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Case Study

How One CPA Went From a Struggling Payroll Firm to a Tax Planning Business

Goals Goals

  • Increase in revenue for the firm
  • Identify high-value niche advisory services to offer clients
  • Get cutting-edge regulatory information delivered and deciphered when legislation changes quickly

Key Benefits Experienced Key Benefits Experienced

  • Revenue increased to be on pace to more than double year over year sales
  • Discovered how to successfully offer tax planning to clients
  • Increased cash flow to save struggling firm
female accountant creates tax planning business

“I had always thought tax was simple…if you made a lot, you paid a lot. But many people inside the 7 Figure Firms coaching program were talking about tax planning and the significant margins they were enjoying with this service, so it got me to look into it more. Now my entire business is centered around tax planning!”

TIFFANY PHILLIPS, CPA

The Backstory of Tax Firm in Financial Trouble

Originally working as a controller for a number of years with a 6-figure salary, Mrs. Phillips eventually had the desire to start her own business. She began her own accounting firm that focused on payroll, which she later came to realize was a mistake. Bringing in barely $25,000 annually, she was in debt and unsure of how to grow revenue. She had to take any client she could, but even the little work she could find—at low margin— wasn’t enough. At one point, she seriously thought she might end up living under a bridge if things didn’t improve. 

After more experimentation with various accounting services, she started seeing more success, but she still couldn’t settle on what her accounting firm should focus on. After more life changes, including getting married, the time to invest in 7 Figure Firms had come.

Finding Focus in the Tax Planning Business

Thanks to the insight of the expert coaches and educational materials inside the platform, she found confidence to not only understand how tax planning works, but how to offer it to business owners. She’s found a sweet spot in her market offering tax planning to clients that has skyrocketed her firm and is projected to at least double revenue year over year, if not more.

“I’ve outsourced tax prep, hired 4 people, and am finally structured for real growth,” she explained. “I used to be 0% advisory and now I’m 75% advisory.”

Even without much recurring revenue, her tax planning is proving to be incredibly lucrative. She’s already achieved the financial security she was looking for when she came into the 7 Figure Firms program: a dream house, a lifestyle business that gives her the ability to be available to her kids when needed as a mother, and the opportunity to travel.

But as Mrs. Phillips explained, it hasn’t been just about her. “It’s been a joy to go beyond tax compliance and proactively recommend tax saving strategies to maximize my clients after-tax income. It’s truly a win-win for everyone.” She continued, “I’ve learned to help people resolve their tax problems and put an end to the misery that the IRS can put them through. I pride myself on being a very efficient, affordable, and of course, extremely discreet CPA.”

New Mindset, New Tax Planning Strategies

Mrs. Phillips is still mostly doing tax planning and prep. She recently has provided some wealth management by partnering with a financial advisor to provide a business portfolio assessment on the life and exit of business. Her firm is still trending upwards and might only be just getting started.

When the lockdown happened because of the pandemic, I thought that might slow the growth…but with the new material taught by Andrew Argue I was able to bring in some quick cash by helping 35 clients and keeping my momentum,” she noted.

This has instilled an unbreakable confidence in her abilities and skills: “I know even if I had to start all over, I can go out and make money now—I know how to do it because of what I’ve learned in 7 Figure Firms.”

Her new mindset since being inside 7 Figure Firms has also helped her evolve into being able to pull away the emotion of things while seeing landmines and traps other accounting firms get themselves into. She has done a complete 180 on pricing, feeling in control of her business now, as opposed to being worried about money or how to get another client. 

We asked her why she’s staying in the program and she replied, “It’s because there’s always new cutting-edge content being put out, and it always seems to be the content I need help with in an area of struggle…plus, the content inside 7 Figure Firms pays off when I implement it, and the dividends are huge.”

New Horizons, Bright Future for the Tax Firm

Mrs. Phillips’ goal is to continue bringing her experience, knowledge and expertise to clients in a valuable way. That’s why she is teaming up with some of the greatest minds in the legal, financial planning and accounting fields (including inside 7 Figure Firms) to bring her clients advanced tax strategies and planning. 

My clients benefit from time-tested, advanced strategies that most tax preparers have never heard of.”

With 7 Figure Firms helping her stay on top of the latest laws and legislation, Mrs. Phillips looks to continue to stay at the forefront of the tax planning field, with new possibilities of other advanced advisory services waiting to soon be implemented.

While it’s already been a huge victory to go from a struggling, nearly insolvent payroll firm to a rapidly growing, profitable tax planning firm, future years could bring even greater wins!

Want to become a pro at tax planning?

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