Get in the Business of Growing Your Business!®
No matter how much you prepare, you can never control the outcome of something. This isn’t to suggest you can’t aim for a certain outcome. We should always do the legwork, putting in the time to prep and research as much as possible. But while you should commit time to preparing, you can’t become married to a certain result. Expectations are resentments under construction. Continue reading
As we all know, if you’ve been reading the news stories online or watching the evening news, Paul Manafort, Donald Trump’s former campaign manager, was found guilty on five counts of tax fraud, one count of failing to report his foreign bank accounts (FBAR) and two counts of bank fraud. Robert Mueller’s Special Counsel went after him over the alleged Russia collusion with Donald Trump. But that’s not what he was found guilty on; he was found guilty of tax fraud.
Your tax resolution clients need to know that when they come to you, and they’ve filed fraudulent tax returns, or haven’t filed legally required income tax returns which they will more than likely disclose to you, there can be major consequences they face for these actions.
You know what I used to tell clients that would ask, “Mike, it’s not that bad is it?” What this week’s video to get a great strategy of how to answer that question if your client asks you the same thing.
This past spring, Roslyn and I flew out to New York to visit our daughter. Erica got engaged over the holidays, which means she and Roslyn are in full wedding planning mode. While we were out there visiting, Erica scheduled an appointment to look at wedding dresses with Roslyn at Kleinfeld Bridal. If you haven’t heard of this bridal boutique before, you may have heard of the reality show set there called, “Say Yes to the Dress.” You can Google it if not.
I didn’t intend to go to Kleinfeld myself. My plan was to walk around the City, find a good cigar bar, and have a stogie. But I decided to tag along. How often do you get to visit a snooty dress store in NYC, where the staff keep their noses up and try to sell you dresses way outside of your budget? At least, that’s what we thought Kleinfeld would be like. Instead, Roslyn and I were completely wowed by the exceptional customer service. Continue reading
Do you have a brochure? If not, you should put it at the top of your marketing strategies “to-do” list. Why is a tax resolution brochure so important? The No. 1 benefit of a brochure is it increases your opportunity to make a sale! The goal of your brochure is to get prospects to call you. Continue reading
Collections
Unless you like making those dreaded monthly collection calls and wasting time chasing after receivables versus working on earning new business you may decide that tax problem resolution work is just what the doctor ordered. NO MORE SENDING INVOICES. NO MORE ACCOUNTS RECEIVABLE!
Tax Problem Resolution clients expect to pay in advance. You will enjoy having money in the bank for services yet to be performed. You’ll have deferred income on your books not to mention the time saved by eliminating making those monthly dreaded collection calls.
Deadlines
Generally, in this area of practice deadlines are flexible or more generous than those in typical compliance work. I have had many occasions to reschedule IRS dates for family events, and vacations.
Specialization
Business experts regularly advise working in a niche as the way to achieve real financial independence. Tax resolution is the only way to do that building on the skills and credentials you already have. With having a step-by-step blueprint, you can launch a new specialty that may do the same thing for you that it did for me and my students.
Increased Fees
The average fee for preparing one’s tax return is $273 nationwide. You may be charging slightly more than this right now and I bet your hourly billing rates are in the anemic $75 to $225 an hour range. However, the average fee that a tax resolution client pays is $5,000 and up. Resolving tax problems earns double to triple your current hourly rates because you can easily employ value, fixed fee pricing for this work. But, that’s only part of the good news. During tax season one client usually means one tax return, one fee. The season is short and then you’re back hustling for business. When you are a tax problem resolution practitioner, you’ll have profits and cash flow year round.
Leverage
A significant portion of this work can be handled by non-licensed staff. This frees your time to work “on” your business instead on “in” it. You can further leverage your time through case management tax resolution software.
Competition
Marketing to a niche market eliminates competition. In fact, former competitors become referral sources. Additionally, being in the powerful position of being able to offer IRS Problem Clients much needed relief will be known throughout your community. Being recognized as the practitioner specializing in tax problem resolution will bring referrals from people and other professionals you’ve never met before. You’ll be known as the “go-to” person for help.
BONUS: The IRS Is Your Marketing Partner!
IRS is not only filing liens and levies the old fashion way (by Revenue Officers and by ACS telephone collectors), but now they are being filed automatically by technology – do you think troubled taxpayers will need help more than ever?
Taxpayer’s with IRS problems will make one of four choices when dealing with the IRS:
Which one of these choices do you think most people would make? If they had the money to pay the IRS, they would have done so already. Others will wait until the problem has negatively affected all aspects of their life. Yes, some uninformed people will just set up a payment plan that continues to add interest and penalties. They seldom do this in their best interest and could use your help to fix their mistakes. Many agree to monthly payment amounts they just can’t keep up with.
Your most profitable cases will come from the last group. These are your bread and butter clients! They need help, they want help and the IRS is probably already after them so they’re ready to act NOW, and they will PAY you in ADVANCE to get the help they need to get the IRS off their backs.
Read Full Story on Starting Your Very Own Tax Resolution Services Here >>
WARNING: Adding TAX RESOLUTION To Your Existing Practice Can Double Your Income AND Change Your Life!
Imagine making more money with your existing practice than you ever thought possible. Imagine never having to worry again whether or not you have enough business, especially in the off-season. You have worked years to build your business. Now it’s time for you to earn what you deserve.
Think about the possibilities…maybe it’s the prospect of more free time to spend with your family and friends, a long vacation away just to relax…Maybe it’s as simple as that classic car you’ve wanted for years. The list could go on forever! What’s important is how empowering it is when you have independence, security, and control of your future.
I will show you how to increase your monthly income by thousands, not with some get rich quick scheme, but with a proven, reliable business model that you haven’t taken advantage of – yet.
Imagine never having to chase receivables again. How about being able to select only the clients you want to work with. You may have to alter your mindset from needing to take every client that walks through your door to selecting ONLY those that meet your criteria. Imagine having a prospective client qualify for your services before you allow them to engage you – and collecting much higher fees than you ever thought possible BEFORE completing the work. Imagine how it would feel to finally be paid what you’re worth AND be appreciated and respected by your peers and clients!
Some Insights on the IRS and the Tax Resolution Market
Today, 19 million people owe the IRS over $391,000,000,000 (billion). 14 million of them are already in the IRS’s Collection Division. This number is expected to increase exponentially in the coming years. The Commissioner is pushing the IRS to employ technology and collect more despite reduced resources. Taxpayers are already experiencing ever-increasing difficulty getting help from IRS personnel. So, when the IRS computers levy a taxpayer’s bank account or paycheck, they are looking for someone to assist them. Why not you? The tax gap is growing, currently at 391 billion dollars PER YEAR and IRS staffing is shrinking. The result? Less flexibility, less cooperation, and more pain for troubled taxpayers.
Many times it takes a wage garnishment, bank levy or the issuance of a federal tax lien for a delinquent taxpayer to realize they can’t just hope and pray their tax problem will go away and the IRS will forget about them. As you can see, the IRS is an expert at inflicting immense pain to more and more delinquent taxpayers every day!
When you have the knowledge of how to attract and get retained by IRS problem clients, your bank account will become flush in short order. When that transformation takes place you will only regret not starting sooner. Picture buying a summer home knowing you can afford it. Imagine taking much needed vacations wherever and whenever you feel like it. Visualize not having to write off large chunks of time and money from your monthly billing statements just to appease clients because you’re afraid of losing them. How about being able to reliably predict how many new clients you’ll have each month by executing proven marketing campaigns.
Read Full Story on Starting Your Very Own Tax Resolution Services Here >>
WARNING: Adding TAX RESOLUTION To Your Existing Practice Can Double Your Income AND Change Your Life!
