Category: Profit Boosters

Two Simple Ideas for Creating Recurring Revenue in Your Tax Practice

Happy Thanksgiving! I hope you had a great day with your family!

It is late when I am sending this email. I wanted to send you this quick note.

By the time you are reading this, it is the Friday after Thanksgiving. Most of you know it as Black Friday. The day that brings most retailers from being the red financially into the black. Again, most of you know that as a profit.

Well, we did not want you to not see a Black Friday deal from us.

Many of you are always looking for some way to make more money in your practice without trying to find a new client. There aren’t many ways to do this, but I have one (well actually two) for you.

1) Sell an Audit Protection service to your existing tax prep clients. This is where they pay you in advance some amount (from $29 – $249 (or more)) each year. This fee covers the risk that they either get a notice or selected for an audit by the IRS (also works for the many of you with state income taxes). They bet that they will get a notice or selected for audit. You bet they don’t. If you sell this for $50 per client for a clients, that is $5,000. 500 clients? That is $25k extra in your practice for this year. I bet that would help pay some bills, wouldn’t it?

2) Sell IRS Account Monitoring service. You sell this to your tax resolution cases (you could also offer this to your tax prep clients). This is where you pull their IRS transcripts quarterly and send them a report that your ES payments are made, your Installment Agreement payments are posted, and your tax return hit the transcripts, so your OIC is still good. This can be sold for $250-1,000 (or more) per year.

Yes, is this easy to do and create. Sure! But will you do it on your own. Well, why recreate the wheel when you don’t have to?

We have a toolkit to help you do just that. It is called…

Audit Protection Plan & POA Monitoring Service Toolkit

Normally we sell this for $495. Well, starting now, you can have it for 50% off. But please know this expires at midnight (EST) on 11/30/21. This is a very limited time offer and may not be offered at this price again.

To purchase this … Continue reading

Podcast Episode #4: How to Maximize Stress, Increase Anxiety, & Eliminate Spare Time with Dan Henn, CPA

Welcome back to the 4th episode of The Profitable Accountant podcast.

My guest today is Dan Henn, CPA. Dan hails from the Space Coast of Florida, where he is now in his 27th tax season. Dan holds bachelor’s and masters degrees in Accounting and Tax from the University of South Florida, spent 3 years at KPMG, plus 13 years at large regional firms before starting his own firm.

His office runs with a staff of five, focusing on real estate and medical taxation and taxpayer representation. He is very active in the FICPA, and teaches the annual tax refresher class for his local chapter, as well as dozens of live webinars and seminars each year on IRS Collections representation topics.

On this episode, Dan and I discuss the challenges faced in going from staff accountant at a large firm to transitioning into firm ownership, and how his experiences at different sized firms shaped his expectations for how his own business would run. In particular, we discuss perspectives on fees at different size firms. Dan shares his biggest sources of anxiety in growing his firm, and how he’s worked to fix those. Dan also discusses the best ideas he’s implemented from a practice management perspective to grow his practice.

Be sure to listen through the end of the episode, because Dan will share his reasoning for switching to a totally new tax software suite for the upcoming filing season, including what drove his search for new tools and the factors that went into that decision.

Dan’s book suggestions:

Any of the “E-Myth” books by Michael Gerber

“Getting Things Done” by David Allan

The Profitable Accountant Podcast provides short installments to help you operate a more efficient and profitable accounting and tax firm. On our website, you can find additional information about marketing for accountants.… Continue reading