John was making very good money. He has been in the tax consultancy business for the last six years and now runs a small company consisting of five people, including himself. He recently purchased a new car, bought a small house in installments that will be paid off in a year, and his company is doing very well. The interesting part was that he did not hold a professional accountancy degree, yet he was able to achieve tax consultancy success. Here’s how he shared his secrets.
Mr. John came from a middle-class family and was the eldest among his siblings. His father was a public servant with a salary just enough to cover the basic needs of the family. John attended public schools because his father explicitly stated that he couldn’t afford the fees for private schools, and threatened that if John failed any class, he would take him out of school and send him to an auto repair shop to become an automotive technician so he could earn some money. John had no choice but to study in public school, though he didn’t like school.
Due to family pressure and being the eldest son, he somehow managed to get through a High School Diploma. He was never a brilliant student and was very weak in math and English. In the final exams of secondary school, he got second division and passed his degree. When it came to pursuing junior and senior years of high school, he was clueless because he hated medical and engineering subjects. He opted for a commerce degree and enrolled in the community college business program.
He chose commerce not because he loved it or wanted to pursue an education in it, but because he didn’t want to become an auto repair mechanic. As expected, he didn’t do well in commerce subjects either, as he was unable to relate them to the real world. One of his uncles was a qualified engineer, and John knew what engineers do, how they earn money, and how wealthy they are. He also had a good idea about doctors, having seen many and understanding the nature of their job. What he didn’t understand was what commerce graduates do.
Someone told him that the ultimate degree in commerce is a Certified Public Accountant (CPA) and that accountants are wealthy. Accountants work in firms and make lots of money, and some even open their firms to make even more. Curious, John started looking for a qualified accountant who could tell him what accountants do and how they make so much money. One day, during an audit class, the teacher announced that they were going to visit an accountancy firm to see how they conduct audits. John was the first to enroll his name for the firm visit.
The visit went well. He got a chance to meet not one, but many accountants, who explained to him the company, the work they do daily, and how it feels to be a Certified Public Accountant (CPA). He got most of the answers to the questions in his mind, but one particular question stuck with him. When he asked an accountant how long it takes to get the degree and be a qualified accountant, the answer was, “It depends.”
He was told that you have to pass all the exams and complete a mandatory internship, and usually, if you do very well, it will take three to five years to complete all the requirements. However, if you fail some subjects, it can take years to pass, and some accountants in firms have been doing it for the last 10 years.
John was disappointed, as he couldn’t wait seven years before earning, especially since his father had asked him to start working and support the family, as he was unable to support them alone. Before leaving, John asked the owner (partner) of the firm if there was any shortcut to earning money. To his surprise, there was, and the partner shared five key principles that John followed, which made him rich in less than six years.
Principle 1: Mastering the Law
The first lesson John learned was that tax consultancy success starts with understanding tax laws, not law degrees. He needed to understand federal and state tax laws. However, he didn’t need a law degree to do this. What mattered was knowing how to navigate tax codes and stay updated on changes.
John started by studying the IRS tax codes and familiarizing himself with resources like the IRS Free File system. He also took an online course on U.S. tax law through Udemy, which helped him build a solid foundation.
Principle 2: Mastering Accounting
The second key to success was mastering the language of business “Accounting“. John didn’t need to be a CPA to understand the basics. He enrolled in a QuickBooks Online course, which became John’s secret weapon for tax consultancy success, and taught him how to prepare financial statements, track expenses, and manage payroll.
QuickBooks became John’s go-to tool, and he later used it to offer accounting services to small businesses. If you’re looking to learn QuickBooks, you can start with this QuickBooks Online training course.
Principle 3: Mastering the IRS e-file system
The third principle was mastering tax software. In the U.S., tools like TurboTax and H&R Block are essential for filing taxes efficiently. John spent time learning these platforms inside and out, which allowed him to serve clients faster and more accurately.
If you’re new to tax software, consider starting with TurboTax, which offers user-friendly features for beginners
Principle 4: Choosing the Right Mentor
The fourth secret to success in tax consultancy is finding the right mentor, and his tax consultancy success accelerated when he found a mentor through National Association of Tax Professionals and American Institute of CPAs.
Mr. John learned that no matter how knowledgeable you become, a mentor is essential, especially in the early stages of your career. There will be times when you’re stuck on small issues, and books or online resources may not have the answers. In these situations, a mentor with practical experience can provide the guidance you need. Although finding someone willing to be your mentor can be challenging, it’s a key factor in becoming proficient in any field, not just tax consultancy.
If you’re looking for a mentor, consider joining professional organizations like National Association of Tax Professionals or the American Institute of CPAs (AICPA). These groups offer networking opportunities and resources for aspiring tax consultants
Principle 5: Marketing Your Skills
The final principle was marketing. John realized that even the best skills are useless if no one knows about them. He started by offering free consultations to small businesses and gradually built a reputation through word-of-mouth.
He also leveraged platforms like Upwork and Fiverr to offer his services online. If you’re ready to start marketing your skills, create a profile on Upwork or Fiverr today.
These five principles were game-changers for Mr. John
How John Achieved Tax Consultancy Success
John’s tax consultancy success wasn’t luck, it was execution. He didn’t just sit on this advice he took action. Within six months of interning at a local CPA firm, he had a solid grasp of tax law. He then enrolled in a QuickBooks course and became proficient in accounting software.
By the end of his first year, John was filing taxes for small businesses and earning a steady income. His first client came through a referral, and soon after, he opened his own firm.
If you’re pursuing a career in tax consultancy, the best takeaway from John’s story is to start small but think big. Learn accounting software like QuickBooks Online, master tax filing tools like TurboTax, and market your skills effectively.