AA 127 | Low Fees

 

In our efforts to attract more clients, we tend to lower our fees. But did you know that low fees actually do the opposite and hurt your clients? Michelle Weinstein interviews Thomas A. Gorczynski, EA, USTCP, a nationally recognized speaker and educator on federal tax law matters. In this episode, Tom sheds light on why low fees can be detrimental to not only your business but your clients too. From having to work more to compensate to devoting less time to your clients, Tom offers a multi-view perspective on the actual inefficiency and ineffectiveness of charging less to grow more. Find out how much you are actually losing with this strategy and what you can do instead to sustain growth, attract high-quality clients, and thrive!

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How Low Fees Actually Hurt You And Your Clients With Thomas A. Gorczynski, EA, USTCP

We have a very special guest, and our special guest is a nationally recognized speaker and educator on federal tax law. He is an author of the Tom Talks Taxes newsletter, the co-author of PassKey Learning Systems EA Review Series, and also the Co-Owner of Compass Tax Educators. He’s an EA, certified tax planner, National Tax Practice Institute fellow, and a certified tax resolution specialist. He was also admitted to the bar of the US Tax Court as a non-attorney.

Not only is our special guest having a Master’s in Taxation from Golden Gate University. He also has a certificate in Finance and Accounting from the Wharton School at the University of Pennsylvania. He’s also received a 2019 Excellence in Education Award from the National Association of Enrolled Agents and the 2018 Member of the Year from the American Institute of Certified Tax Planners.

Before we welcome our special guest to the show, are you ready to stop settling for less in your tax accounting or bookkeeping firm? If you’re tired of long hours, low pay, or low-paying clients with little freedom, then this is for you. Make sure you keep reading our whole episode because no matter what’s happening in your firm, it is possible for you to turn this around, not work with so many clients, work fewer hours, and get paid a whole lot more.

All around you, firm owners are grinding fourteen-hour days. If you look at April 10th, they’re exhausted, burnt out, and saying, “I’m ready to throw in the towel. I cannot go another year like this,” but that is not how we need to do things, and that’s not how we do things here at the show. We will show you how to build the firm you’ve always wanted, charge the fees you know you deserve, serve only the clients you choose, and finally have time for what matters to you with your friends, family, and kids.

If you are ready to make a change and create the firm you’ve always dreamt of, head on over to TheAbundantCall.com to schedule a free breakthrough session with me or one of my teammates. I have helped almost 200 accounting, tax, and bookkeeping firm owners gain freedom, get paid first, and never have a low-paying client but you must take the first step to make that happen.

Head on over to TheAbundantCall.com and book your free session, and we will discuss where you’re at in your firm and what’s holding you back. Where do you want to be so you don’t have low-fee clients and you have premium-paying clients? How do you take the next steps to double your firm revenue now? Every success started from this call. It’s turned into more confidence, premium fees, doubling revenue, less burnout, and excitement for your firm and your future. Book now at TheAbundantCall.com, stop settling for less, and create the firm that you’ve always dreamt of. Let’s welcome our special guest Tom Gorczynski to the show.

Welcome, Tom, to the show.

Michelle, thank you for having me.

It is such an honor to have you. I love that we can do this every quarter or so, or maybe even more frequently in the future but I know your time is so valuable. For those who don’t know who you are, could you share who you are? You are a regular here at the show. However, someone new might be reading.

I’m an enrolled agent and a certified tax planner. I’m admitted to practice before the United States Tax Court as a non-attorney. I’m a Co-Owner of Compass Tax Educators, a nationally known firm for providing CPA and EA education. I have an online newsletter, Tom Talks Taxes. I speak at regional and national tax conferences, and I also have a weekly mastermind group called The Inner Circle with Tom where we help tax pros solve challenging problems and get paid for what they’re worth.

I am so honored to have you here because we’re going to talk about not a technical thing that Tom normally talks about but why low fees hurt our clients badly. A lot of times, with low fees, you think you’re going to get more clients in your firm. If you have low fees or you’re charging below a competitor, then you will be able to grow your practice, and eventually, maybe they will pay you more in the future.

That’s what we’re chatting about. Make sure to grab your yellow notepad or wherever you take notes because this is an important conversation as to why these low fees are hurting your clients. They hurt your business too, your firm, and your profitability, and then you get fed up, burnt out, exhausted, and tired and maybe you even want to shut it down eventually. Before you were doing all this education and before The Inner Circle and everything else, you ran a firm full-time.

I still have a firm part-time now. Low fees are detrimental to taxpayers ultimately because for the tax pro to meet their revenue goals when the fee or price is low, that automatically means you have to handle more clients to meet those revenue targets or goals. A lot of tax pros who do charge very low fees, and unfortunately, I know that there are tax pros charging $100 to $200 for a tax return, do it a lot of the time for two reasons.

AA 127 | Low Fees

Low Fees: When the fee or price is low, that automatically means you have to handle more clients in order to meet those revenue targets or goals.

 

One, it’s the way we have always done it, “I can’t change.” That’s the big one but the second, and this is very laudable in some ways, is that they believe that everybody should have access to competent help. Therefore, by keeping the fee low, I will be able to help more people at a wider range of income levels than if I charge more money.

It’s a catch-22. You want to make yourself available to clients but you can’t help everybody. That’s what it comes down to because if you’re taking on clients at these low fees, then you have to handle more clients. You’re devaluing your premium-type clients that ultimately every single person here wants to work with.

When you do that, it muds the water, and you’re not only hurting your clients because you’re not giving them the best service but you’re hurting the profitability and everything else in your firm. Being too exhausted to do the good work, what are some of the consequences that you’ve seen when firms are charging these low fees where it is hurting the clients? First, we need to unravel that, “If you’re going to continue down this path, here are some of the consequences that you can look forward to.”

Let’s say you’re a sole practitioner. Based on your fee structure because it’s low and based on your revenue goals, you need to do 1,000 tax returns. I know sole practitioners who do that. If you think about it, there’s only a limited amount of time during the workday. You only have a limited amount of time in your life. We can’t make more time. With tax season generally being compressed, that will often mean working much longer hours during the workweeks. It means working significant work hours on the weekends but it also means that the time you can devote to each person during those extended periods is less.

For example, if I need to see twelve people, I can’t spend two hours with them. That’s the whole day with no sleep. I’m looking at 45 minutes. Maybe for some super basic situations, that may be enough but not for a rental owner, not for a business owner, and not for someone with a family looking for opportunities to save tax. There are so many downstream consequences of having to crunch so much work into a small period of time.

Crunching that amount of work in a short period of time gets you to exhaustion and burnout. A lot of clients that I know you work with and I’ve worked with have even questioned, “What am I doing this for? What is the end goal and the outcome that I’m looking for?” I also wanted to share that low fees are transactional. It does create higher turnover but, to be honest, low fees show mistrust. That’s what it does. It creates doubt. Think about how you buy.

This is important. Tom, you’ve made a shift too if you think of where things were years ago versus how things are now. It’s the way we perceive how we see the world and how we make buying decisions or the fees. I got a new Tesla. If I got a new Tesla, and it was $15,000, I would be questioning things. I wouldn’t have trust. I would have mistrust of the product, the brand, or the service.

Having these low fees does create doubt in clients, especially the business clients or the clients that have rental properties. To be honest, they’re expecting something of hire, especially a real estate example. If you’re dealing with a house flipper, and they have multiple properties, then they’re trying to turn a profit. You come through, and you’ve got these low fees. They’re going to be scratching their heads, “This doesn’t make sense.”

To be honest, the way we buy is the way we sell. I like to pay premiums for things. I’ll buy the most expensive version of the Tesla or the most expensive bag. If I’m going to get a tax plan, I hope it’s a high price because if it’s not, I’m going to question, “What does this person know? What are they going to do for me? Are they going to treat me like a VIP? Am I going to be 1 of 1,000 with this person doing 1,000 tax returns?”

The way we buy is, to be honest, the way we also sell. If you’re used to asking for discounts at stores, or you’re going to the dollar store all the time, Walmart, or JCPenney’s here in California, you’re always looking for the deal. Granted, I love a good deal, and you know that because we stumbled upon a great deal one time when Tom and I were out to dinner. Bloomingdale’s was getting rid of their BCBG collection. I found stuff at 90% off. I’m all about a great deal but I’m about a premium-quality product. I loved those clothes, and I still love them. They were getting rid of the lines.

I lucked out but that’s not normally how I buy. How I buy is also the way I sell. The fees to work with me are extremely high. I want to be so high that you go, “What does she know that I don’t know?” It creates curiosity. Tom, it’s the same with you. No one can work with Tom one-on-one anymore. It doesn’t exist, or if it does, you can contact me, and it will be very high.

The way you buy is also the way that typically we sell the services and fees in our firm. It’s also a good time to take a reflection and look at the way that you move about in your daily week. I spend $2.95 every day, Tom, and you know this, at Starbucks for two shots of decaf espresso. I don’t even drink it for the caffeine anymore. People think, “That’s crazy.” I say, “It’s okay. It’s part of what I want to do.”

To have people see us differently, we have to change ourselves first and how we view how we’re moving about our everyday lives because that’s the first thing we have to do to change. Tom, maybe you can share what that evolution looked like for you and how it has helped in your career and your firm over the last few years because you’re not at that exhausted point. You’re charging high fees to clients, and it’s why you don’t have low fees that hurt your clients.

Before I get to that, I want to pivot off something you said a little bit earlier about the turnover rate and turnover rates with low-fee clients. That’s an area that we often don’t think about. When you invest in a high-quality and high-fee client, they are likely more attached to you and your firm. When you have low-fee clients, they generally have high turnover.

AA 127 | Low Fees

Low Fees: When you invest in a high-quality, high-fee client, they are likely more attached to you and your firm. When you have low-fee clients, they generally have high turnover.

 

We often don’t think about the impacts of turnover rates in a tax practice but think about all of the additional time, energy, and money that has to be spent when you lose a material number of clients each year and then have to onboard and/or find new clients. We have advertising. There’s the time spent on onboarding, setting up the technology, and getting them used to the new process.

It’s almost like an employee. If you’re talking about the turnover, it’s so similar to our staff. You want a great staff person that’s going to hang around for a long time. I call it putting on the golden handcuffs. You have to put on the golden handcuffs with the type of clientele you want too because the turnover is a big thing. If you pay someone cheap prices, they will stick around for a little bit and be onto the next thing. For our clients, it’s no different.

I remember a firm I used to work for in Maryland. Somebody who owned the firm came up with a great idea that a significant Yelp coupon was the solution to soliciting new work. For the first year, those folks were fine because the fee was artificially low because of this one-year discount. I’m going to tell you two things about those clients. 1) They were more problematic to work with for various reasons than our normal clients. I found that they demanded much more time even though they were paying a lower fee. 2) The retention was extremely low. When they eventually had to pay the normal fee, they left. While that gives us an idea of the impact of a discount, I look at a low-fee firm as giving a perpetual discount.

It’s almost worse. Having a low-fee client is like having a perpetual discount. Being a 100% dollar store is what you’re signing up for. That’s what you’re going to be known for as well, and that’s only the quality of service that you would ever be able to provide.

That attracts a certain type of client but by having that type of client, we also have the idea that we have to take every client. When I depend on having a huge volume of clients, my mindset is, “If I don’t have that number of clients generally, I’m not going to succeed financially. Therefore, I often may take clients that I shouldn’t be taking, and that’s simply because of my fee structure.”

Maybe it’s the client that’s problematic. Maybe it’s the client that is not kind to you or your staff. Let me put on my technical hat here but maybe it’s a client you don’t have the skill or time to give them what they need. I’ve seen a lot of times in high-volume large practices where the practitioners are working a lot, i.e. 12 to 14 hours a day.

I found that a lot of them are loath to ever turn away a client that they don’t have the skill level to handle because they’re afraid of giving away the work, or if the client needs specialized help because of that scarcity mentality, they’re also loath to refer the client to someone who can truly help them. That’s simply because in a low-fee environment, I feel like I have to take every client, I have to cling to every client, and I need every dollar of revenue.

One thing to think about too is that when you price yourself higher and switch this model around, you make the game almost easier for yourself. It’s harder for everybody else because if everyone else is the same, and you stick out as the premium top, you’re now more valued instantly because of curiosity. If everyone else is the same, all they’re competing on is price. The cheapest person will always win.

If that person with 1,000 keeps staying low, and they’re on the perpetual discount roller coaster, then they will continue to grow and finally bury themselves into the ground because the cheapest will always win in that model but if you price yourself competitively or at a massive premium, you are now playing in your field. You don’t have any competition. There’s no one else like you.

That’s the part that creates a lot of trust and curiosity, “That person must know something that I don’t know.” There’s already value being perceived without even meeting you yet. I promise you won’t be too exhausted to work anymore. You won’t feel overwhelmed, and you will feel that you can breathe in between clients and the work that you have to do for them. I’m curious from seeing firm owners that were in the low-fee department where it was hurting their clients. Did any of them have a hard cost consequence that it cost their firm X number of dollars because of some mistakes that were made? How did they make the shift to start turning things around?

In a low-fee firm, exhaustion can set in very quickly but what are the real-life consequences of that exhaustion? Honestly, it means that simple and major errors increase, and also, things are omitted. Instead of offering them valuable planning strategies, the goal is simply to get the return done because we’re already behind. I worked with a firm owner once who was charging around $200 on average. The next year, they simply decided to make a change, and they moved to $695 as their minimum fee.

In a low-fee firm, exhaustion can set in very quickly and errors increase. Click To Tweet

There was some attrition. It was enough that the work-life balance became normal but the revenue was the same or a bit more. Here’s where the difference was. The firm owner told me that in having the extra time to work on client files, she noticed two things. 1) There were errors that were made in the past simply because she was too tired, too exhausted, and too stressed to do a proper second review and/or notice these items that were incorrect. She was embarrassed by that but it was an honest admission.

2) There were planning opportunities, which are the things that show your value to clients that were completely missed because there was no time to contemplate, “How can we be more proactive with this client’s case?” I would argue that at $200 a return, they’re not paying for that service. I’m going to give some grace on that particular issue because, at $200, a taxpayer should not expect anything but that piece of paper, and that’s it. At $200 a return, you’re not paying for any suggestions or advice in my opinion. That’s a higher price point with a different service.

That’s how you have to set yourself apart and stand out. Having the decision to make these shifts because of the time pressures, the exhaustion, and the omissions creates embarrassment for the firm owner. You don’t want to feel like you’re dumb or you look stupid because you missed something. I’ve heard it from my clients and people who have worked for you, why they’re with you, and why The Inner Circle is such a powerful place for those who want to not have these areas that you’re missing on the technical side because you want to be the best firm owner you can be but to do that and not have these low fees hurt your clients and your firm, you have to think about how and what you’re going to do to make these changes because the costs are significantly high.

Ultimately, in my opinion, a low-fee and high-volume firm is not in the client’s best interest from a tax perspective. As a tax professional, I believe we have an ethical duty to always put our client’s situation first. We’re not being proactive with them in a low-fee and high-volume practice but we do put them at financial risk. How do we do this? Think about it. If I am making errors on tax returns, and if the IRS catches the error, they could be liable for a penalty and additional interest.

A low-fee, high-volume firm is not in the client's best interest from a tax perspective. Click To Tweet

Ultimately, they may come to me, the practitioner, to pay those penalties or interests because I may be responsible for them. They may make a claim against my insurer for not doing proper work. If we’re going to go further, the IRS can impose preparer penalties on tax professionals who do unreasonable actions on tax returns. Some of those actions don’t have to have intent. If you simply consistently misapply the law, you could even be liable for a preparer penalty.

What are those penalties typically running? If you had to quantify cutting corners on a return, due diligence missed, assumptions and estimates that were wrong, and things that were omitted from returns that should have been there, what do you think from a total financial dollar amount could that cost a firm owner who continues to go down the path of having these low fees and hurting their clients and themselves?

My experience is that when the IRS opens a preparer case, it’s not for the one-off. It’s for the preparer who consistently has errors on returns, and because of that, I have never seen a preparer penalty case that was less than six figures because the goal of the service in a preparer case like that is to close the practitioner down by imposing such a penalty that it puts them out of business.

This is massive.

That’s not even talking about the other side. If a preparer case is opened, your clients all get audited. Not only are you going to be potentially financially ruined but all your clients could potentially be examined by the IRS. The Office of Professional Responsibility governs Circular 230, which are the CPA and EA ethical guidelines for practice. This type of low-fee and high-volume practice has Circular 230 implications, which could lead to discipline potentially from the Office of Professional Responsibility.

The area I’m thinking about is due diligence. We have an ethical responsibility to do due diligence on ensuring the accuracy of tax returns but if you only spend 45 minutes or 40 minutes with a client, let’s get real. The due diligence is going to be significantly less than if you have more time and more space. I know of one practitioner who is a big advocate of 15-hour days in and out and 40 minutes, “That’s the best and most efficient way to do a tax practice,” but that same person doesn’t believe in doing a second review of the return. To me, that’s akin to malpractice to not do another review of a return you’ve prepared. Even if you’re sitting there, you need to do it.

AA 127 | Low Fees

Low Fees: The due diligence is going to be significantly less than if you have more time and more space.

 

Ultimately, the best type of review is one where the return is looked at a second time later. There are different ways you can do a review. A second review to me is an essential part of due diligence. Checking the taxpayer’s documents to make sure they comport with what the law requires is due diligence. If I see something that’s incorrect, inconsistent, or incomplete, I can’t say, “We will file it anyway. No big deal.” We have to address the issue. We can’t say, “My schedule doesn’t permit me to delay this until next week. Therefore, we’re going to file your return now. We will do the same as last year. No big deal.”

That’s not putting the client first. It’s not meeting your due diligence and, in my opinion, obligation under Circular 230. I see a lot of problems there, and I know this because I got my start doing those types of returns right in the national chain. I would sit with the client for an hour or 45 minutes. I would do the return. There was intense pressure to get the return out right then and there. None of the clients ever wanted to come back. They wanted to file. If I was simply invested in my paycheck and how I looked to the owners or the managers of that business, I would push it through but that’s not how I operate.

When I pushed back, people complained but I felt I had to do the due diligence required, “You don’t have proof you can claim those dependents. We’re not filing this return unless you have it. I’m sorry. We’re not going to wink, nod, and hit submit.” Some people might be upset saying, “I’m implying that a low-fee and high-volume practice is less ethical.” I’m not saying that. What I’m saying is a low-price, low-fee, and high-volume practice creates pressures on people that could entice them to do less due diligence because the business model makes due diligence difficult.

You’re always time-pressured. You’re always backed up into a corner, and you probably feel like you’re walking around with 40 pounds on each shoulder. You’re backing yourself up into the corner. What I’m curious about is this model and the way that things were when you were working for that chain or firm.

A chain is better than a firm. Let’s be honest here.

For the other firm owners that have a low-fee model where it’s hurting their clients and could possibly put them in a predicament, how have you seen this take a toll on tax pros’ health, wellness, and well-being? I’ve heard it from clients that I’ve helped but I’m curious for you to see or share how has this taken an effect on the health and wellness of firm owners that are continuing down this path. What do you see as possible to make the shift and make that change?

A lot of firm owners look at it as, “The more people I can serve, the more people I can help,” but if you are dead or sick, or you have a mental break, you’re not going to help anybody. This happens a lot in the helping professions, especially. A lot of people want to help so much that they risk their health and wellness and don’t see it but, in my view, it’s the reverse. To me, anyone who’s providing a service, whether it’s a helping profession or a tax professional, has to put our health and wellness first because if we are healthy, well, and energized, we are going to help the taxpayers in the best way that we can.

Anyone who's providing a service has to put their health and wellness first. If we are healthy and well-energized, we actually are going to help the taxpayers in the best way that we can. Click To Tweet

I always say, “Until you put yourself first, you can’t help anybody else.”

Going back to something you said very early, we can’t help everyone, and that is essential. My practice now is very limited. I have a certain number of slots for tax prep clients because I have to complete them in a narrow range during tax season because I have other projects. During the year, I have a fixed number of slots for cases where I’m representing taxpayers before the IRS or tax court because I have limited time. If I double or triple my capacity, it looks like I’m “helping” more people but I’m not going to be able to do work on their case because I’m so scattered.

Therefore, they honestly would be better with someone else, to be completely fair. You get either 50% of me or 100% of someone else if I am overwhelmed. For most tax pros with these low-fee and high-volume practices, you’re getting 50%. Tax pros may say, “I’m giving them 100%.” I challenge you to think if you are doing that, and if you are doing that, how physically, mentally, and emotionally are you on April 10th of each year? You probably are not in a good place at all.

Rate yourself on a scale of 1 to 10 on the 10th. If you’re on vacation like Tom is or a lot of other clients that we have worked with, then you’re at a ten on that scale. If you’re stressed out, pulling your hair out, going, “I can’t go another year like this. I have to make a change,” feeling time pressured, put into corners, missing things, and living off caffeine, you’re probably at a one on that scale. Getting honest with yourself is the only thing that will have you look in the mirror and say, “I’m ready to make a change.”

Can I give some steps on how they can move away from this model?

Let’s do it. That’s a great idea because low fees clearly not only hurt your clients but they hurt you too. I hear time and time again that they can’t keep going this way every year. Let’s hear the steps on what Tom recommends to make these changes. Grab your pen and paper and take some notes. That’s how we’re going to wrap up.

First, you need to admit you have a problem. That’s the first thing you have to do and say, “This is not working for me. In many ways, this is not working for my clients.” If you think everything is hunky-dory and it’s okay, you’re going to nibble around the edges of change. You have to admit that the current way is not working. Second, for next season, if you’re simply doing routine annual tax preparation, I challenge you to move from a charge by the form or charge for the return model into doing a 1040 form or business return service package.

Instead of paying for the forms and the return, they’re paying for a bucket of services as part of their annual tax preparation fee. They get the return but they’re getting the ability to ask you questions in the off-season. Maybe they get a 30-minute session at the end of the year for last-minute planning. Maybe you will review notices for them for up to three hours at no charge.

There are a lot of different services you can build into this package. You take the package, price it based on the value, and price it at a premium because they’re getting access to you. Maybe it is $695 a year minimum. Maybe it’s $1,095 because of your business base. Maybe it’s $1495. That’s going to depend on where you are, who you serve, what type of returns you have. That’s the minimum. As the complexity goes up, that package should be repriced appropriately.

When you look at your current client base, you don’t throw, “My price went from $200 to $695 or $895.” What you say is, “We are shifting how we do business to a more advisory approach. I believe everybody needs more in-depth tax advisory services and tax assistance throughout the year. Therefore, instead of simply doing your return, we are now offering an annual package with this suite of services at this price point.” Give them plenty of time to adapt. Will you lose clients? Yes. Will you retain a lot of clients? Yes. In the end, Michelle knows because I know she works with lots of tax pros who have done this, I’ve also done the same. Trust us that you will have far fewer clients but your revenue will be the same or more. Would you agree?

I agree 100%. They also told me, “I should have charged more. I should have increased my fees more.” Shifting on the business to more an advisory approach and going to the package is everything I preach but whatever you’re thinking in your head as to what you want to increase by, know that it could be a lot more. I have yet to have a client come and tell me, “I charge way too much. I lost too many clients.” It never has happened. It’s like, “I should have done a little bit more. I should have gone with what you suggested but I was scared.” When we’re scared, nervous, and terrified to make these changes, I completely get it.

Do what you feel comfortable with. Use these steps. Read this episode as many times as you need to. Remember that low fees not only attract this high turnover and exhausted business model but they hurt your clients, and they could hurt you if you make mistakes and have all of these challenges and risks at hand. Tom, thank you so much for being here with us at the show. Is there anything else you want to share before we say goodbye?

There’s one thing. Let’s say you switch, take our advice, and move your practice. You need to walk the walk. If you’re promising better service levels, you have to provide them. If you’re promising advisory, you have to provide it. It’s not simply about charging more. This episode was about how low fees hurt the client. With the shift, you will now have to help them, and that’s a very different perspective than getting the return out the door.

It’s so different. You have to walk the walk. I would also second the walk the walk and how you buy. If you want to charge higher fees and sell premiums and packages, be that buyer when you’re going places. Don’t look for the best deal unless it comes naturally to you when you walk in and find it like I did with Tom that day. Don’t go looking for it. Look for the most expensive whatever. Get a service that’s at a premium. If you’re going to get a haircut, get the $500 haircut versus the $50 one, and watch what starts to happen in your life.

Tom, I want to share this because a client had posted this in our private Facebook group and I was like, “This is so perfect.” Here’s what a $500-value-a-year client would say probably, “I feel as though in this investment I’m about to make in you, we should understand how our lives are about to change. I need the results, and I need you to bring them to the tax returns. I’m entrusting you with our livelihood and lives.” That’s what a $500 client would say but a $50,000 client might say, “Here’s my credit card. Here’s the money. Thanks. Bye.” They have given you all the trust, and that’s what it comes down to.

When you have low fees, know that it creates doubt and mistrust right out of the gate. When you have high fees, it creates a lot of trust and certainty that you are unique and special in a very great way. People say, “Here’s my money. Fix my problem. Fix my taxes. Do it right.” They want certainty in that. I’m going to leave it with that. Thank you again, Tom, for being here with us on the show. It’s always so fun to have you here. I’m looking forward to a future episode with you as always.

Thanks, Michelle. Have a great day, everyone.

Thank you all so much for joining Tom and me here on the show. It was an honor to be here with you. I highly recommend taking these steps and making these changes so that you don’t look back and go, “I cannot do another year like this. I can’t go on. I’m going to throw in the towel. I’m so exhausted and burnt out.” If you are feeling that way, you need support on how to make those changes, and you want to look at where your firm is at, what are those things that you are terrified of, and what is the fear that’s holding you back, then head on over to TheAbundantCall.com.

We look forward to talking to you. All you have to do is book that first call. For every client I’ve ever worked with, it all started with this one phone call. We will go through what’s not working, what’s holding you back, where you want to be in your firm, how to avoid the pitfalls and the failures that so many other firm owners have made, and how to take the steps to double your fees now, charge a premium, never have low fees, and possibly look at a six-figure consequence as Tom shared.

All around you, firm owners are grinding fourteen-hour days with little or nothing to show for it but that’s not how you have to do things in your firm, and that’s not how we do things here. If you’re ready to make a change and create the firm you’ve always dreamt of, schedule your free breakthrough session at TheAbundantCall.com. We look forward to speaking with you, and I’ll see you on the next episode.

 

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About Thomas A. Gorczynski

AA 127 | Low FeesThomas A. Gorczynski, EA, USTCP is a nationally recognized speaker and educator on federal tax law matters. He is the author of the Tom Talks Taxes online newsletter, co-author of the PassKey Learning Systems EA Review Series, and co-owner of Compass Tax Educators. Tom has a weekly mastermind group, the Inner Circle with Tom, where he works with tax practitioners to solve challenging client issues, build profitable tax practices, and reclaim personal time (even during tax season!). He is an Enrolled Agent, a Certified Tax Planner, a National Tax Practice Institute Fellow, a Certified Tax Resolution Specialist, and admitted to the bar of the United States Tax Court as a non-attorney.

Tom earned a Master of Science in Taxation from Golden Gate University and a Certificate in Finance and Accounting from the Wharton School at the University of Pennsylvania. He received the 2019 Excellence in Education Award from the National Association of Enrolled Agents and the 2018 Member of the Year Award from the American Institute of Certified Tax Planners. His tax practice in Phoenix, Arizona focuses on tax controversy representation and advanced tax planning strategies.

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