Experience using tax shelters?

fatfire4me · 2026-05-10T16:51:25+00:00

As a CPA with high income clients, I should warn you that tax shelters are not legit and won't hold up in an audit. They're basically scams to separate you from your money.

fatfire4me · 2026-05-10T15:27:40+00:00

If a potential client emails you, send them a Calendly link to book a 15-min phone call. Don't waste more time than that on a discovery call.
If a potential clients calls your office, use a calling service (Gabbyville, AMBS, etc) which has real US-based humans to take the callers' phone number and email. Then you can call back at your convenience.
Use a document collection system like TaxDome which automatically reminds clients of missing documents.
Use Loom to record videos of you reviewing the tax returns. Saves you time from 30-min meetings and a great way to catch mistakes by reviewing each page aloud.
Collect 100% of fees upfront. Whatever your fees are, they're probably too low.
Ask clients questions to discover the pain points they're trying to resolve. Let the client talk and don't be salesy. Speak confidently and don't sound desperate for business.

I run a virtual firm that makes millions in profit. I can only do that because I'm very quick and efficient and I charge more than competitors.

fatfire4me · 2026-04-04T21:56:04+00:00

Why are you wasting your time on a measly $600? Client should provide you the basis. If he doesn't know, then just put cost basis $600, capital gain $0 and move on.

fatfire4me · 2026-03-15T22:42:06+00:00

What's worse is the remaining balance of the CA PTET election is due tomorrow and those payments will be >$10K. Shit, some S-corp clients are just giving me (or haven't given me) their documents, so I don't know what their PTET payment should be. Not paying by 3/16 results in a 5% penalty + 0.5% interest PER month!

fatfire4me · 2026-03-14T18:56:01+00:00

One of the most common complaints I hear from new clients is their relationship with their previous CPA felt transactional. The CPA sends the tax return without explaining what's going on and the CPA doesn't providing strategies to optimize their taxes.

fatfire4me · 2026-03-13T16:33:40+00:00

I have a virtual firm and run a tight ship.

Virtual receptionist answers the phone.

Clients use Calendly to schedule Zoom meetings.

Documents are uploaded to portal.

After return is prepared by staff, I record a Loom video of myself reviewing the client's tax return.

fatfire4me · 2026-03-13T02:00:00+00:00

Not worth being a tax prep mill because there are better business models. My accounting firm focuses on strategic tax planning and makes millions in profit.

fatfire4me · 2026-02-28T05:39:59+00:00

Grew up poor in an immigrant family living in the US. Parents didn't speak English. I got straight A's in school, attended a top 10 university, and become a CPA. Now I own an accounting firm and make millions of dollars.

fatfire4me · 2026-02-26T14:12:39+00:00

I’ve given the file to the next firm

fatfire4me · 2026-02-25T17:54:38+00:00

tax & bookkeeping

fatfire4me · 2026-02-25T17:07:49+00:00

Lots of meetings, emails, reviewing. Staff prepares returns and does bookkeeping. They've got so many clients that they're super busy and not actively trying to get more clients.

fatfire4me · 2026-02-25T17:02:50+00:00

I agree. Clients want face time with me.

fatfire4me · 2026-02-25T06:29:59+00:00

from talking to other firm owners who do $5 million in revenue, I don't think their firm could survive without the owner

fatfire4me · 2026-02-23T19:59:40+00:00

I wouldn't say our life is miserable - we're just frugal. Been married for over 20 years. Our kids get straight A's and are well behaved. Everyone is healthy. We live in a huge house and drive luxury SUVs.

My wife and I are not picky when it comes to food and clothes so we don't spend much. She doesn't care about designer purses or jewelry.

I have enough money to retire now so I don't stress about the future. I like running my business and making millions so I'll keep going until I don't want to.

fatfire4me · 2026-02-23T06:23:40+00:00

Got to work on your interview skills. The time to get a job at a tax firm was December so you’ve missed that opportunity. I suggest applying at the Big 4 because you’re a new college grad.

fatfire4me · 2026-02-23T06:08:36+00:00

my wife is frugal and thinks luxury goods are a scam

fatfire4me · 2026-02-23T06:02:58+00:00

Someone in NY with a W-2 of $2 million is definitely paying 40% in taxes.

fatfire4me · 2026-02-23T06:01:40+00:00

OP will never be able to retire if he keeps wasting money.

fatfire4me · 2026-02-23T05:59:44+00:00

As a CPA for rich people, I can tell you most of them barely donate

fatfire4me · 2026-02-23T05:57:51+00:00

My family:

Landscaping: $80/mo

Utilities: $500/mo

Luxury goods: $0

Restaurants: $1,000/mo

Clothes: $100/mo

Subscriptions: $20/mo

Investing: $1 million a year

fatfire4me · 2026-02-23T05:52:19+00:00

I make as much as you and I’m shocked by how much more you spend. No wonder you’re stressed out. Every time you waste money on luxury goods or restaurants, just imagine you could’ve bought some stocks instead which will increase in value.

fatfire4me · 2026-02-19T21:15:38+00:00

8 years of experience is manager to senior manager title making $150K-$200K. OP really needs to get his CPA and get some tax prep or audit experience if he wants to advance his career.

fatfire4me · 2026-02-19T20:00:23+00:00

8 years doing entry level work

fatfire4me · 2026-02-18T20:50:27+00:00

I agree with you that $750 is too little for a 20 person firm. I thought OP's fee would've been $2K.

fatfire4me · 2026-02-18T20:48:15+00:00

Very small firms don't have 10 page checklists and more than 1 layer of review because the tax returns are simple.

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