Today we’d like to introduce you to Latoya James.
Alright, so thank you so much for sharing your story and insight with our readers. To kick things off, can you tell us a bit about how you got started?
AccuTax Pros was founded in 1998 at The Ohio State University when I couldn’t afford to pay H&R Block to do my taxes, Once I became an expert in tax preparation, I was inspired to help my fellow college friends as well as own my own tax business. In 2019, I created and licensed my business model and partnered with other business-minded individuals who shared a vision and same mindset as me and the AccuTax Pros brand.
Today I am a qualified tax business owner and tax preparation specialist with a staff of 30 who provides professional expertise and offers a wide range of tax services tailored to your particular financial needs. We also have a CPA on staff to provide accurate and prompt personal, corporate and commercial tax preparation, bookkeeping services, financial literacy, IRS audit and representation.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
When compared to some related endeavors, such as becoming a real estate agent or an insurance agent, being a tax preparer can be a comparatively simple undertaking. Tax preparation is a unique profession in that it is not a year-round job but rather a requirement.
It’s exhilarating to open your own tax firm. It provides you with the satisfaction of running your own company, the challenge of acquiring new skills, and the excitement of gaining your first client. It can, however, be extremely stressful. Your firm, like any other small business, will confront substantial obstacles, particularly in the beginning.
Every small business failure is, without a doubt, due to a lack of funds. The initial few years of a business are the most vulnerable. New business owners sometimes misjudge the costs of doing business, leaving them cash-strapped or significantly in debt. Tax preparation, fortunately, requires a cheap initial investment. The following are likely to be your major costs:
Tax preparation software
Domain and website hosting
Application fees to the IRS
Professional liability insurance
Marketing costs
Internet
Office supplies
Office costs (Note: Many tax preparers start with a home-based office)
Tax preparation can be a competitive market. In order to keep up with and surpass your competition, you need to understand them and outperform them.
I look at what other tax preparers are doing on a regular basis to keep on top of the tax prep market in my area. Examine their websites, social media accounts, and Yelp and Google reviews. Take note of the services they provide, the rates they charge, how they market themselves, which ones appear to be the most successful and why, and last but not least, customer evaluations.
Marketing strategy has always been a problem for me. I can bring in clients and employees, but not at the rate that I would like. AccuTax Pros might be the next H&R Block or even greater, in my opinion. I just haven’t figured out how to advertise myself yet. A marketing strategy is necessary regardless of how tiny (or nonexistent) your marketing budget is.
What I’ve learned is that establishing a business is never easy, but it may be a lot simpler if you learn from other people’s errors rather than making your own. Before I started my tax preparation business, I did a lot of research on my competitors and clients, and I built a business and marketing plan to match. It’s never too late to improve or develop your business approach.
Finally, you don’t have to figure it all out on your own; my team is extremely knowledgeable and always happy to help.
Thanks – so what else should our readers know about AccuTax Pros?
We are a full-service Virtual Tax Preparation Company serving the residents of all 50 states for over 24 years. At AccuTax Pros, we offer year round individual and corporate bookkeeping services, income tax services, we have a certified public account on staff and so much more.
All of our tax agents are certified and up to date on all current tax laws that you may encounter; from current sales tax rates to what it will cost to run a small business. AccuTax Pros are your tax experts, answering the tough questions and helping you with your financial planning and bookkeeping throughout tax season and the rest of the year.
What sets us apart is that we are 100% virtual which means you can take an appointment with any of our 30 staff members in the comfort of your own home or wherever you have zoom capabilities. We came up with this concept post the pandemic and the closure of brick and mortars. Honestly, this was the most efficient at a very low cost compared to renting or owning a building.
Additionally, this set up allows me to provide a profession that features stability, flexibility and is a great way to earn additional income while only working part-time hours from home or being mobile from anywhere in the world.
Are there any books, apps, podcasts or blogs that help you do your best?
Forbes’s articles on How To Create A Business Plan and Business Plan Templates are great starting points. While some points — like supply chain management or distribution — aren’t relevant to you as a tax preparer, these resources will still help you formulate a thoughtful, well-researched business plan.
AccuTax is featured on the TK Kirkland podcast every year where we discuss all the new tax laws, rules, credits and deductions, etc.
1001 Tax Deductions and Tax breaks is a very good read; there’s so many write-offs out there for business owners.
Contact Info:
- Email: contact@accutaxpros.com
- Website: ACCUTAXPROS.COM
- Instagram: @MS.LATOYALEE
- Facebook: https://www.facebook.com/LaToyaLJames/
Image Credits:
Jacob Allinson – Photgrapher IG @JacobAllinson
