Posted on 12/29/2010 7:16:46 AM PST by NYACC1978
If you want free but possibly more ACCURATE internet tax advice, you might want to check out:
The people that post there usually know their stuff.
Did you get your CPA yet? Why not? Accounting firms will expect someone with an MS in Accounting to sit for the CPA. Get it.
Send out 200 letters to local CPA (sole practitioners) to see if they are looking to retire and sell their practice. Spend $30 to get a professional write the letter on guru.com, elance or some of the web writing services. Mailing out 200 letters on decent quality paper and envelop will cost $200.
You need to learn how to run an accounting practice from someone who is already doing it.
When he wanted to retire, the same applied with the gal that bought his practice.
Don’t borrow money, borrow hours. First, get a job, any job. The first 40 hours every week is used to pay your bills. The next 20 hours every week is spent building your business. As the business grows you detach from the job when you can fly on your own.
Then you will work about 60 hours a week at your new business for 3-5 years. If you are lucky, you may be able to start cutting back on your hours and eventually get down to 45 hours a week or so.
I built a career this way, and have watched others do the same. Starting a small business by borrowing is a recipe for disaster unless you already have clients and just need a physical plant and equipment to serve those clients.
The money in your 401k adds to your financial standing. Leave it there.
One of the most successful people I know started selling articles out of his garage. After 18 months I helped him rent his first retail space. 25 years later he is selling and retiring from a very successful business with gross sales of about $4 million a year. He worked about 60-70 hours a week for about 15 years. He could have worked less but he preferred to do the work of several people to speed the process.
You are correct; thanks.
Hello,
I need to clarify my educational and work background.
I have a BBA in Information Systems, a MBA in Financial Management, and a MS in Accounting.
I worked for over 3 years as a computer programmer. I worked for a year and a half as a client service financial analyst.
I worked for 8 or 9 months for a small consulting firm. It was understood when I took that job that it would be temporary. As soon as the consulting engagement finished, I was laid off by the owner of the consulting firm.
Between September 2009 and December 2009, I was a volunteer accountant at a hospital and I was supervised by my father. My father is a CPA.
Between January 4, 2010, and April 1, 2010, I was an audit intern at Deloitte & Touche.
I am now planning to become an Enrolled Agent.
I do not need another degree to run my business. Until I turn my company into a LLC, I refuse to search for clients. I want the full legal protection of a LLC before I attempt to obtain clients. Without clients, I am not generating any revenue. Therefore, I must obtain start-up money.
As soon as my business generates revenue, I plan to contribute money to FR.
My original intention, when I went back to school full-time as a MS graduate student in 2007, was to graduate, work for a CPA firm for two years, and become a CPA.
However, life has been throwing me a lot of curve balls ever since I was a child. It did not help me that the economy fell apart in 2007 when I started my MS degree.
In 2010, my health was significantly affected and I had to deal with my medical condition for months.
Due to the type of medical condition I have, it would be in my best interest not to become a CPA. Since I plan to focus on taxes, I would much rather become an Enrolled Agent.
I wish you the best. Focus on the EA then and try to get with a smaller CPA or EA firm to “learn the ropes.” Try to find an EA, tax preparer or accountant who is older and is looking to eventually retire. You could slowly buy them out.
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