Tom Talks Taxes - January 11, 2021

New tax year's resolutions for 2021 plus a COVID-19 tax benefits checklist

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New Year, New Goals

We often focus so much on helping clients that we neglect our own businesses:

  • Did you set goals for your business this year?

  • Do you set aside time — even during tax season — to work on your business?

I challenge you to set an appointment with yourself for one hour every week where you shut down your e-mail and work on your business goals and operations.

If you are under constant stress or are always behind on work - you need to do something different!

Questions to consider during this time:

  • Who is your ideal client? If your clients are not ideal, how can you get ideal clients while transitioning non-ideal clients out of your practice?

  • How can you make your office efficient with technology? Are your technology solutions integrated for maximum automation?

  • What shifts in your business model can you make so that you are working less while earning more?

  • What low value tasks that you spend time can be delegated or dropped? I recommend Your World Class Assistant by Michael Hyatt for how you can let go of those items and accept help in your business.

Tom’s New Tax Year’s Resolutions for 2021

  1. Take care of yourself first before you take care of your clients. If you are not healthy — either physically or mentally — you won’t do your best work.

  2. Do a second review of every tax return before providing it to the client for review and signature. If you are preparing the return and doing the review, then let the return sit for at least one day before looking at it again.

    I created a COVID-19 tax benefit review checklist to ensure you’ve considered key items for tax year 2020. Get it by clicking here.

  3. For every business client that has employees, determine if they now qualify for the CARES Act employee retention credit. Due to changes to the credit in the Consolidated Appropriations Act, 2021, many more employers will qualify for it in tax years 2020 and 2021 than originally expected. I did a 1 CE webinar with a detailed case study for Compass Tax Educators.

  4. For each type of engagement you do, set a minimum fee that compensates you well for the work provided and do not offer or accept an engagement for less than that amount.

  5. Before your start your day, write down your big three business or personal tasks for that day, and achieve them.

  6. Turn off e-mail and social media! Check them two to three times per day maximum. They will distract your focus and prevent you from doing your best work.

My Upcoming Education Events

Compass Tax Educators, of which I am a co-owner, is offering its annual all-access pass for all live webinar events from May 1, 2021 through April 30, 2022. We guarantee we will offer at least 30 CE/CPE. You can see the courses planned and purchase a pass here.

California Society of Enrolled Agents - South Bay Chapter, January 13, 2021 - Virtual

  • Federal Tax Update (6 CE); California Tax Update (2 CE)

California Society of Enrolled Agents - North Bay Chapter, January 14-15, 2021 - Virtual

  • Federal Tax Update (6 CE); California Tax Update (2 CE)

Tax Talk Today, January 19, 2021 - Virtual

  • Federal Tax Update (3 CE)

Arizona Society of Enrolled Agents Southwest Fest - June 14-16, 2021

  • Topics to be announced

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