If I asked you, “How would you go about adding an additional hundred thousand dollars to your practice?” What would you tell me?
You could tell me that you want to add a hundred thousand dollars to your practice by doing tax returns. If you’re charging $400 per 1040 return you’ll need to do 250 additional returns to gross that number.
However, the national average for a simple W-2 itemized return in the United States is $273. So, if you take that amount, you’d need to do an additional 366 tax returns from what you are doing to gross an extra hundred thousand dollars in your practice.
Now, what if I told you you can gross an additional hundred thousand by just adding 20 new clients instead of 366?
How does that sound—20 new clients at $5,000 each, instead of $273 each? And that amount is on the low end. The way to make that kind of money is by doing tax problem resolution work. These are people that need your services because they have a huge IRS debt problem—they owe the IRS money which they can’t pay in full.
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I’m not saying to get rid of your tax prep clients or monthly accounting clients entirely. What I am saying is since tax resolution is now more “mainstream”, and the hottest area in tax, learning how to attract tax problem resolution clients is a way to create wealth in your practice and life. Learning how to do tax resolution is a way to get off the feast or famine treadmill you find yourself on in the off-season.
Serving people with IRS problems will guarantee profits and cash all year long, and especially from May through December. Adding tax resolution to your practice right now is a way up and out of where you are.
If you want to collect an extra hundred thousand dollars this year you can go out and get 366 new tax return clients (at what cost?) or you can add just 20 new tax resolution clients to arrive at the same figure.
Click to watch my video on how to add ADDITIONAL SIX FIGURES TO YOUR PRACTICE!