TaxCoach Briefs:    January 7, 2010

Volume 5, Number 1

• Marketing Minute: Words of Wisdom
• Member Testimonial of the Week: Tax Planning Engagements
• Resource Updates: 2010 Updates
• Did You Know: Tax Planning Engagement Implementation Guide
• Member Resource: Member Call-in With Ed and Keith

****Attention All-Stars and Press Club members ****: Our next elite masterminding webinar will be on Tuesday, January 12, at 4pm Eastern. We're going to discuss Time Management — taking a fresh look at ways to make the most of your limited resources as we head into busy season. Check The Scout or the All-Stars page within TaxCoach for connection instructions. Talk to you on Tuesday!

TaxCoach Briefs archives.

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MARKETING MINUTE (EAL)
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WORDS OF WISDOM

Back when I was building my personal service practice, I worked hard to bill myself as "the funniest tax guy in America." But I'm not the only guy with funny things to say about taxes. So we've collected some funny tax quotes to launch "Volume 5" of these Briefs.

Taxes are intimidating and uncomfortable. That makes it harder to cement solid relationships with clients. That's why I used humor, to establish easier rapport with clients and make myself and my value more accessible.

So go ahead and enjoy reading the quotes. But don't just chuckle and move on. Ask yourself how you can use them to build your business:

• As part of your "signature" file at the bottom of your email?
• On your web site?
• On a whiteboard or bulletin board for visitors to your office to see?
• On business cards or flyers?
• On the outside of your direct-mail pieces (where recipients will see it and be intrigued to open it)?
• In your monthly client newsletter? (You do have a client newsletter, don't you?)

"Worried about an IRS audit? Avoid what's called a red flag. That's something the IRS always looks for. For example, let's say you have some money left in your bank account after paying taxes. That's a red flag."
Jay Leno

"The only difference between a taxman and a taxidermist is that the taxidermist leaves the skin."
Mark Twain

"The difference between death and taxes is death doesn't get worse every time Congress meets."
Will Rogers

"Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. That's progress."
Charles Rossotti (former IRS Commissioner)

"A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money."
G. Gordon Liddy

"Day in and day out, your tax accountant can make or lose you more money than any single person in your life, with the possible exception of your kids."
Harvey Mackay

"If you get up early, work late, and pay your taxes, you will get ahead -- if you strike oil."
J. Paul Getty

"If you are truly serious about preparing your child for the future, don't teach him to subtract - teach him to deduct."
Fran Lebowitz

"Our party has been accused of fooling the public by calling tax increases 'revenue enhancement'. Not so. No one was fooled."
Dan Quayle

"The question is: What can we, as citizens, do to reform our tax system? As you know, under our three-branch system of government, the tax laws are created by: Satan. But he works through the Congress, so that's where we must focus our efforts."
Dave Barry

"I wouldn't mind paying taxes… if I knew they were going to a friendly country."
Dick Gregory

"Income tax returns are the most imaginative fiction being written today."
Herman Wouk

"The avoidance of taxes is the only intellectual pursuit that carries any reward."
John Maynard Keynes

"I love America, but I can't spend the whole year here. I can't afford the taxes."
Mick Jagger

"Be wary of strong drink. It can make you shoot at tax collectors... and miss."
Robert Heinlein

"Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund."
F. J. Raymond

"On my income tax 1040 it says 'Check this box if you are blind.' I wanted to put a check mark about three inches away."
Tom Lehrer

"I just filled out my income tax forms. Who says you can't get killed by a blank?"
Milton Berle

"The taxpayer - that's someone who works for the federal government but doesn't have to take the civil service examination."
Ronald Reagan

"It's income tax time again, Americans: time to gather up those receipts, get out those tax forms, sharpen up that pencil, and stab yourself in the aorta."
Dave Barry

"The income tax created more criminals than any other single act of government."
Barry Goldwater

"A dog who thinks he is man's best friend is a dog who has obviously never met a tax lawyer."
Fran Liebowitz

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MEMBER TESTIMONIAL OF THE WEEK (KAV)
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Dominique received this in an email a couple of weeks ago, from a member who had attended the Certified Tax Coach™ Academy.

"By the way, I have five tax planning engagements going on — various pricing, but all over $1,500 each. All because of you, so I personally want to thank you and wish you and your family a very Merry Christmas."

Chris Coggins,
The Tax Office, Inc.
Roseville, CA

Chris is one of the first 30 graduates of the CTC™ program. And while the new Federal Trade Commission rules for testimonials discourage us from saying his experience is typical, we're pleased to report that Chris is far from alone. Want to learn more about the program? Dominique and Ed are hosting a webinar on Monday, January 11, at 4pm Eastern. We'll be walking through the program and sharing some of the first graduates' successes.

Click here to register:

www2.gotomeeting.com/register/399438147

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RESOURCE UPDATES (KAV)
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As we mentioned in the last issue, Ed and I, along with our Research Accountant, Lisa, have been working on updates to the complete TaxCoach system for 2010 tax law changes.

As promised, as of this past Monday, January 4, we had all of the strategy modules, tax rate tables, phaseouts, Summary Report text, and Outlook Letter text updated. At this point we are researching the state modules, in order by the most populous (sorry, Wyoming, you're last!). We've also started on the seminar kits, with the rest of the system content to follow. We're updating resources continuously, so stay tuned to the Briefs and we'll keep you posted on the progress.

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DID YOU KNOW . . . (KAV)
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TAX PLANNING ENGAGEMENT IMPLEMENTATION GUIDE

. . . one of TaxCoach's 19 Implementation Guides is designed for the overall planning engagement? This guide forms the basis for a project workplan. It identifies steps to consider and/or complete in the tax planning process, including both client and external resources.

It's customizable, so you can edit it in your word processor. And since the client's Summary Report is editable, too, you can fold in elements of strategies selected, to build a complete project plan for larger engagements.

Clients are trusting you to navigate them through the tax environment. An engagement plan shows them you're experienced and confident in the planning process.

You'll find the Planning Engagement guide at the top of the Implementation Guides section, in the 'Forms & Templates' folder.

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MEMBER RESOURCE (KAV)
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MEMBER CALL-IN WITH ED AND KEITH

Even on a snowy winter day just back from the holidays, we had another well-attended call-in this week. Especially surprising since we had to change the conference registration instructions at the last minute. Surprise! (Apparently there is a limit to the number of occurrences of a given event within GoToWebinar! Who knew?)

If you're looking for clarification on tax strategies or profiting from TaxCoach too, join us for the next call, on Wednesday January 13, at 1pm Eastern. Enter a question or just listen in on the repartee. Check the "Contact Us" button within TaxCoach for registration instructions.

Here's an excerpt of questions raised by callers this week, straight from the call log:

• I am in Michigan and we all know what has happened here. I have a hard time charging large fees for companies- what are your suggestions?
• Doing presentation to group of senior citizens next Wed am. Any specific suggestions?
  [A: We talked about a number of refinements, but the first place to start is the Retirees Seminar Kit in the Playbook.]
• Closely Held Insurance Company - on average, what are the startup\annual costs associated with this strategy?
• 2010 roth ira rollover option. Do you see any strategies/issues in making a non-deductible contributions to a traditional IRA only to roll over into ROTH. (for clients whose income would otherwise not allow them contribute in the first place.)
• Ed, what is a good 60 sec commercial for a networking luncheon to promote Tax Coach strategy?
  [A: A good starting point for building your "elevator speech" is the Networking Mini-Presentation in the Playbook. It's designed for about 7 minutes, but is a perfect source for condensing into a commercial.]
• I remember you speaking previously about a Tax Coach member (I think somewhere in Florida) who had relocated to a new city, and then quickly built his/her practice up to about 200 high value 1040 tax returns. Can you briefly recap what types of marketing he/she did, like direct mail, public speaking, etc.?
• Taxpayer is 64 & still working & has 401K. Both he & employer are contributing. Spouse turning 65 in April 2010. Pros & cons on spouse contributing to spousal IRA for 2009 & 2010?
• I read an article in the newspaper yesterday which referred to taxes as "the biggest financial transaction most people will make during the year" I thought that this is an interesting "frame" to positioning proactive tax planning services.
• Considering roth tax planning can you contribute a non deductible ira if over the roth contribution limit and then do a roth conversion? is there a time limit?
• My take is that the 2010 rates will remain in place and allowed to expire and 2011 is when we will see the tax rates go up. Your thoughts?
  [A: The extremely summarized answer is: that's about where we are.]
• What type of advertising are people doing on 1040 clients. Ads, new resident letters, etc. Or should we even be try picking up these types of clients? If we have the extra capacity, I hate to miss out on this revenue even if this isn't my ideal client.
• Pls discuss differences between structure & utility of HSAs, MSAs & MERPs.
• what should we do during "the season" to get in front of those ideal clients?
• I have several clients who are asking how can other companies prepare taxes only with the last pay stub...IRS forbids preparer to prepares taxes without the W2s and 1099R's.
• Do US Full citizens have to be taxed on world wide income? I have a client who lives and works in Dubai.

We've determined that while we are happy to answer questions on TaxCoach marketing, concepts, and strategies, we can no longer continue to analyze detailed case studies. Specific client scenarios generally involve detailed factors outside our knowledge, and we have determined (along with our attorneys at Crane, Poole, and Schmidt) that we aren't comfortable addressing those scenarios. Unfortunately, we're just not set up to act as an "on the fly" research service. (If you're looking for that sort of support, take a look at the Certified Tax Coach™ program.)

Members occasionally ask if we can record and archive these calls. The answer is that we want to keep them as informal and uninhibited as possible. For example, we’ve discussed outside tax software and marketing services (both good and not-so-good), and we don’t want to put ourselves on record with those comments. Member Call-Ins are intended to be casual discussions among peers – and we don’t want recording them to threaten that chemistry.

While our elite members (All-Stars, Press Club, and Hall of Fame) can still schedule time directly with Ed as part of their coaching programs, we simply cannot answer marketing and tax-strategy questions via email or unscheduled calls.

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We can answer questions on using TaxCoach system features anytime. (Save marketing and tax strategy questions for Member Call-Ins.) For best response, email support@taxcoachsoftware.com. If we think the answer will be useful to all of our members, we'll publish it (anonymously) here in the 'Member Q & A' section of TaxCoach Briefs.

Regards,

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