your tax rep practice, just like it’s what we use for ours.
No one is getting out of this world alive. Because we only have limited time, we should spend it doing things we actually enjoy. Share on XWe’re prepping for Vegas. We now have opened up Vegas for remote access, so you can stream the two-day conference right from your home. The room is sold out. We sold out the room. We decided to open up a live stream option. If you’re interested, you can certainly join us for that. In prepping for Vegas, I’ve been getting a lot of comments about taxis, and the taxis in the last two years have been miserable. I wanted to record this short episode to give you my thoughts on this. Here’s what I’m going to tell you.
As a backdrop, life is too short. We are all going to die. I don’t know if that’s news to you, but you can rest assured that 10 out of 10 of us will die. No one is getting out of this alive. Given that we have limited time, I would prefer to spend my time doing what I enjoy. It is work, but I’d rather do something I enjoy and do it with people that I want to work with. Don’t feel that you need to work with someone just because they happen to call you or because you did their work before.
What I think you should be doing with your tax prep practices right now, I would get a nice drink this Sunday. The football games are going to start in a little bit. Go through your client list. I would go through your client list and, first of all, identify all the F’s and the D’s. This means that if you were to rank your clients from A to F, find all the D’s and F’s, the people that you don’t want to work with. They’re not paying you enough. They won’t pay you enough.
Quite frankly, they’re just jerks. Their time sucks. They are the people you dread dealing with. Fire them. Send them all a letter. Very nicely say, “I am overextended. I have to scale back my practice. This is to inform you in advance of tax season that I will be unable to service your account going forward. I believe you have all of your records, but if you need any, please let my office know, and we will make them available to you. Thank you. Best of luck.”
Why Raising Prices Is Necessary Every Year
Get rid of them. Everybody else, the price goes up. Price goes up every single year. Why? I don’t know. I bet your rent goes up. I bet your staff wants a raise. You might even want a raise. All I know is the cost of everything goes up. Why should you stay the same? I would raise everybody across the board. Everyone goes up $50. Anyone that needs an extension, you’re charging for that.
By the way, I would inform them in their letter if they bring in their stuff too close to the deadline, I would say, “Starting April 1st, that return is an extra $100. Starting September 15th or September 1st, returns are another $100 more than that.” This is their problem. Get your shit together and get it in. If they need you to be Superman or Superwoman at the end and work ridiculous hours to get their stuff done because they couldn’t be bothered, that’s their problem. They have to pay for it.
Make this the year you take control of your tax practice and start making the money you deserve. Share on XWhat’s going to happen is a bunch of people are going to leave. Good. What you want to do is get your practice to the point where you’re making more money to do less work, and that’s going to free you up, by the way, to go do representation stuff. Go do planning cases. Work with clients that need you and will pay you a higher price.
Again, this is a very special service. It deserves a special price. Whatever you’re charging for accounting and tax prep at $100 an hour, that’s what you do for representation. In preparation for the coming 2022 season, what I would do is, first of all, get rid of anyone you don’t want to work with. You don’t have to work with them. I don’t care if you did their stuff for the last ten years. Screw them.
Eliminating Difficult Clients For A Better Practice
If they want to be assholes, go somewhere else. There are 28,000 H&R Blocks all over America. I’m sure they can find somebody else to go make miserable. The people you are going to be working with, the price goes up across the board. A handful of people will leave. Good. Let them. What you want to do is bring your life back into the realm of normalcy. Last thing, make sure you charge them for this last-minute nonsense.
It’s not fair that they should dump everything on you at the last minute and expect you to get it done. If you’re not already, you charge for extensions. If they bring their stuff in after April 1st, you’re charging for that as well. If it has to get done by April 15th, maybe even make it March 15th, they have to get their crap together and get it to you.
Preparing Your Tax Practice For Success
They’re waiting on a K-1? It’s not your problem. That’s their problem. They’re the ones who invested in this thing. They can lean on their partners to get the stuff done. The point is, make this the year you’re going to get your arms around your practice, bring it under control, and start making the money that you deserve. With that, everyone, have a great weekend. Hopefully, we’re going to see you in Vegas. If I don’t see you in person, hopefully, I’m going to see you on the live stream. Let’s finish out this year, and let’s prep for an even bigger 2022. Take it easy.
