Hope for the Same

My first official tax season is coming to a close. I of course have a few clients who have yet to bring me their info, and some who have only brought me some info. For the year, I am going to get modernized with some software updates, and also get together a mailing for next year to current clients. I can also now begin to focus more energy to getting our home improvement business up and running.

I have one client who I've agreed to work with who really needs me to do the write-up work for throughout the year. She is one of those clients who went to art school but thinks they understand accounting anyway, seriously. It's going to turn her return into a nightmare. I have been coaching her somewhat on bookkeeping, but to date she insist on taking care of it herself. This is going to be tough, she is unreliable, but can pay the bill. Honestly, if she wasn't a close friend, I wouldn't be working with her. I guess I'll do my best, and hope for the same.

As far as working for myself, all I have to say is: its hard work and its scary, but dam it sure beats sitting in the office with the chumps! (Did I mention that, for now at least, I am still sitting in the office with the chumps?) I am, but I am working my way out, creating my own path. So for now I'll do my best, and hope for the same.

Crazy People Have Tax Returns, Too

Crazy people have tax returns, too, or so I have learned. Yesterday I had to turn away a return. Sorry, but I'm looking for good long term clients, and I am in a position to wait for them. It was a tough decision, I don't want to turn away work right now, but I realized that if I am not willing to turn away clients who I have no interest in working with, what is the point of being my own boss?

This week I think I have three individual returns to do, which should work out well. Not much work, but all good people, good long term clients.

I also have a plan to call a friend's father who is a CPA, retired from his full time job, and does returns during tax season, makes like 60k a year just doing that. I need some business guidance, some questions answered, maybe find out what kind of continuing education he participates in over the year.

More (some) Success

As I'm sure I said in an earlier post, I finished my first paying return two days ago. I also got contacted by yet another person today about taking care of their 1040. Tomorrow I have some write up work to do, a return, and thats all. I will likely make more this week doing accounting than I normally do at the 9-5. All I can think is, keep it up and get out of that 9-5! FYI, it's 1:30, I'm up drinking wine, had dinner with a friend earlier, and I have work to do tomorrow, work that pays quite well!, and work that will be done on my own time (after the gym) and in my pj's should I choose.

Big Week is Here

I've officially got two $600 returns to do this week. Yesterday I spent about 7 hours (plus 3 hours the day before) putting together the workpapers for a 1065 with three partners that I should finish today. I've got two individuals this week as well, and likely at least another two more. I am working very hard, but it is all for me. Every drop of sweat puts cash in my pocket, and equity in my business. What fun. Self employment of any kind is better than any job with a boss. I have a new long term goal: Within 5 years, I want to earn $50,000 during tax season alone. At an average cost of $300 a return, thats 166 returns, I can do it.

Big Week Coming Up?

This week it looks like I have two $600 returns. One is a rather simple LLC return with partners, and the other is a single member LLC. I'm a little concerned about the single member LLC as far as records go, but I'm taking it on a wait and see basis. I also got a call last night to set up an appointment on Tuesday the 25th for an individual, that looks optimistic as well, and of course my mother will be bringing by her tax info on Sunday or Monday.

I think business wise, this season its most important for me to do a good job with all of my returns, and to continue to let people know what I am doing. I know I'll continue to make mistakes, but I will also continue to learn from them.

Burned Today, Lesson Learned for Tomorrow

So when my new client showed up today she had already completed her return, and wanted me to review it for her. I spent about an hour answering her questions, at which point I asked her if she wanted me to take care of the return, to which she replied "would it be less since I have already done this?"

"No." Of course not, I still have to redo the return, and fix all the errors you already knew about but didn't know how to treat, which is my job and why you were going to pay me.

"I guess so," she answered, obviously feeling obligated since she had already eaten an hour of my time. I told her it was her decision, and she could go ahead and finish the return herself if she wished. She did offer to pay me for my time, to which I simply asked her to refer anyone who really did want my help, and wanted to pay me.

Lesson learned, next time I will asked the person I am meeting with, "what would you like me to do?" Before I meet with them. If you would simply like me to answer some questions, and I'd be happy to help for $50 an hour.

On a better note, somebody else approached me at an opening last night and inquired about having me take care of their 1040, at least I thought that what they wanted, I'll definitely clarify before I set up a meeting.

Tomorrow is a New Day

Tomorrow I meet with my first new client in several years. I am definitely nervous, but I think the most important thing is to appear confident, which i can do. It's a simple return, individual 1040 who has some self employment income, probably a schedule C. I'm charging $200, which I feel is a fair price for the client and for myself. I am going to take my time with the return and be very careful (I always am). I'll call the IRS to confirm anything I have the least doubt about. I'm going to have the new client sign an engagement letter, and tell her I need two weeks to complete the return.

My wife actually knows her (she saw my ad on my wife's blog), and she seems like she would make a great long term client. I am very excited. For me, each new client represents me getting 1% closer to full time self employment! All right! It also appears that I have that partnership return I discussed earlier. Apart from the fee ($600), the company has many independent contractors who also need tax work, which represents a good opportunity for my service.

Wish me luck!

I Guess I Will Wait Patiently

Today I got a call from three potential clients who expressed continued interest in tax services, but said they didn't have all their info yet, and wanted to reschedule appointments for a later date. Good sign, continued interest, and my wife got an email from my dinner party contact, reinforcing his interest, another good sign. On the 9-5 front, I got continued reinforcement that this is not the path for me!

Stranger

Remember that ad I said my wife posted on a blog she runs? Well the blog is for artist and gets around 200 - 600 hits a day, mostly locals who know us or know of us through some friend of a friend. I primarily posted the ad to let those people, the people in my extended group of local friends, know that I was looking for additional tax and accounting work. Today I got an email from someone I have never heard of, inquiring about tax work. I'm not sure what to do and this is one of those moments I wish I had a mentor to turn to (note to self, find mentor to turn to in the future). Ideally I would like to build my practice on word of mouth, personal connection basis, and I don't want to take on any pain in the ass clients. On the other hand, I do want to grow my practice. I guess I send her an email and take a chance. I can always say no, I am the boss.

More Hope

Just when I was having some doubts, last night my wife threw a dinner party and it looks like I have another tax client.