[Last Chance CPA]

Hello all. I wanted to create a one-stop thread for tax/accounting side hustle Q&As. There are many threads out there, so wanted to create something more to the point.

I will pose the following questions that I presume most people want answered. Note: please provide short 1-2 line answers only to keep it succinct.
1-What part of the country do you live in what is your day job?
2-What is your current side hustle or what is your desired side hustle?
3-What tax software do you use or what is your tax software question?
4-What are the major impediments you see in running a side hustle or what questions do you have regarding any roadblocks to success?
5-How did you make your side hustle unique or what are you thinking?

Thank you!

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Last Chance CPA]

My answers below:

1-What part of the country do you live in what is your day job? IT management consultant out of San Diego. Mostly working from home right now. I have time!

2-What is your current side hustle or what is your desired side hustle? Desire is to start a virtual tax and small business accounting side hustle.

3-What tax software do you use or what is your tax software question? No idea! I have heard many answers. I am ready to buy a decently priced product for 20-50 returns in 2020.

4-What are the major impediments you see in running a side hustle or what questions do you have regarding any roadblocks to success? I am not a licensed CPA (passed the exams) but I am thinking about getting my EA. Should I bother with the EA?

5-How did you make your side hustle unique or what are you thinking? I am a healthcare consultant so I am thinking about targeting doctors for 1040s – e.g., tax implications of starting a new medical practice.

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[jeff]

One unsolicited tip I'd give: If you want to start your own accounting/tax practice … grind out a year (including a tax season) with a small mom and pop CPA firm. You can't buy better experience.

Make sure they don't have a non-compete as part of employment…not sure if that's a ‘thing' in the accounting industry…but worth mentioning.

[Last Chance CPA]

Yes, I would love to do this but it is not feasible at this point. I am keeping my full-time job while mostly working from home. I have been putting the feelers out there to see if anyone will let me work for them on a part-time/remote basis for a year. No luck so far in the past couple of years…

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Josh]

@Jeff I keep applying for those. It's been hard to explain myself in the ‘S' quadrant, but now that I'm more of a tax ‘e'mployee again, maybe someone will be able to consider me more easily? @last chance cpa you ever volunteer? nice thread btw.

1 southwest fresh stocker (grocery, meat, etc.)
2 insurance/investments and retail tax for the tax season
3 drake, proseries, blockworks
4 compliance, just tricky stuff; I call my mentor cpa & attorneys a lot..
5 I'm thinking to keep learning (cpa, ea, series 6/63, etc.?); you sound like you got some good stuff going

[Recked]

1-NY – day job is tax CPA/EA
2-Side hustle is tax CPA/EA
3-Software I use is UltraTax PRP option. Expensive, but I use it at work, and know it quite well. See no point in changing.
4-Current impediments – time. Time is scarce, especially around deadlines. Now I'm juggling late filers all day at the office, and then at night at home.
5-How did you make your side hustle unique or what are you thinking? – Just trying to grind it out and build the book of business. I don't need to be unique, just excellent service, and a good person. Good people recognize other good people.
–
The EA would be a great idea to get just so you have some letters after you name, and the ability to represent clients that you get. You'll learn quite a bit while studying for the EA exam as well.
You don't really need to be “virtual”. You can just work from home and either have a home office, or rent space in a co-op office when you need to meet with clients. So many of my clients I deal with by email anyway, some of them I've never even met face to face.
–
You have a written business plan? You have specific goals in mind? Taking on clients making 300-500k as you learn the tax game seems a risky proposition. Make sure you have your liability insurance in place. I have a medical practice and a couple doctors as clients… Risk vs reward.

[Last Chance CPA]

@josh – I have done VITA for one year and for a few friends. Of course, nothing complicated or high net worth.

@recked – I have not written a business plan as I am still thinking it all through. Is the EA exam difficult? What study method would you recommend? And software would you recommend, one that is affordable? I am not targeting high net worth clients in the first couple of years. I am coming in for the long haul and won't risk making mistakes. Note: I want to do more than taxes. I want to be able to do small business

Also, what software product provides the best tax research material? How do you research your client's tricky tax implications?

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Last Chance CPA]

I was hoping this thread would gain more traction – lol.

So I have decided to take the EA exams since I can't hold myself out as a CPA. It took me, for reasons I can't remember now, 5 times to pass REG. I seem to have a pretty good understanding of REG & BEC more than FAR & AUD (passed BEC on 1st try). Will I be able to pass the EA exams before we get into the holiday season – e.g., prior to Xmas?

And I am thinking of using PassKey's online subscription as it is only $25 a month with video lessons, practice questions and timed exams. Books would cost more than that, even on Amazon.

Thanks!

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Recked]

Can't comment on PassKey. I used Gleim and had maybe 200-220 hours into the 3 parts, but I was over prepared.
I did not want to fail and studied between Oct 15th extension deadline and beginning of tax season, over 2 winters. No real work to do, and too cold to golf.
They give you pencil and paper and a calculator. Write down a brief note on each question. You will come across questions in the 100, that answer other questions you came across.
If you write a note on each one, its much easier to backtrack to confirm your answer on the previous question. Little cheat code for you. You have more than enough time to take notes while doing the questions.

[Last Chance CPA]

@recked – Thanks. I am ready to go, just need to find the right materials. I started a new thread about EA exam materials. I hear there is one book for all 3 parts but I can't find it on Amazon. Book might be enough and I really don't want to spend too much money on study materials.

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Yahmon]

Pacific Northwest

Healthcare Finance manager

Accounting & tax consultancy to medical professionals

Time is my biggest impediment. I work from home but I’m still busy with a family. I’ve only started to think about doing this side hustle so working on making time to get this going

Planning on using drake as I heard it’s fairly user friendly

FAR 8/20/15 - Passed 77
AUD 10/10/15 -
BEC TBD
REG TBD

[Last Chance CPA]

@yahmon – That's great. We have the same goals! Using our healthcare experience to provide tax/accounting services is the way to go. Most people are suggesting a niche practice.

I have had a lot of nods for Drake now. We should also offer up suggestions on how to start a web-site 🙂 I don't have the first clue how to purchase a reasonably priced web-site tailored to CPAs/EAs.

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Recked]

I used name silo to buy a domain, and used wordpress to make a very simple landing page, and use Gmail business suite to host the email.
I just wanted my own domain for the email, and then if someone typed in the domain url i didn't want it to just go to namesilo saying this domain is parked here.
namesilo was about $12, wordpress about $96 for the year including images and template, and Gmail business is $6 a month for the level I am currently at.
it was frustrating as hell to get it all setup, for the things to talk to each other and point to the right places, but it was the affordable route for now.
–
Any place that offers websites for CPAs automatically jack the price because they expect a CPA to be able to pay.
–
word/paint to design my logo, vista print for my cards.
next step is a PO box so my home address isn't at the bottom of the returns. should have done that before i got the business cards (cards show no address/website says office hours by appointment only, also with no address)

[Last Chance CPA]

Wow – That's too complicated :). I was thinking Wix, Squarespace etc to customize my website. Make it look professional and new age. I guess I have to buy a domain and email host separately?

I will start working on the logo and name of my biz before I buy business cards, of course. I need a Facebook biz page as well. What do you all think about Craigslist? Scam central?

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Last Chance CPA]

1&1 IONOS sounds pretty good for CPAs, lawyers, professional services, etc?

FAR - 76
AUD - 75
BEC - 75
REG - 76

Now I need some experience!!! And some networking...

[Recked]

Most CPA website services I looked at had a monthly recurring charge that I was not comfortable with.
As things progress and revenue increases I might look into something a little more advanced, but I'm pretty happy with my results so far.
Not looking to generate traffic from the website. In my experience the best clients come from referrals, so that my main target.
Keep my people happy, and it'll grow organically.

[Author]

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