Grab Your Seat for the LIVE "10-Days to Closing a Tax Plan" Challenge! Only A Few Seats Left! | JOIN NOW
TaxPlanIQ Power User: Tiffany Johnson
April 21, 2023 •TaxPlanIQ Support team
TaxPlanIQ is committed to the ongoing education and implementation of tax strategies. Periodically, we feature TaxPlanIQ users who have experienced great success utilizing our software and strategies. These users share their best practices with the greater tax planning community in order to foster success, growth, and sustainability of business via the TaxPlanIQ software.
Recently, Tiffany Johnson sat down with Sharla Bartley, TaxPlanIQ’s Director of Customer Success and Training, to discuss the ways the TaxPlanIQ software has changed her business. Tiffany is a CPA based in California, who has been using the TaxPlanIQ software for 18 months.
Tiffany shared that since using the TaxPlanIQ software, she has seen a marked increase in revenue. 2023 is the first year she’ll have complete data from the new tax planning business structure she has created using TaxPlanIQ. Tiffany is predicting that the numbers will show a 30-40% increase in revenue since incorporating TaxPlanIQ into her practice. Previously, Tiffany’s business included a large number of compliance-only tax work. Since implementing her new business plan including tax advisory services, she has seen 85% of her practice transition to tax planning packages. This has created a great increase in revenue.
Effective TaxPlanIQ Strategies
One strategy Tiffany uses is to lead with tax planning for every prospective client which she was encouraged to do in coaching with Jackie Meyer and Certified Concierge Accountant. Every meeting concludes with a TaxPlanIQ demonstration and the ROI Method™. Using the ROI Method shows prospective clients what the return on their investment will be if they choose to secure a tax plan with Tiffany. This method sells itself. When prospective clients see the savings they will incur by setting up a tax plan with Tiffany, they are more likely to say yes to the plan.
Measuring Success with TaxPlanIQ
Tiffany measures her success by counting the number of tax plans sold. She recommends using the ACTUAL feature within the TaxPlanIQ software which compares your estimates to final figures. We recommend using this at least annually with clients for a strategy and recap meeting. She uses this to determine how far she exceeded her pitch.
Current Challenges and Constraints
When discussing the primary constraints and challenges in her tax planning practice, Tiffany shared that staffing issues are at the forefront. Specifically, she feels pressure to find the time to hire and train new recruits. Three years ago, her tax practice had only one employee. Now she has five, and that number will grow to eight by the end of the year. Instead of caving to the pressure to overwork, Tiffany is learning to honor her time blocking. She often reminds herself that there are no accounting emergencies. This helps her create a healthy work life balance. In the future, Tiffany is looking forward to hiring a tax manager to oversee production.
Advice for Tax Planners
We asked Tiffany what advice she would give a tax advisor who is just starting out. She had a great response! Tiffany encourages new tax planners to get organized first. “Set up all of your systems, processes, and graphic designs before you meet with any clients. Once you have these things in place, begin with micro strategies (taught within TaxPlanIQ resource videos). Once you get good at implementing these, you can then begin to add more.”
Tiffany is thinking of building out a niche within her tax planning practice for stock options. She would build a template that is specifically for stock option planning for tech employees. Having specific templates organized and ready for implementation streamlines the process of tax planning. This advice is applicable to any niche market of tax planning and tax advisory services.
Tiffany also attended the Certified Concierge Tax Accountant class (CCTA), a tax planning masterclass led by Jackie Meyer and Sharla Bartley, to help level up her firm. This class is recommended for any accountant wanting additional guidance and techniques to make their firm a success. Visit TaxPlanningMasterclass.com to find out more and sign up.
We want to thank Tiffany for taking the time to share her thoughts and ideas with the accounting community! We are looking forward to seeing the great work she does in the tax planning space related to stock options. This is a challenging area, and Tiffany is leading the charge to service taxpayers with this issue in a positive and meaningful light.
For more information about TaxPlanIQ visit us here: taxplaniq.com