Category: Practice Management

Protect your time as your life depends on it, because it does!

Hello, brave warriors of the tax realm! In the grand battle of life and work, your most precious weapon isn’t your calculator or your knowledge of the tax code—it’s your time. Once spent, time is the one treasure you cannot win back, earn anew, or retrieve. It’s irrevocable. Thus, setting boundaries is not just wise; it’s essential to protect this invaluable asset. Let’s gear up and learn how to shield ourselves from the time-stealers lurking around us—be they clients, family, friends, or even our own troops (staff).

1. Fortify Your Calendar Your calendar is your castle. Defend it fiercely! Block time segments for different activities and stick to them ruthlessly. Allocate specific times for client meetings, family time, and personal quests like your beloved hobbies. This not only keeps invaders (a.k.a distractions) at bay but also ensures you’re ruling your day, not scrambling in the battlefield of busyness. Use this wisely and this will help you prevent the got a minute call. If you set a payment system to book these calls and your clients will think twice about wasting your time.

2. Train Your Gatekeepers Whether it’s your receptionist, assistant, or a trusty software app, make sure your first line of defense knows who can breach your gates. They should be skilled in the art of saying “no” or “let’s schedule this” when unexpected visitors (tasks or people) try to storm your schedule.

3. Establish Communication Trenches Decree when and through what channels (email, phone, messenger pigeons) you will communicate. Inform your clients and your legion (your team) about these channels and respect them yourself. It prevents the chaos of missed messages and the anarchy of constant interruptions. I have had this note in the subject line of my email for the last 8 years. “Effective immediately, I will be returning phone calls and emails from 11am-1pm and 4-6pm ET.”

4. Proclaim Office Hours Set and communicate your kingdom’s operating hours—times when you are available to clients and staff. Outside these hours, the drawbridge goes up, and the moat is filled. Your time is your own to enjoy the spoils of your hard work, whether it’s spending time with family or indulging in hobbies. Block your time each day. I always did all day Tuesday and Thursday to have available to meet my noble subjects (clients). But I also did what I could to make sure they were back to back to limit the … Continue reading

Tax Pros – Fire that bad client – Here is what he/she looks like!

It’s time we had a heart-to-heart about those clients who make our lives miserable. You know the ones – they’re always late with their paperwork, they argue about every deduction, whine about our fees and they think we’re their personal servants. Well, I’m here to tell you that it’s time to cut them loose! Here are seven reasons why firing your worst clients is the best decision you’ll ever make.

1) They’re always late. These clients are the ones who show up on April 14th with a shoebox full of receipts and expect you to work miracles. They don’t respect your time or your expertise, and they’re always surprised when you can’t get their taxes done in 24 hours. It’s time to show them the door!

You can’t train these people. If you could, it is not worth your time. It was the best decision I ever made to fire the bulk of the people who did this to me year in and year out. It actually made the next tax season the best I ever had.

2) They’re never satisfied. No matter how hard you work or how many deductions you find, these clients are never happy. They always want more, and they’re never willing to pay for the extra time and effort you put in. It’s a losing battle, and it’s time to wave the white flag.

These are the “Got a minute” people. Because you don’t want to offend them, you take their call (even though you knew you shouldn’t have) and 45 minutes to an hour later, you finally get to answer their question. Then YOU feel guilty about sending them a bill. Your time is valuable (and limited), don’t let people take advantage of you and waste your valuable time. Did you ever think that you could have used that time to get work done, that you get paid for and maybe gone home on time and done something you enjoyed?

3) They’re rude and disrespectful. These clients treat you like their personal servant, and they have no problem letting you know when they’re not happy. They yell, they curse, and they make your life miserable. You don’t need that kind of negativity in your life!

Not only do they do this to you, they do it to your staff. Then you wonder why Sally or Joe left. You never thought it was because of the rude client and that … Continue reading

By adding IRS Representation (Exam and Collections) to your service offerings, you can achieve all of these goals and more.

As a licensed tax professional, you’ve already built a strong foundation by providing expert tax preparation, bookkeeping, payroll and/or planning services to your clients. But what if I told you that there’s an untapped opportunity to grow your practice, increase your revenue, and strengthen your client relationships?

By adding IRS Representation (Exam and Collections) to your service offerings, you can achieve all of these goals and more.

First, let’s address a common concern: you might be worried about the time and resources required to expand your services. However, the truth is that offering IRS Representation can be a seamless addition to your practice. With the right training and support, you can quickly acquire the knowledge and skills needed to effectively represent your clients before the IRS. It is not as time consuming as you think and you can earn CPE credit while you learn.

Now, you might be wondering, “What’s in it for my clients?” The answer is simple: peace of mind. When your clients face an IRS audit or collection issue, they experience significant stress and anxiety. By offering IRS Representation, you can step in as their trusted advocate, guiding them through the process and ensuring their rights are protected. This level of support strengthens your client relationships and positions you as their go-to resource for all tax-related matters.

Did you know that clients actually perceive IRS Representation as a much more valuable service than tax prep? Why, the tax return is the necessary evil, it has to be done, but with representation, they have to directly deal with the IRS. For many taxpayers that leaves them feeling scared, mad, upset and fearful of the boogeyman IRS.

Moreover, adding IRS Representation to your practice can lead to substantial financial benefits. Did you know that the average fee for representing a client in an IRS audit ranges from $2,500 on up? And for collection cases, fees can easily exceed $1,500-3,000 or more. This doesn’t even include the premium fees you can charge for unfiled tax returns, which happens often.

These additional revenue streams can significantly boost your bottom line, allowing you to grow your practice and invest in your future.

But the benefits don’t stop there. By expanding your services, you’ll also differentiate yourself from competitors who only offer basic tax preparation. This unique selling proposition attracts new clients who are seeking a comprehensive, one-stop-shop for all their tax needs. Additionally, existing clients … Continue reading