TaxCoach Briefs:    May 15, 2008

Volume 3, Number 20

****Attention All-Stars****: The May 13 Teleseminar is now available on the TaxCoach All-Stars page. You'll find it in the red "Resource Center," along with a copy of the "Target Market Evaluator" spreadsheet handout, and the complete list of business incomes by industry that Ed promised on the call.

****Attention TaxCoach Subscribers****: The next issue of the new TaxCoach Lineup hits the post office soon. Make sure your address is up to date in TaxCoach so you don't miss out!

TaxCoach Briefs archives.

=====================================================
MARKETING MINUTE (EAL)
=====================================================

LESSONS FROM STEPHEN HAWKING

TaxCoach is built around the idea that clients want proactive planning, concepts, and strategies they can use to cut their taxes. They aren't satisfied for you to simply record history. They want you to help them write it, so they can pay as little as the law allows.

All of us are full of good concepts and strategies that clients can use to pay less tax. But are we really doing everything we can to deliver them to our clients? I think we sometimes take that knowledge for granted, and miss chances to actually use it on their behalf.

Earlier this year, I spoke with a client -- a cardiothoracic (?) surgeon who does heart transplants -- about moving a bank account into an LLC he had established as part of an asset protection plan. He asked about the mechanics of moving the account, and I told him he could "just go to the bank and retitle the account in the name of the LLC." He said "That's like me telling you to just go into a guy's chest and replace his heart. An hour and 15 minutes later, you're done."

I was amazed that he could be so blase about a procedure that seems so complex. But I realized that to him, opening a patient's chest -- and fixing his heart without killing him -- is just another day at the office. (I was also amazed that he can replace a human heart in less time than it takes me to get an oil change!)

You work hard to acquire the knowledge you use every day in your practice. You can spot opportunities for your clients without even consciously thinking about them. (In the January 18, 2007 Briefs, I wrote about finding $30,000 in savings for a new client in less than three minutes -- and feeling almost embarrassed to charge him $600 for it. It all seemed too easy -- but the client was certainly impressed!) So why keep that knowledge to yourself?

Every day presents you with opportunities to impress your clients with the value of your expertise. Try these:

Every financial choice your clients make has some tax consequence. That means every financial conversation you have lets you show off your smarts. Don't take it for granted!

Let's take an extreme example of someone with expertise to spare. British physicist Stephen Hawking is the smartest guy on the planet. The only part of his body that works is his brain -- so he works it overtime! But he doesn't take his knowledge for granted -- he uses it to give the rest of us plain-English concepts for understanding the universe. (Sound familiar?) Hey, the guy even condensed a complete history of time into just 224 pages!

I'm not as smart as Stephen Hawking. I'm not even the Stephen Hawking of tax guys. But I know enough to save my clients a lot of money. As long as I don't take that expertise for granted -- and I actually use it to give them the savings they want -- I'll still be a hero to them.

=====================================================
TAXCOACH RECOMMENDS (EAL)
=====================================================

"GURU" PLAYBACK AVAILABLE

Earlier this week -- after much hilarity involving bad links that wasn't really hilarious for anyone -- we hosted a teleconference with Ralf Reinberg of Business Made EZ. Ralf introduced his "Rainmaker" program, which gives users everything they need to host a Mastermind group for themselves and their best clients. His clients are using it to generate $30,000 to $120,000 of new revenue per year, as well as to attract new clients and build a fence around existing clients.

I'm a big believer in the Mastermind concept myself. In fact, it's a core benefit of our All-Stars program. Keith and I considered creating a program like the Rainmaker for ourselves -- but when we met Ralf and saw how well his clients were doing it, we decided to partner with him instead. I recommend you consider the opportunity.

Ralf's crew has made a recording of the teleseminar available for those of you who missed the live event. Dial 888-843-8996, and enter the passcode 21257722 followed by the # sign. The playback will be available through May 20.

=====================================================
TAXCOACH "SPRING TRAINING" (KAV)
=====================================================

BOOT CAMP UPDATE!

Well, we were indeed able to get a larger room at the conference facility, for the "TaxCoach Spring Training 2008" boot camp here in Cincinnati this June 20-22. Which is a good thing, because at this point we've already registered enough of you to fill the original space!

So we're good to go for a larger group, but it's not like we're in Paul Brown Stadium or anything. There's still a limited number of seats, and there's always a crush at the last minute. We can't expand again, so don't wait too long and miss out!

Subscribers, you should have received an updated invitation with your last TaxCoach Lineup. If you're not a subscriber, or you don't have your copy handy, click here to learn more about the Boot Camp.

=====================================================
SUBSCRIBER Q & A (KAV)
=====================================================

Q: Is there a way to just print a particular strategy without having to go through the client setup process? The program seems to put a checkmark in nearly every module when setting up a client. Thanks.

A: You do need to have a client set up in order to review or print the strategy modules. However, you can use a single client endless times - either a sample client, or just set up a dummy one. I do this myself for examining report modules, using just one dummy client (named for my dog!).

The system will make recommendations the first time you go to the Reports screen for a new client. But, you can change what modules are selected, just by checking or un-checking the boxes. The system will save your selections for that client when you leave the screen, or click on "Save".

There's also a gray "Clear Selections" button on the Reports screen, if you want to start from scratch. You can run a report or summary or outlook letter with just a single strategy module selected if you like. And you can re-apply the system's choices for the client any time, by clicking on the blue "Refresh TaxCoach's Suggestions" button at the top.

=====================================================

We're happy to answer your questions on TaxCoach content, features, marketing, or general taxation. While we give first priority to our TaxCoach All-Stars, we work to answer all questions. For best response, email support@taxcoachsoftware.com. If we can't answer immediately, or we think the answer will be useful to all of our subscribers, we'll publish it (anonymously) here in the 'Subscriber Q & A' section of TaxCoach Briefs.

Regards,

Ed Lyon
Keith VandeStadt

www.taxcoachsoftware.com
(513) 321-2820

TaxCoach Briefs Archives...
TaxCoach All-Stars
TaxCoach Cost Segregation