EA License!

[geekgirldany]

I got my EA license today!!!

I was so surprised. I thought it would be 3 months before I would know anything. I sent it overnight mail about two weeks ago. I've already got it in a frame hanging in my office Now to get new business cards.

[travis bickle]

mazel

tov!

not only updated business cards, but stationery, and, most important, billing fees!

[Uncle Sam]

Congratulations

Welcome to the professionals in the tax world.

[Lion]

Congratulations!

Congratulations, Dany! There's nothing like the actual certificate to make it feel real. And, to show off to clients, too. That reminds me, since setting up my home office, I haven't hung my certificate nor pictures on the walls; gotta do that before next tax season. Yep, use that "EA" on everything. Enjoy.

[ChEAr$]

Good Grief!

Can't imagine how fast they are these days. But you have my heartiest congratulations.

Next step is to go to web site www.naea.org and join the elite.

[erchess]

Congratulations!!!!!

I remember how good I felt when I found out I had passed the test - in those days it was offered only once a year and scoring took a long time because inevitably some questions were eliminated or had credit given for more than one answer after various groups pored over the test and the answers the IRS had in mind. By the time they finished examining my background it was after the next tax season but it still felt good to get the card. I think I celebrated with an expensive cigar and bottle even though I have since quit using tobacco.

Do they still ask questions on the SEE about Winnie the Pooh and his friends? How about Jeeves and his activities with the Wegofast Corp?

Anyway do join the NAEA - they are a great organization and as a newly minted EA you only pay half price your first year.

[JohnH]

Congratulations, and as Travis already said, you should adjust your fee schedule accordingly.

[erchess]

Other Considerations on Fees

1. What you arr able to charge for most if not all of the work you already perform has gone up. You are an EA and you have no need to accept clients who believe that anyone who would offer tax prep services to the public can do their return correctly.

2. You need to decide how much if any audit assistance is built in when you prepare a return. You also have to decide how much you will charge for what is not included. You will need to start communicating this information whenever you do a return. (Of course the audit assistance will be free in the rare cases where you made an error that is causing the audit.)

3.. You need to decide how much you will charge for audit assistance when you did not prepare the return.

4. You need to decide whether you will ask for a retainer and if so of how much when you take on an audit. You will need to check on the requirements for taking a retainer in your state, The state chapter of NAEA should be able to help you with that.

[geekgirldany]

Thank you all for the kind words. They are really appreciated. I just kept saying to some of my relatives that they just don't know how much it means to me to become a EA.

On my fee structure. I don't even know where to beginning. I have been under charging. I am not sure how much to go up. Would the NAEA help me on this also?

[S T]

Congratulations

Dany,

Know what is true in your heart and what you feel your services are worth!

Take a copy of your EA License, put it under your pillow and sleep on it. The answers will become clear to you and what you need to accomplish on your fee schedule and how you want to move forward to build your practice. It is not necessarily volume, but to have really good clientele that will appreciate what your services are and willingly pay for those services.

Unfortunately most of us are in so many varying states, so charges will vary according to the State that we are practicing in. Just know that you probably can raise your fees and be compensated, and over the next year you will find what is right for your area and your clientele.

It is always a gradual increase, and some clients will not tolerate, but others are receptive and understand that you have cost increases as well and will stay with you!

In the meantime, make some inquiries to some of your local competition to find out what they are charging and what services are offered. That will probably be one of your first hurdles, as you want to stay within the market! Then from there you can start with your base charges for a tax return, do your add on's, establish your payroll charges, etc.

Sandy

[Gretel]

Dany, I also still remember how good it felt to pass the test and to get my certificate. So enjoy having accomplished this and not have to study anymore. Now you can focus on updating your knowledge what ever you like and what is needed in your practice.

I actually didn't increase my fees when I got my EA license but I charged enough already for most of the 1040 tax returns. Different story with business returns. As Sandy says, you have to stay somewhat in the market.

[Lion]

Other preparers

Hi, Dany. When a new client brings in their prior returns, check the receipt or the amounts on Schedule A. Of course, you will have to ask each new client what they paid for tax prep last year, even if you know they will not itemize. After all, you want to be thorough.... You'll soon get a feel for where your prices fit in your market. And, ask other preparers that do not see you as a threat or competitor -- that CPA you met at church who's with a really, really top level firm, that older guy nearing retirement, etc. You can call the HRBs and JHs and Liberty offices in your area with a return you prepared in hand, and ask them what they charge as you rattle off the forms and schedules; don't forget they charge for a lot of line items, too, so give them absolutely everything on the returns and then round it up generously to guesstimate what the chains charge. Don't try to compete on price; compete on your service. If you get a few complaints, you've probably raised your prices enough for this year. If you get no complaints, raise them some more.

[ChEAr$]

fee increases

As several others have counseled, don't immediately raise fees by a flat percentage just because you are now recognized as having more knowledge. It's still a dog eat dog world out there, and
we must be ever mindful of competitive pressures.

Remember this:

"Clients don't care how much you know;
until they know how much you care."

--Murray, CPA up in Ohio.

[Thom Diamond]

Congratulations ! ! !

Congratulations on your EA license ! ! !



Thom

[fliszt]

That a way to go!!!!!!!!

Congratulations. The exam is difficult and it takes a lot of work to pass all of it!!! And you did it. I hope your education continues with the help of all on this board. There are soooo many facets to cover and we all (most of us), (well, ok, just me) need lotsa help.
Don't forget to get your business cards and stationary updated!! Oh, and don't forget to frame and hang your licensee in your office along with others.
Congrats again!!
Larry