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Case Studies

An opportunity to explore new tax planning strategies,  ideas and to showcase actual results for Accounting firms in all industries. 

Case Studies using real-life examples

 

Tax Planning Transformed: A Case Study with TaxPlanIQ


John, a seasoned tax advisor with an hourly rate of $250, was constantly overwhelmed with the demands of his practice. Accurately managing a client's tax plan throughout the year would require him to dedicate over 30 hours per client. Given the constraints of his schedule, John didn't have this amount of time to invest, ultimately leaving significant opportunities and revenue on the table.


Enter TaxPlanIQ.


With TaxPlanIQ, the amount of time John needed to spend on each part of the tax planning process was dramatically reduced. The initial discovery, once a 2-hour task, was cut to 30 minutes. Proposal development was halved from 1 hour to 30 minutes. Onboarding, a 5-hour undertaking, now only took 1-hour thanks to pre-generated tax plans. Task tracking, which previously took many hours for each tax strategy, was significantly reduced to around 1 hour per strategy. And finally, the annual review process, formerly a 3-hour ordeal, was trimmed to just one. All in all, these changes reduced John's workload from over 30 hours to just 14 hours per client, a remarkable time-saving equivalent to $4,000 in value for just one client.


But the benefits of TaxPlanIQ didn't stop at time savings.

The platform's ROI visualization allowed John to elevate the value of his planning services. Where he previously was unable to manage a comprehensive tax plan due to time constraints, he could now confidently charge $6,000 for implementing a full tax plan for his client (based on finding approximately $25K of tax savings and an ROI for the client) and an additional $400 per month for maintaining the plan. This approach realized an additional annual revenue of $9,600 for one client, doing work that was both rewarding for John and greatly valued by the client. It also replaced doing about 10 tax returns which was exciting!
Considering the subscription cost of TaxPlanIQ, John spent $200 for pay-per-plan and $150 per month ($1,800 annually) for education and community access, equating to a total cost of $2,000 for the year.

Every TaxPlanIQ subscription includes an hour of Continuing Professional Education (CPE) per month. John valued this benefit at $100 per month, adding a further annual benefit of $1,200. When subtracting the CPE value, his net cost was reduced to $800.
Taking these figures into account, John's Return on Investment (ROI) for TaxPlanIQ was a staggering 1,750%. If he used TaxPlanIQ for any other clients, his return on investment would skyrocket even further.

John's future plan involves focusing on one client at a time, upselling them into these valuable tax advisory plans, and eventually letting go of clientele he cannot find an ROI for. Once he manages to deliver more than a couple of tax plans per month, he plans to upgrade TaxPlanIQ to the full unlimited $600 per month Professional Plan and still reap an enormous ROI.
By adopting TaxPlanIQ, John has transformed his practice, providing superior value to his clients, and freeing up over two business days' worth of time on this one client's work. He is hopeful for the future of his practice and is looking forward to reallocating his time to do the things he loves and bring more purpose to his clients.

If you're a tax advisor looking to revolutionize your practice like John, start your 2-week free trial at TaxPlanIQ today. Enjoy the enhanced efficiency, generate more revenue, and above all, provide superior value to your clients.

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Ready to become indispensable to your clients and build a business you love? Try TaxPlanIQ free for fourteen days and follow our proven process to see a measurable ROI.

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Maximizing the clients you already have!

Read more about how Joy Lutz uses TaxPlanIQ to maximize clients she already had and increase revenue.

"You don’t have to have insane return numbers and glitzy clients for TaxPlanIQ to make a big difference. Every CPA has clients where they can save them $10,000 to $20,000 off the bat. They just don’t know they have those clients already.”

– Joy Lutz, Founder, Aligned CPA

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Future firm owner solves growing pain!​​

Greg’s firm quickly grew to a team of 10 employees. With a group of CPAs, accountants, and administrators, Greg provides a growing range of services to his clients, such as tax planning. Along with that growth came several challenges—most of which concerned the time-consuming manual work necessary to serve his clients. 

“I love using TaxPlanIQ. It’s a platform that solves some serious pain points.”

– Greg O’Brien, CPA

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My aim is to create a proactive plan, optimize income and minimize taxes!

Read more about how Kristin Kippen uses TaxPlanIQ to minimize taxes for clients!

"Since I made the shift to tax
planning, TaxPlanIQ has allowed me to hit
the ground running. The professionalism
of the SaaS platform and the resources
and support that the company provides
helps create direction so it’s easy to get
up and running. My business would not be
where it is today without TaxPlanIQ

– Kristin Kippen, EA, CCA, CTP
Founder, Strategic Tax Planning

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Measure success by counting the number of tax plans sold. Use the ACTUAL feature within the TaxPlanIQ software, which compares your estimates to
final figures.

Tiffany Johnson used TaxPlanIQ to develop Tax Advisory services.

"I'm predicting that the numbers will show a 30-40% increase in revenue since incorporating TaxPlanIQ into my practice. Previously, my business included a large number of compliance-only tax work. Since implementing the new business plan, including tax advisory services, I have seen 85% of my practice transition to tax planning packages.”

– Tiffany Johnson, CPA, CFP

, The Onyx Group
 
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Tax Advisory Transformed: Sarah's Case Study with TaxPlanIQ

 

Meet Sarah, a seasoned tax advisor and firm owner with 8 staff. Her team's blended hourly rate is $250. Previously, the accurate management of a client's tax plan throughout the year required Sarah and her team to dedicate over 40 hours per client (a week of work!). However, given the constraints of her practice, Sarah found it challenging to invest this time, ultimately leaving significant opportunities and revenue on the table.

Enter TaxPlanIQ.com

With TaxPlanIQ, the time Sarah and her team needed to spend on each stage of the tax planning process was dramatically reduced:

Initial Discovery: Sarah reduced her involvement from 4 hours to just 1 hour by easily compiling strategy ideas in the tax plan program.Proposal Development: Sarah cut her time spent from 1.5 hours to 30 minutes due to the easy visualizations available in TaxPlanIQ with an ROI proposal and PPT presentation.  Onboarding: Sarah decreased her input from 5 hours to 1 hour, thanks to the pre-generated full (customizable) tax plan report.

Task Tracking: Sarah's team saw significant time savings, reducing their time spent per strategy, with checklists, educational templates, community support, and labs, from approx 3 hours to 1 hour, and there were three major strategies for this client's plan.

Annual Review: Sarah streamlined this process, trimming it from 3 hours to just one, by adding the actual savings from the final tax return into TaxPlanIQ to show the projected to final tax savings report to the client.

In total, these changes allowed Sarah and her team to reduce their workload from over 40 hours to just 14 hours on this one client. This time-saving equates to an impressive $6,500 in value on that one client for the hours saved by the team, with Sarah herself saving 9 hours on one job. The team also saved 17 hours.

The benefits of TaxPlanIQ didn't stop at time savings.

TaxPlanIQ's ROI visualization empowered Sarah to elevate her planning services. Where time constraints previously hindered comprehensive tax plan management, Sarah could now confidently charge $24,000 for implementing and managing the full tax plan for her client (based on finding approximately $100K of tax savings and an ROI for the client), plus an additional $1,000 per month for maintaining the plan. This approach added an additional annual revenue of $36,000 for this client - equivalent to what she would make from about 20 tax returns - doing work that was both fulfilling for Sarah's team and highly valued by her clients. The client was amazed with the systems, processes, and polished delivery and updates.

Considering the subscription cost of TaxPlanIQ, Sarah spent $600 per month to create unlimited tax plans. This totals to $7,200 per year. Every TaxPlanIQ subscription includes an hour of Continuing Professional Education (CPE) per month. Sarah valued this benefit at $100 per month, adding a further annual benefit of $1,200. Subtracting the CPE value, Sarah's net cost was reduced to $6,000.

Factoring these figures in, Sarah's Return on Investment (ROI) for TaxPlanIQ was a staggering 508% for ONE CLIENT. If she utilized TaxPlanIQ for more clients, her ROI would escalate even further.

Sarah's future plan involves focusing on one client at a time, upselling them into valuable tax advisory plans, and transitioning away from confusing tax projections to the ROI method(tm).

By adopting TaxPlanIQ, Sarah transformed her practice, provided superior value to her clients, and saved over 3 business days' worth of time on this one client's work while making over $30,000 more. She's hopeful for the future of her practice and looks forward to reallocating her time to the things she loves and bringing more value to her clients.

If you're a tax advisor looking to revolutionize your practice like Sarah, start your 2-week free trial at TaxPlanIQ.com today. Enjoy enhanced efficiency, generate more revenue, and above all, provide superior value to your clients.

 

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"TaxPlanIQ makes it possible for me to visualize the value I provide to the client, think about which tax strategies will provide the most value, and, more importantly, helps to present to the client and implement the steps. Education and resources are excellent. - Jhoslen Muniz, CPA

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