Like most of the world, we are all trying to maintain our households the best way possible. With April being the month to file taxes, I was able to chat with Tax Expert; Shanequa Lewis, about what we should be all doing now when it comes to our taxes, deferring payments, credit and more…..
How did you get your start in your industry?
Although preparing taxes was something I’ve always wanted to do, I never dreamt of it being my preferred career. Growing up, my dream was to become a pediatric nurse because I love helping babies, toddlers, and teens. I even completed college courses to pursue what I thought was my passion. However, life took a different turn.
In December of 2013, I was scrolling on social media, scouting for ways to make some income to provide for my small children. I stumbled across a company that was seeking aspiring tax professionals for the upcoming tax season. I thought to myself, “this could be my opportunity to learn more about the tax business while earning income.” I attended the hiring event and interview amongst potentials ten plus years my senior and aced it with flying colors. I got the job! While spending three years at that office, my love for taxes grew into something wonderful.
With a wealth of knowledge and passion, I launched my tax firm, Smooth Tax Solutions. I’m grateful for my tax partners and clients who’ve supported my leap of faith. I’m now seven years vested as a Certified Tax Professional with my own firm located in Birmingham, Alabama. I’m also the Co-Owner and Instructor of one of the best tax schools in the South!
What is the biggest misconception about tax professionals?
The public’s biggest misconception about tax preparers is that their fees should not ever increase. Clients must understand that the more tax professionals perfect our craft; the more knowledge we gain to provide them with a greater experience when utilizing our services.
Contrary to popular belief, preparing taxes is more than just inputting information from a W-2. Each client filing may differ depending on their earned credits, itemizations, and deduction eligibility. Processing returns and education clients properly take proficient understanding of tax laws and federal guidelines, all of which determine a preparers fee structure. Getting your taxes prepared should always be a SMOOTH and memorable process!
In the current state that our world is in, how important is it for people to maintain good credit?
Having cash money isn’t always peaches and cream. Most Americans (including myself) tend to or have attempted to live beyond their means at some point in life. At the same time, general living expenses take a toll on people’s paychecks. Businesses have good reason to insist you have good credit before providing products or services on credit. Some employers are even beginning to run credit checks to see if you can be trusted with company finances or assets.
Before you can buy or rent a residence, mortgage lenders and landlords want to know that you won’t default on your monthly obligations. If you don’t have good credit, the lender or landlord will consider it risky to place the property in your name. Most Americans do not have the money to fund a vehicle and cover living expenses at the same time. Many will apply for an auto loan. Your credit rating affects whether you are qualified, the amount you can receive, and the interest rate of the loan. Many people have dreams of starting their own business. Most business startups require a sizable amount of cash that you might not have available. In that case, you’ll need to obtain a small business loan. Among other things in today’s world, you need to maintain a good credit score to stay afloat in the event cash isn’t enough to obtain your needs.
What tips would you give our readers during our current climate?
During our current global pandemic of COVID-19, my suggestion to readers would be to eliminate unnecessary expenses by becoming frugal as possible and mindful of their spending habits.
We should use this time to discover more ways to leave a legacy, adopt a positive habit, spend more time with immediate family, and reflect on what we’ve accomplished thus far. I also believe that purchasing stock is a good investment during the pandemic because once it subsides, the market will be worth so much more. After all, investing is always a great idea!
What are your thoughts on deferring payments at this time?
I think deferring payments has both advantages and disadvantages. Statistically, the majority of Americans were not financially prepared and undoubtedly blindsided by the COVID-19 shift in normality. Luckily the government has implemented measures to bail out those affected by this infectious disease. Although Americans will be granted forbearance, it’s a great idea to visit the drawing board and secure a disaster savings plan.
For our readers who might be interested in becoming a tax professional, please let them know about Mind Your Assets Tax School?
Mind Your Assets Tax School is an eleven-week online course that can guarantee the potential to earn $10k+ weekly by following our tax school model! Now more than ever, we all could use a lucrative side hustle, right?
We provide services to new and experienced tax professionals and we also guarantee job placement with one of our many tax firm partners along with the option to be the BOSS of your own firm!
Upon successful completion, you will own the title as a Registered Tax Professional with the IRS and receive a Certificate of Completion from our academy. Text MYATS 77948 for exclusive school news! For more information on our firm and academy please let visit us online at www.mindyourassets.academy and www.smoothtaxsolutions.net
Featured Image by Tyrell Hood w/ Royal Photography