and a new one from a different contestant:
Which has better career potential?
If you don't mind me asking, if you had to do it all over again, would you still go the route of the CPA? I have often thought it more lucrative to do a law degree than the CPA. But, my heart and my god given skills are more directed towards the CPA than a Law degree and, after all, money isn't everything (as you are well aware based on your move from California to Arkansas.
Anyways, sorry to talk your ear off. You are kind of like the Michael Jordan of CPAs, so I certainly enjoy speaking with you and listening to an advice you may have for a budding CPA.
You really should do what you feel most passionate about so that your career doesn't become the kind of drudgery that most people who are W-2 wage slaves find themselves in.
As you may or may not know, I entered college with a major of Political Science, with the intention of going on to law school and then possibly into politics. I accidentally ended up in a class called Accounting For Non-Business Majors just because at that time Freshmen registered last and that was the only class I could find to take along with the first Poli-Sci class. It was eye opening for me and it clicked as nothing has ever before.
Looking back those 30+ years, I was indeed fortunate to have found myself in that class and I would not change my career to anything else.
Looking forward, it is obvious that there will never be a shortage of work for accountants, whether in taxes or management accounting. Tax laws are changing daily and will never reach the level of simplicity that we all wish for. Our rulers will never allow that to happen. The levels of record keeping and reporting to so many different constituencies continues to grow almost exponentially, with new laws, such as The Sarbanes-Oxley Act, mandating more accounting details.
I don't know the numbers, but it seems that there are far too many lawyers already out there. There are so many that they have to run all kinds of ambulance chasing style TV ads to recruit clients. I have had attorneys as clients who openly expressed envy at the fact that my clientele is forced by law to use my services each year, while theirs only showed up for special situations.
I obviously don't have the crystal ball answer you may be looking for; but I hope this helps in your career path.
Creative Tax Saving Strategies
Subject: FW: To Kerry, Seeking Your ServicesHello Kerry, I have been reading up on your site and also on Drew Miles, have you heard of him? Both of you seem to really understand the secrets and strategies on using LLCs for Tax Reduction, and Asset Protection.
Drew Miles is very expensive, and I need a tax pro office like Drew Miles (just like Drew Miles) but without the extremely high price of $4,000.
I set up an LLC this year in January, and I have it taxed as an S-Corp. I am wondering if you could please give me a call to discuss you helping me with Income Shifting into another Corp, maybe a C Corp, protecting me from Lawsuits, etc.
Call me. I didn't see your number listed, I really want to talk with you Kerry, thanks.
I am very familiar with Drew Miles and his tax savings strategies. His techniques are very useful; but what rubs me the wrong way about him is his claim to be the only person on Earth who knows about them. There are several of us tax pros around the country who are very experienced using the exact same techniques as does Mr. Miles, usually for much lower fees. In fact, the tax plans prepared by the TaxCoach Software include most of the exact same things as Mr. Miles' plans, for a fraction of the cost.
There are far too many options to consider and possible scenarios that can be used to achieve your goals for me to even begin giving you specific advice via this medium.
You all will need to work directly with an experienced tax pro who can analyze your unique circumstances. I wish I could help; but I already have too many clients to take care of properly; so we are still trimming back on the difficult clients and are not accepting any new ones at this time.
Unfortunately, we don't have anyone specific to whom we could refer you. I did recently post some names and links for some like-minded tax pros around the country.
If you haven't already done so, you should check out my tips on how to select the right tax preparer for you.
You may want to ask any potential tax pros if they use the TaxCoach Software service in order to locate someone who can give you similar service to Drew Miles.
I wish I could be of more assistance; and I wish you the best of luck.
Thank you so much Kerry! I have the list of the referrals for people that are similar to you and Drew Miles. That's basically what I am looking for, someone who knows what Drew Miles knows but is a little cheaper lol.Thanks alot, and God Bless you for this buddy.