What Should I Charge My Client?

Fairly often, TaxAssurances meets with new business owners that aren’t sure what to charge their potential client and even more nervous about actually asking for it. After all, they’re new and they don’t want to overcharge and lose the potential client.

It’s always recommended that they research competitors in the industry for guidance. But more importantly, when they’re starting out, tell them to do what’s necessary to get the business and experience. The relationship can be a huge boost in terms of credibility and confidence. As well as in pay.

The best part about this experience has been when the new business owner has that horrible, “ah ha” moment. That moment when they realize they dramatically undervalued themselves and the client got away with murder.

TaxAssurances has its own horror stories. Ten seconds of advice saved a potential client millions in taxes and they never paid for the advice.

Those are breakthrough moments. It’s at that point the new business owner says, “oh, we’re not doing that again.”

So new business owners, just do what’s necessary to get as close as possible to what you should charge, but look to do the business. Over time, you’ll figure out what to charge and stand firm on it.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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(Guest Post: Robert Beige) Key Ingredients in Starting A Business

In this audio post, veteran banker Robert Beige explains what prospective business owners need to do in starting a business. The audio runs a little over 40 minutes. Enjoy!

Six Points of Advocacy and Knowledge of Small Business Funding

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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Accounting is a Boring Subject…

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Not everyone will master the art of accounting.

An art is the study of implementation of techniques and methods. Accountants are the artist that turn the scientific method into practical use. The art of accounting is taking those diverse ranges of human activities, studying them, and presenting the financial findings by following and implementing GAAP.

Having an accountant can drastically influence the success of your business or your finances. TaxAssurances specialize in bookkeeping, payroll, tax return preparation (both business and personal) and IRS and state tax relief.

Check our Yelp reviews to see the experience other clients have had with us. Also we’re TAKING $50 OFF TAX RETURNS FOR THE NEXT 5 NEW CLIENTS.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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You Need a Team to Grow Your Business

You can’t do it all alone. When you look at the success of any individual or business, you quickly realize that they didn’t get there alone. They had help.

That help came in the form of accounting, sales, IT or any other areas that are important in running a business.

Many times, solo entrepreneurs start off on their own and keep it that way. And that strategy can work well for awhile. However, eventually they’ll hit a ceiling.

How does this occur? There are but so many hours in the day and but so many things they can be doing at one time. That’s where the team comes in. And with that team, comes a much better chance at success.

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

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Our 5 Year Anniversary!

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I never just dreamed about success. I’m working for it. This is my start up story.

I remember when TaxAssurances was just a thought. I was supposed to start a franchise with H&R Block but it didn’t work out. Later that day I talked to a friend who told me that I could do it myself, and that’s where my dream began. December 1, 2011 TaxAssurances opened, and by January 2012 my dream was alive.

-Kolonji Murray

The Partner That Ruined the Business

timthumbIf you have a business with a partner or partners you need a fully funded buy sell agreement. It should be set up before any partners pass away, become disabled or find out they have cancer, diabetes, or other ailments that can limit workable solutions. Doing so is not only cost effective but it provides peace of mind.

Why? Do you want your current partner’s spouse and children as your new business partners? Nice enough people, but are they qualified and willing at the drop of a hat to run the business?

Moreover, what will happen to the value of the business if something happens to a partner? A business valued at $5 million can quickly drop to $2 million without proper planning.

Then what happens when a partner passes away, the estate is valued incorrectly and the IRS comes looking for more then what was paid in estate taxes by the heirs? I’ll tell you. Litigation with the heirs.

And of course, divorce never happens to business owners. In all of these scenarios, doing nothing ahead of time is a bad business decision. I can’t tell you how many calls I’ve made to owners who don’t have fully funded agreements. They’ll say, “I’m all taken care of.” But when you look at what happens to many businesses after a life event, you realize they were just blowing me off.

The real blow off was on them. They blew off serious business planning they never even thought about because they were busy running the business. Fair enough. But they can’t do that or bury their heads in the sand because they still need to address the complex issues that arise when life events happen. Otherwise, like it or not, a business may be forced to close.
The main reason owners want to have the agreement fully funded is because for most businesses, using cash on hand, a sinking fund or financing through a bank loan may be undesirable or unavailable as a solution. Therefore work with the right team to provide the best funding solution.

Now after you set this up, get back to marketing and selling!

 

For more on TaxAssurances, check out our reviews, photos and links on Yelp.