Tax planning can be one of the most profitable opportunities available in the accounting world today.

The problem is, I see so many people doing it wrong and leaving TONS of money on the table.

Here are some tips to make sure that doesn’t happen.

Not only will your client LOVE you because you’ve provided them with so much value…

…you’re going to be pretty happy as well because you’ll finally be offering a High-Value, High-Margin product and service.

#1 Goal of the tax plan

You’ll know right away whether it’s going to work out with a potential client. The first strategy session you do with them is sort of a mirror of how the entire relationship is going to go. 

Our goal in going through the whole process of tax planning isn’t to get the client to a perfect place.

You might not come from a tax background at all.

Or you might’ve been in tax for 30 years already…

No matter what your level of experience is, just know this:

You’re not trying to learn everything.

You don’t need to do everything for your client.

The only thing you’re trying to do for your client is get them from where they are now to a better place. 

That’s the goal.

You’re not trying to get down every single strategy in the world.

You’re not trying to fix everything you see that could be done for the client.

 You just want to get them from where they are now…

…to a better place after working with you.

For example, let’s say you learn a new strategy 3 months from now…

You can implement that for them.

You can go back to them say, “Hey, I learned this new strategy. I went to a conference. I think this would be a great idea for you to implement. I really think we should work together on this.”

Then you can upsell them into other services.

#2 Avoid life-sucking clients on the initial sales call

You’ll know right away whether it’s going to work out with a potential client. The first strategy session you do with them is sort of a mirror of how the entire relationship is going to go. 

If they come in super demanding, for example, well who even wants to work with that person?

Worst-case scenario… they actually DO sign up to work with you and then you have to talk to them every day!

You need a process to weed out bad people.

Because if they’re acting crazy and not following your process…

… then when they become a paying client they’re probably going to act the same way.

If it’s not going well… sometimes it feels good to end the call. And it’s completely ok to say, “Hey, this isn’t going to work. I honestly do wish you the best of luck.”

That way you can leave with your dignity and go to the next call and you got to feel like you deserve what’s coming next. 

The main thing that matters is leaving the call feeling like you won even if you didn’t close the deal.

#3 Use this BIGGEST motivator to get clients to work with you

If you can show them what they’ve lost in the past year…

…it’s much more powerful than saying “I can save you $35k in taxes.”

Even if you can’t do anything about past returns…

It’s still a powerful tool to get the client to work with you.

Because the reality is…

They will start FREAKING out once they realize how much they’ve overpaid.

They’ll have a pit in the bottom of their stomach.

Gaining seems fake.

Loss feels real. Because it already happened.

FOMO and fear of loss is psychologically much more persuasive than talking about gain… so focus on it when talking to prospective clients.

#4 Stack your services (Prep vs Planning vs Implementation)

An important question to ask is, “How can you provide the most value for the client?”

Fundamentally, tax planning is really just providing education for your client, because when you deliver the plan, you’re teaching them the strategies.

 But if they want to implement, they’re going to have to do that on their own.

The challenge with that is, though…

… a lot of times they won’t implement it.

So again, “how do you get the best result for the client?”

It’s more of a done-with-you model.

Instead of just doing the tax preparation services (which is really the worst) or just doing the planning…

You want to do planning, implementation AND preparation.

So you can see with tax preparation, that’s the lowest value.

When you move to tax planning there’s high value…

…but the problem is, it’s not the highest result.

There’s high value in the plan itself, but there’s a certain percentage of people that are gonna drop off after only implementing a few things.

Or they’ll implement something wrong.

But when you add in planning, implementation and preparations all bundled…

…THAT’S where you really provide the highest value.

 Because you’re gonna go through and actually help them do it, which gets them the best results.

Not only is that best for them…

…but it’s best for you.

Because now you can charge the highest amount of money because if you’re getting the client the best result, then you can build the biggest fee.

#5 Protect your client’s assets using THIS loophole

There’s a difference between having a board meeting at your house and actually documenting the minutes…

… and have a “board meeting” in a restaurant with your spouse. 

Don’t go out to a fancy shmancy restaurant and have this great meal, and expect that it’s going to be deducted as a board meeting.

That’s not how it works.

If you do that, it’s not going to be a good thing if you get audited.

But if you do it and you make sure that you document that board meeting… you’re doing 2 things.

1)You’re taking advantage of the Augusta loophole which lets you deduct meals

2) You’re making your company more safe.

#6 Easily know how to price your first tax-planning client

You might feel insecure about what to charge your client (especially since you don’t know how much you’ll save them yet)…

…but ask for at least $2,500- $9,800.

At the very least, just go with the $2,500.

Here’s why.

In the beginning, your experience working with people is more valuable than the money you’re going to make.

Even if you make 5 grand per client for the first 10 clients and you make 50 grand…

…it’s worth it because you now have that skillset with you for the rest of your life.

The worst thing you can do…

…is talk to the client and do research for them without collecting any money.

I’ve seen SO many people do that, and it makes me want to bang my head on the table.

And always collect the money upfront before doing any work!

That’s the point of the plan!

You’re getting PAID to do the research.

That time is valuable, so remember to ALWAYS charge for any research you do.

#7 Recommend offshore tax incentives to your clients

If your client is crazy enough to move to a US territory like Puerto Rico or the Virgin Islands…

… you can offer them MASSIVE tax incentives.

That’s huge!!

But you/your client has to stay at LEAST 183 days per year in order to qualify.

Would it be worth it to you to take part of your business offshore?

It’s definitely something to think about.

These 7 tips are totally useless to you…

Unless you put them into action.

The problem is, that’s where a lot of people fall short.

Life gets in the way.

But that’s where the fun part comes in!

My team and I are willing to work alongside you to FORCE you to get this stuff done…

So that you can have a calendar full of high-paying clients & leave behind the life-sucking clients for the tax planners who have never seen this info.

We’ve already helped over 7,053 accountants take their firms to the next level.

Why not yours?

Click here to apply to talk to me or someone on my team.

Talk soon,

– Andrew Argue, CPA