Wow, that's quite a % increase year over year. Congrats! My dad works for me too - started last year (part-time) and transitioned to full-time this month.
I'm a 20-year-old junior double majoring in Accounting and Finance. I want to get my MPA and shortly after that my CPA, and after working for a few years to gain experience, I want to open up my own firm as well! This is super cool to see; I really appreciate the transparency here, as I have been wondering if it is worth it to go against the grain and start my own firm rather than working under someone my whole life! It seems like it is if you're willing to genuinely put in the work!
Hey Logan, enjoyed your video. I'm a struggling CPA. I became a licensed CPA in 2014. I Have yet to break 200k or get anywhere near that. I even joined a small accounting and tax franchise in mid 2019 to help me grow my biz, and well let's just say I'm still waiting for that to happen. I have realized that I need to do better marketing, or something. I'm outside of Denver CO and look to that market for most of my clients. My minimums are no where near yours and I'm reluctant to raise my fees on old clients, and hard to stick to my guns on pricing for new clients. I can really relate to hard to turn down work. It's just me and sometimes my daughter with help with some basic data entry and qbo work. I can't afford a lot of money for "coaching but did look at Jason's and it seems a little pricey for me. Idk what the heck to do?!
Gary! Thank you for sharing that. You are worth the high fees. Post a high fee on your website for new clients to see and refer to that when you take on new clients. That way you don't talk yourself into lowering them on the spot.
Yes, please do more of these breakdowns. My wife and I are taking over my parents practice when they retire, and I'm stressing about that transition period from them to us. This is exactly the type of video I need to make sure I don't mess it up. Thank you!
Can you make a video for people wanting to startup their own firm on how you chose your tax software and what features you and your clients like the most?
Hopefully the day will come when CPA firms pay starting associates more than shillings. I started my PA career at 45k and wanted to swing when I saw that offer because I knew it was a joke.
What services fall under "Tax Advisory" that are different from "Tax Return Prep" and "Client Consults" ? Great video btw! RU-vid income is on the way.
Hey Logan awesome video! I'm about to graduate and sit for the CPA exam in a few months. I'm starting in financial due diligence/audit at big 4 this fall but plan to start doing returns for small businesses/ individuals on the side with hopes of growing it into something much bigger. What advice would you give to someone like me who doesn't get much tax exposure but wants to learn more while working in a different field of accounting? Thanks!
Hi Malik! Good luck on your CPA exams. I passed mine last year, and I also started in audit. After a year, I switched over to tax. The reason being - I was too busy with audit work to learn about tax! If you goal is to do returns & start your own business someday, I'd consider asking your HR contact if you could switch service lines before you begin working. Everyone needs help, so I don't imagine it'd be an issue.
I have really high anxiety of imposter syndrome entering year 2 I finished year 1 with 100+ clients and i reinvested a lot into the business getting better softwares and I’m just nervous if there is a downfall Any advice??
Hi,I hope to join a bookkeeping/Accounting firm as an virtual employee. I like to work for US,UK,Australian or New Zealand bookkeeping firms. I live in Sri Lanka(My country-It is south Asian country).How can find a job?
Hey man, aspiring cpa here. Just started FAR studies. Old Army guy here too. What keeps folks from starting a firm so soon after passing all four of the exams?
@Tax TeleGraf I appreciate you and Jason's content so much. You guys really contribute to my confidence towards my own future career endeavors! Thank you!
If I could figure out how to seperate the stress from work from my life at home, I think I'd be much more appreciative of this profession. 2022 will be my highest income year by a large margin, but I'm confident that my mental health was the worst it's ever been. Super impressed by your return averages; I think im only at around $300 avg spread across 450 returns as a solo practitioner. Bumped prices alot this year; curious to see what it does to retention.
Great video, Logan. Thanks for the transparency. Would you mind sharing who you outsource your tax prep to? I’ve considered taking the same approach, but don’t know where to to start. Thanks!
Been an accountant for 6 years now, 4 in public and going on 2 in private. About to finish my CPA and really want to start my own firm due to the extreme shortage of CPAs and all the demand there is. Really appreciate these videos!
That was a KICK ASS video Logan! Thank you so much for your honesty and sharing your processes/thought processes/dad jokes! :) One thing that surprised me though....you bill on completion for basic 1040s. Have you changed that since you made the video, or has it worked out for you to bill after the fact?
Hey! How many years of experience do you have in taxation and where is it from if you mind me asking. Your taking home director level salary at and most of all it’s “your” firm! Congrats
Hi…. Love the content…Question…. So why the switch to tracking time in 2023? Isn’t not having to track time one of the big pluses of running your own firm?
The goal is to track client work, admin time, and content creation. I can't measure my goal of working less if I don't actually track time. I'm not tracking each client/project still.
Thanks for the breakdown, do you spend any time after tax season contracting to make more money? Would be kind of cool to see what your year overall looks like.
