[Smallwood]

Hey all,

I just got licensed and am planning to stay a corporate accountant, fits the lifestyle of my family the best. However, I would like to potentially make some side cash utilizing my CPA license. Perhaps through preparing tax returns or some other option. Does anyone have any other ideas of how us CPA’s can bring in some extra dough on the side??

FAR - 76
AUD - 74, 72
REG - 62, 74, TBD
BEC - 09/2016

[Missy]

I do some bookkeeping on the side but have found you don't get to charge the same billing rate as a firm would. The types of clients willing to pay 50+/hr for simple bookkeeping want someone they can contact during regular business hours not nights and weekends. But it's a bit of extra cash.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Smallwood]

That makes sense, haven't thought of that route. Thanks!

FAR - 76
AUD - 74, 72
REG - 62, 74, TBD
BEC - 09/2016

[Anonymous]

It's a little difficult to be a sole practitioner in the industry.

Audits require peer review – a big fixed cost. Sole practitioners have run from audit almost in entirety.

Simple tax returns are priced out by turbo tax. Complex returns require somewhat fancy software, access to legal research, and (most importantly) malpractice insurance. The “non-turbo level” tax returns are mostly e-filed.

Don't forget it's also a business now – so you'll likely need to register it in your local county before you open shop.

Do think about the cost of malpractice insurance and added hassle. You may be better just working late with the current job and shoot for that promotion (or go to a generalist CPA firm where you can do these things which seem to interest you)

[Missy]

That's very different than a part time side gig. No need to register as a business or such just working 8-10 hours a week, you're an independent contractor and get 1099'd. Staying late is nice but most of us are salaried so no financial benefit to it.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Want2BeCPAsoBad]

I think bookkeeping services is the safest side job you can have right now. I work in taxes and it is very easy to loose your license by making a small error or your client omitting info and you signed off on it. That's why firms have multiple levels of review. However, contractors and small companies are always looking for monthly bookkeeping, quarterly sales and use tax, or EOY bookkeeping that they can then send to their tax practioner.

[Author]

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