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What do you do in off season?

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    #1

    What do you do in off season?

    Through the years, I have basically only worked full-time in the tax season and practically doing next to nothing in the off season. So I would like to get advice from my fellow tax professionals as to what kind of side business that can be added to our tax and accounting services.

    At the present time, I am considering to sell retirement packages (IRAs, SEP-IRA, etc) to my tax clients. Can anyone give me advice as to how I can get into this field (like what kind of license I need to get and exam I need to take). Are there any particular issue that I need to pay special attention to?

    I am also considering to become a mortgage agent/broker. If someone can give me advice as to how to get into this field, it will be greatly appreciated.

    Thank you in advance for your valuable advice.
    Tags: None
    #2
    Extensions

    By putting clients on extension, I can prepare many more returns and spread out my work and income throughout the year. I also have some fiscal year clients, such as Form 1120-H and 990 filers. And, I do bookkeeping and organization for a small number of my business clients on a monthly or project basis and do bill-paying for an elderly client (sort his bills and prepare the checks for his signature).

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      #3
      I don't know what to do with 1040 clients, but the business clients need all sorts of stuff all year long:

      Bookkeeping. Software training. Internal control procedures. Inventory physical counts and valuation at 06/30. Payroll quarterlies. Cash flow forecasts.

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        #4
        Our local newspaper has an annoying habit of sometimes affixing 2 1/2 x 2 1/2 inch stick on ads across the front page, usually atop the headline, sometimes across the first paragraph of lead story. I hate that. Destroys the look of an otherwise perfectly presentable front page.

        Anyway, the one ruining yesterday's front page was from E TAX which wants people to "get the most for (your) money. Let us refinance your home today.
        Also: "make yourself marketable; training classes available.
        Then: Quickboooks classes
        and: Microsoft classes
        oh and there's this: Tax preparation classes.

        This outfit had maybe 8 branch offices in the bi city area. Police were called to one location when someone found in the dumpster all sorts of documents, 1040's, W2's, etc with taxpayers' SSN, DOB, and other identifying information.
        ZOUNDS!
        ChEAr$,
        Harlan Lunsford, EA n LA

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          #5
          DJ and controller

          I have a day job as a controller for an oil company. I also operate my own mobile DJ service which I have been doing since 1983. I usually don't have many gigs during tax season, so it works out pretty well. However, I'm getting tired of working a full time job and running two small businesses. I often think about just doing taxes and DJing....but for now, I better hang on to my day job.

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            #6
            Off season?

            I have no off season, other than not working on weekends and only working 8 hours per day now. I also go to a 4 day week, starting May 1st, working Monday thru Thursday.

            I stay busy with extensions, monthly bookkeeping clients, quarterly payroll reports, and FYE corporations.
            Jiggers, EA

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              #7
              Contact

              Originally posted by NotEasy View Post
              Through the years, I have basically only worked full-time in the tax season and practically doing next to nothing in the off season. So I would like to get advice from my fellow tax professionals as to what kind of side business that can be added to our tax and accounting services.

              At the present time, I am considering to sell retirement packages (IRAs, SEP-IRA, etc) to my tax clients. Can anyone give me advice as to how I can get into this field (like what kind of license I need to get and exam I need to take). Are there any particular issue that I need to pay special attention to?

              I am also considering to become a mortgage agent/broker. If someone can give me advice as to how to get into this field, it will be greatly appreciated.

              Thank you in advance for your valuable advice.
              HD Vest for securities license. Also since they are owned by Wells Fargo you would be possibly able to broker loans.

              Comment

                #8
                Me too

                Originally posted by Jiggers View Post
                I have no off season, other than not working on weekends and only working 8 hours per day now. I also go to a 4 day week, starting May 1st, working Monday thru Thursday.

                I stay busy with extensions, monthly bookkeeping clients, quarterly payroll reports, and FYE corporations.
                Yeah, I also go to four days a week. Off on Wednesday. Try not to let the door hit me at 4:00 when I bust out of there.

                Been working two days for a Dept of Labor audit. My first ever, and on my largest company. Great way to start.

                Actually, I am glad they picked somebody where I did everything. I know you know what I mean... I can hear the calls: "Uh, what's a vendor?"
                If you loan someone $20 and never see them again, it was probably worth it.

                Comment

                  #9
                  I stay busy with extensions, bookkeeping, and payroll through the off season. Had many more extensions this year than last. Would like to get them done and out the door as quick as possible.

                  Doing payroll quarter returns now. First two weeks of every month seem to be the busiest and then it slacks off the other two. I also build internet marketing websites. I am probably going to close down my local website design. Will keep the customers I have but won't take on any new clients.

                  One thing I have quit doing is working on computers. The viruses and spyware got so bad that it was just taking me too many hours to resolve the problem. Started referring clients to GeekSquad as they can get it taken care of quicker.

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                    #10
                    Although

                    I'm officially retired, I do consulting for my former employer (my hourly rate is about 3 times my compensation preparing taxes). I also play in a band and go to the gym at least five times a week. And I enjoy living in Arizona. Every day is a blessing.

                    Comment

                      #11
                      Originally posted by veritas View Post
                      HD Vest for securities license. Also since they are owned by Wells Fargo you would be possibly able to broker loans.
                      Thank you for the information, vertias. I have a few questions and hopefully can get your advice.

                      Since they are owned by Wells Fargo, do they sell retirement products of Wells Fargo too?

                      If I decide to join them, do I start with filing the pre-registration application to become an advisor?

                      They said once you have decided to be affiliated with the H D Vest, the first step is to "Choose an affiliation and compensation option". Do you have any advice as to what I have to pay attention to when I choose an affiliation and compensation option?

                      Comment

                        #12
                        A few bookkeeping clients and racing

                        I work 9-4 with an hour off for lunch, closed Tuesdays and Friday afternoons. Have probably 25 extensions to do this year. Have 5-6 bookkeeping and payroll clients but that's more by design than anything else, we focus on tax season. The books and payroll pretty much pay the office expenses during the summer.

                        I have a weakness for race cars and follow the Indy Racing League around as much as I can during the off season. Do some volunteer work for the IRL fan club, it's a way to get involved and meet people. For volunteering, you get free tickets to each race you work at. I'm a collector of Indianapolis 500 memorabilia and volunteering in a small part is a way to gain items for the collection but that's not the reason I do it. Will be in Kansas City for the race this weekend. If you're a racing fan and in the area, stop by the IRL Downforce tent and ask for Jeff. The month of May spend a lot of time at the Speedway.

                        Comment

                          #13
                          Perhaps I should add to the discussion by saying that I've always thought that selling tax clients investments and receiving a commission might at some point down the road result in negative client relations, esp if just one investment goes sour. And that can happen I'm sure all know. Just look at the Lehman hearings on Capitol hill today.

                          Best to stick to what we know best, taxes and accounting. If called upon for financial advise, I will mention several mutual funds I like and use, but stress that old saw in the investment world, 'past performance does not guarantee future results."

                          That's my story and I'm sticking to it.
                          ChEAr$,
                          Harlan Lunsford, EA n LA

                          Comment

                            #14
                            What you do off season

                            I have taken several courses in representation and work in the off season on developing that end of the business.I am an EA. tat IRS is increasing audits so that work is increasing.I have at this time 5 active representation cases going and I hope to be able to stat 2 new ones each month.

                            Comment

                              #15
                              You know what we think

                              Originally posted by ChEAr$ View Post
                              Perhaps I should add to the discussion by saying that I've always thought that selling tax clients investments and receiving a commission might at some point down the road result in negative client relations, esp if just one investment goes sour. And that can happen I'm sure all know. Just look at the Lehman hearings on Capitol hill today.

                              Best to stick to what we know best, taxes and accounting. If called upon for financial advise, I will mention several mutual funds I like and use, but stress that old saw in the investment world, 'past performance does not guarantee future results."

                              That's my story and I'm sticking to it.
                              about ""DIY" and taxes. I would say the same holds true for investing. Some are capable but many are not. I have done this for several years and have not had any negative client relations.

                              I have seen "DIY" lose hundreds of thousands of dollars. Buying high and selling low is their forte.

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