My Ingredients – Tax Advisory
For a long 10 months I worked at a local CPA Firm doing one of the most challenging yet boring jobs that anyone can imagine, Taxes! I did Corporate tax returns, Individual tax returns ( for some celebrities and MLB players), and other types of Tax returns.
It’s one of my Ingredients
Every year I question myself why I enjoy helping others with their taxes. This year after reading Pamela Slim’s new book, Body of Work
, I understand that it is one of my ingredients.
The knowledge I acquired working as a below average tax accountant for one of the best tax consulting practices on the island has brought me a lot more than the income I seeked; it has helped me create more solid relationships.
Why I left the Accounting Field
One of the reasons I left the accounting field was because I just could not be passionate with sitting at a computer punching numbers and trying to calculate tax rates, penalties, and the other elements that Tax Accounting brings to the table.
At that moment in my life, I thought it was the best approach to follow because my only goal in life was making more money.
Little did I know that these skills I would learn over a period of 10 months with solid Big 4 Alumni tax accountants, would help me throughout the next 10 years.
Being Fired Was a Blessing
After I was fired from that Accounting Firm because I was a below average Tax Accountant, I had to drop everything and move to live with my parents at the age of 24.
Thanks to that event, I met my business and life partner and later ended up working at KPMG, which to this day has brought around a community of friends and ex-colleagues that support many of my efforts.
Getting back to the taxes experience
Every year I get contacted by friends who trust me to help them with taxes by either making a draft for them or reviewing what they have on hand.
Most of these friends could afford even the most expensive tax accountant but the trust they place in me is one that I truly appreciate. On occasions I review taxes created by CPA’s just to make sure the return has a fresh set of eyes and nothing obvious was missed.
Why do I volunteer for this?
First I have the opportunity to refer complicated tax issues to my friend Hector Santini who is one of the sharpest Tax Attorneys I know. I don’t consider myself a tax expert but I can identify discrepancies and refer them to someone that will help them.
Second, I have seen many of these companies who fill out taxes in mass production make some pretty big mistakes which cost the taxpayer large amounts of cash and headaches dealing with the IRS.
Third, I have family members and extended family that paid more on their taxes than they should have. After reviewing taxes and helping them create an amended return they were able to recover significant amounts of money they paid to the IRS. There is no better satisfaction than helping out someone who worked hard for their money to keep their money.
Fourth, it keeps me updated and helps me make better decisions. I run Limonade and I usually serve as a Business Advisor and Coach to other businesses. Understanding tax law and structure does help with making better business recommendations.
Fifth, it keeps me in touch with friends who I have had over many years. Sometimes we are so busy that the only time we spend during the year is when I am helping them with their taxes.
Which of your ingredients do you use once a year?
For what reason and why?
PS: If you want to understand a bit better the Ingredients analogy you can comment below or even better buy Pamela Slim’s new book.