As a tax professional, you are well aware that every one of your business clients has two main goals at tax time: Calculate as many deductions as possible Avoid an IRS audit They’re counting on you for help. Most of them are unable to do this on their own, so your guidance is priceless. This is especially true for small businesses—and most vulnerable to RED FLAGS are home-based businesses. Knowing how to advise your clients about what to deduct when filing taxes is … [Read more...]
Creating a More Efficient and Secure Practice Through Client Portals
Since sending clients their tax returns via email is not an option, accountants are searching for alternatives to email communicating and collaborating with clients. Client portals offer a secure alternative with added benefits. Many firms are experiencing significant time savings and increased office efficiency through the use of client portals. Not only does this help practitioners comply with federal and state regulations requiring encryption of sensitive information (like social security … [Read more...]
How to Protect Your Client’s Retirement
Income taxes are one area where your clients can make a substantial number of mistakes when planning for retirement. Many individuals do not have the knowledge or training necessary to protect their client's retirement correctly. Thousands of dollars may be forfeited in this way, resulting in a lower standard of living for your clients. Retirees often receive income from a variety of sources including interest and dividends from taxable accounts, IRAs, Social Security benefits, … [Read more...]
Micro-Captive Transactions Taken off Annual List of Tax Season Scams
If it wasn’t bad enough already that a deadly virus is sweeping the globe, turns out criminals and ne’erdowells alike are still trying to steal money from hardworking Americans. Luckily, the IRS has an excellent track record of catching criminals and ne’erdowells, just ask Al Capone. Every year the IRS releases a list dubbed ever so quaintly as “The Dirty Dozen,” not to be confused with “Cheaper by the Dozen,” lovable Steve Martin family comedy which would have been a much better name for the … [Read more...]
Common Miscues That MAY Get Your Client Audited
Is one of your clients about to get audited by the IRS? Have you ever wondered why some tax returns are audited, while others aren’t? The IRS doesn't have enough personnel and resources to examine every tax return, so they rely on a variety of systems to target the returns that will generate the most revenue per hour for an auditor’s time. Here are several common miscues that may get one of your clients audited: Miscue #1: Your Client's Tax Return Doesn’t Match Reports Sent to the … [Read more...]
Using Newsletters for Email Marketing to Build Relationships
Finding a way to stay in touch with clients and prospects is not only a great way for marketing financial planning, but a great way to create loyalty and softly stay in front of potential clients or prospects in your pipeline with email marketing. Providing your clients with an attractive personalized newsletter is one way to accomplish this. The newsletter can serve as a means of communication – 12 touch points throughout the year. The last thing you want is for your clients to hear about … [Read more...]
Designing a Workflow System
Designing a Workflow System A Deep-Fried Workflow Model One of my summertime favorites is an annual trip to the fair. Although the summer fairs generally feature the same attractions and exhibits year after year, the board of directors find new and innovative ways to market a unique experience each July. The introduction of unique, one-of-a-kind new taste sensations such as deep fried girl scout cookies, Baby Ruth filled jalapenos, deep fried jerky, and even deep fried kool-aid satisfy the … [Read more...]
Must-Have Marketing Resources
If you’re like a lot of others that we talk with, you hate marketing. Often seen as time-consuming, confusing, expensive and often, difficult to quantify—it really struggles to rank a spot on your top ten list of “favorite things to do.” The problem is, marketing is an essential component of your business success story. You really cannot build a thriving business without it. After all, if you don’t control the way your business shows up in the marketplace, someone else will. And considering … [Read more...]
How To Turn Email Subscribers Into Paying Clients
The million dollar question is, if a conversion for you is getting people to sign up for your email list, what do you do once you acquire all of those email addresses? We’re going to share some tips that will help you stay softly in front of your prospects without a lot of pressure and eventually, turn some into paying clients. If you think email marketing is all about pitching what you sell, think again. Email marketing helps people get to know, like and trust you. This happens because, over … [Read more...]
5 Things To Consider Before You Offer Financial Services
As a tax professional, you may have thought about how you can expand your business to include additional revenue streams such as payroll and bookkeeping. And if you’re like a lot of my clients, the opportunity to provide financial services has seemed like an idea worth considering as well. The good news? You have lots of potential revenue-generating opportunities on the table. The not so good news? Some of them can do more harm than good to the practice you’ve worked so hard to build. … [Read more...]
