Easiest Way to Make $100K in Today’s Tax Industry

Have you seen those surveys where people reveal their “number” in terms of how much money they feel they need to make to be happy?

  • “The Number” varies from state to state, depending on cost of living.
  • Here’s an article from CNBC that shows each state’s results.
  • In general, most people seem to use $100,000 per year as a good number that would make them happy with their financial situation.  (Yes, I know life is much more than finances, but finances do play a role, right?)

Fortunately for us as tax professionals, it’s VERY possible to make $100,000 per year (it’s even doable working part-time) if:

  1. You choose certain client groups to serve,
  2. You have certain skills, and
  3. You do certain things consistently over time.

Many of our Members are already making $100K or much more, and then we also have many Members who are working our way up towards “our number.”

Even if you’re already “there” (or beyond), I think it’s worth thinking about how you could help someone else get there.  If you hire an employee, can you show that person a clear pathway to earning $100K?  If not, how will that lack of a clear pathway towards $100K affect your ability to retain that employee?  🤔

With this in mind, I wanted to quickly share what I personally see as the easiest way to make at least $100,000 per year in today’s tax industry:

  1. Focus on acquiring and serving with excellence Schedule C, Schedule E, and Single Member LLC clients.  These clients are plentifully available, a.k.a. “Multiplying Like Rabbits,” and they greatly need expert tax help.  But also, their work is not too difficult, once you get the hang of it, a.k.a. “It’s Not Exactly Rocket Science.”
  2. Offer tax preparation, tax problem resolution, and bookkeeping services (cash basis “bank feed” bookkeeping only would be my preference, so that it’s easy, can be 95% automated, and takes very little time).  
  3. Charge between $700 – $4,800 per year, per client, depending on what services the client needs and is willing to pay for. 
  4. Get 75 clients at an average per client revenue of $1,500 per year, per client.  That will put you at $112,500 gross revenue.  Keep your costs manageable and you should be able to net $100,000 (before taxes, of course!)  

In my view, the simple plan laid out ahead is the “lowest hanging fruit” way to earn $100K while avoiding overwork and stress, still having plenty of time for family and friends, feeling confident when doing your work, knowing you’re making a positive difference for your clients, and overall enjoying your work-life.

Please note:

  • I respect any tax pro who has a different way of going about it!!!  
  • This is just my view based on my own experience and also based on what we see from the thousands of tax professionals we help every year through Pronto Tax School.
  • I hope this email doesn’t sound condescending to anyone who’s not yet making $100K in the tax biz.  

FYI if this topic interests you:

The new enhancements we are adding to our Forever Edition Membership are designed to make 100% sure that every one of our Members has a clear pathway and realistic, viable chance to earn at least $100K per year in today’s tax industry.

Of course this doesn’t mean we “guarantee” anything as far as your earnings–“results will vary,” as the saying goes.  It just means that we know EXACTLY how tax pros hit that number (and how to hit higher numbers than that, too, if your goals are bigger).  And we want to help you do the things that help you hit your number!

If you’re a Not Yet Pronto Tax School Member, please consider grabbing a membership before the $97 per year rate goes away forever. June 30, 2024 will be the last day ever to get a Pronto Tax School Membership for only $97 per year. July 1 and moving forward, our Membership Plans will start at $297 per year. We are adding a bunch of new benefits to our most popular membership (The Forever Edition).  Details of upcoming new membership benefits are here for your review.

Existing Members are NEVER subject to ANY membership price increase (as long as you keep your Membership active and don’t let it lapse). If you’re already a Pronto Tax School Member, THANK YOU! If you already have an active Pronto Tax School Membership, please don’t buy another one! 🙂

If you’re not sure if you have an active Pronto Tax School Membership, please click here to contact the Pronto Tax School Support Team and we will check on your membership status for you!

And remember, whatever price you get now, that’s going to be your same price EVERY year, because we lock prices membership prices forever for all Existing Members.

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Let's Make Sure We Direct You to the Right
Training for Your Needs!

Please click the button below for your primary tax credential.

Not sure which credential applies to your situation?  Click here to reach our support team and we'll help you decide.