How Much Money I Made In 2022 As A Second Year CPA Firm Owner

[@jasoncpa]

Know that if Logan can do it, you can do it too!

[@cpashane]

can anybody else read this? i swear i keep refreshing it but all i see is "Logan is so tall, handsome, and smart"

[@jackjack-xj4mc]

@@cpashane bring back the top gun stash!

[@briancastro6082]

The transparency is inspiring. Just completed my CPA in February and would love to open up my own firm one day. Thank you.

[@taxtelegraf]

Thank you, Brian! Congratulations on the CPA!

[@LoganAllec]

Wow, that's quite a % increase year over year. Congrats! My dad works for me too - started last year (part-time) and transitioned to full-time this month.

[@taxtelegraf]

Get out of here! Are we twins?

[@robertgarcia9652]

Been an accountant for 6 years now, 4 in public and going on 2 in private. About to finish my CPA and really want to start my own firm due to the extreme shortage of CPAs and all the demand there is. Really appreciate these videos!

[@taxtelegraf]

You can do it!

[@walt662]

I'm a 20-year-old junior double majoring in Accounting and Finance. I want to get my MPA and shortly after that my CPA, and after working for a few years to gain experience, I want to open up my own firm as well! This is super cool to see; I really appreciate the transparency here, as I have been wondering if it is worth it to go against the grain and start my own firm rather than working under someone my whole life! It seems like it is if you're willing to genuinely put in the work!

[@taxtelegraf]

Awesome! Working for someone for a few years is important to get technical skills.

[@walt662]

@@taxtelegraf Absolutely! Honestly not looking forward to that part too much, but I know it is necessary haha!

[@lunamorris2091]

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

[@amandaworth5193]

Best of luck! I appreciate the KZbin content as somebody who wants to start their own CPA firm in the future 🎉

[@gilligan1350]

Yes, please do more of these breakdowns. My wife and I are taking over my parents practice when they retire, and I'm stressing about that transition period from them to us. This is exactly the type of video I need to make sure I don't mess it up. Thank you!

[@kevinstefanie]

Good stuff Logan. I like your goals for 2023 also. More money is good but more time is priceless.

[@taxtelegraf]

Amen!

[@terrellaturner8280]

Logan congrats on the progress and the growth I love seeing your progress and I love the transparency to help others

[@Deej0777]

Another great video! Thank you for being so open and sharing this with us. Great job in 2022 and good luck in 2023!

[@taxtelegraf]

Thank you, DJ!

[@doncooley5941]

That is awesome. Great job Logan! Well deserved success

[@taxtelegraf]

Thank you, Master Don!

[@jessicahodgson-escobar3301]

I love this, It helps me have a clearer idea of how others work on their business and not feel alone in this industry.

[@kimberlychin1996]

Your mic sounds so much better than your PY videos! Thanks for your advice for both 2021 and 2022!

[@taxtelegraf]

🙌

[@yargtteluh]

Hey Logan, enjoyed your video. I'm a struggling CPA. I became a licensed CPA in 2014. I Have yet to break 200k or get anywhere near that. I even joined a small accounting and tax franchise in mid 2019 to help me grow my biz, and well let's just say I'm still waiting for that to happen. I have realized that I need to do better marketing, or something. I'm outside of Denver CO and look to that market for most of my clients. My minimums are no where near yours and I'm reluctant to raise my fees on old clients, and hard to stick to my guns on pricing for new clients. I can really relate to hard to turn down work. It's just me and sometimes my daughter with help with some basic data entry and qbo work. I can't afford a lot of money for "coaching but did look at Jason's and it seems a little pricey for me. Idk what the heck to do?!

[@taxtelegraf]

Gary! Thank you for sharing that. You are worth the high fees. Post a high fee on your website for new clients to see and refer to that when you take on new clients. That way you don't talk yourself into lowering them on the spot.

[@musicplaylist5554]

Great Information . Congrats !!!

[@taxtelegraf]

Thank you!

[@taxwisecpa]

Great insights Logan! My only thing is where to get quality clients who appreciate the work and pay decently

[@taxtelegraf]

That takes time. I advertise my pricing on my website to help weed out those that are looking for the cheapest option.

[@bodega294]

This is a gold mine, thank you!

[@RunShootSki]

Here before Jason

[@jasoncpa]

👀👀

[@NAZ-fu3mv]

Bro, you are actually so funny and I like the content!

[@susanrodriguez9438]

You're doing everything right

[@Jhonelle_Bean]

That's so awesome!!! Way to go Logan!

[@taxtelegraf]

Thanks, Jhonelle!

[@pearlivory3483]

Wow. The transparency is GREATLY appreciated.

[@flowstateentertainment8395]

awesome stuff man

[@marioglzz]

Great content! As someone that is also starting, valuable advise. What outsourcing service are you using?

[@taxtelegraf]

I may disclose that later.

[@nathanbunton7031]

Get it Cuz!!!

[@mara_alexander]

That was a KICK ASS video Logan! Thank you so much for your honesty and sharing your processes/thought processes/dad jokes! :) One thing that surprised me though....you bill on completion for basic 1040s. Have you changed that since you made the video, or has it worked out for you to bill after the fact?

[@taxtelegraf]

Thank you so much! For 2023, I have started collecting a deposit up front. I'll probably increase the deposit for 2024.

[@marcoechevarriaThaRula]

very nice!

[@trotacaminossomewhere464]

You are an inspiration to me. Do you mind sharing what tax software do you use, I am familiar with Lacerte.

[@taxtelegraf]

UT

[@LetsGetDown2BusinessAcg]

Can you make a video for people wanting to startup their own firm on how you chose your tax software and what features you and your clients like the most?

[@malikmcgowan231]

Hey Logan awesome video! I'm about to graduate and sit for the CPA exam in a few months. I'm starting in financial due diligence/audit at big 4 this fall but plan to start doing returns for small businesses/ individuals on the side with hopes of growing it into something much bigger. What advice would you give to someone like me who doesn't get much tax exposure but wants to learn more while working in a different field of accounting? Thanks!

[@taxtelegraf]

Thank you! You can do it!

[@badatpc]

Hi Malik! Good luck on your CPA exams. I passed mine last year, and I also started in audit. After a year, I switched over to tax. The reason being - I was too busy with audit work to learn about tax! If you goal is to do returns & start your own business someday, I'd consider asking your HR contact if you could switch service lines before you begin working. Everyone needs help, so I don't imagine it'd be an issue.

[@Shreeree441]

I have really high anxiety of imposter syndrome entering year 2 I finished year 1 with 100+ clients and i reinvested a lot into the business getting better softwares and I’m just nervous if there is a downfall Any advice??

[@taxtelegraf]

Do the best work you can and know that you will make mistakes. How you handle those mistakes is what is important.

[@gudorflawandfinancialgroupllc]

Hey who are you using for your outsource tax prep? We have been looking into a few companies.

[@taxtelegraf]

I may disclose that later.

[@brycetubbs-virtualaccounti6344]

Nice job!

[@Reformed322]

Hopefully the day will come when CPA firms pay starting associates more than shillings. I started my PA career at 45k and wanted to swing when I saw that offer because I knew it was a joke.

[@Kimber45ACP]

Great video series. If you're working out of your home, how are you handling client visits/consultations?

[@taxtelegraf]

100% virtual.

[@howmuch4821]

What services fall under "Tax Advisory" that are different from "Tax Return Prep" and "Client Consults" ? Great video btw! KZbin income is on the way.

[@taxtelegraf]

Tax projections, consulting, and planning! Thank you for watching!

[@billsam7076]

Hi…. Love the content…Question…. So why the switch to tracking time in 2023? Isn’t not having to track time one of the big pluses of running your own firm?

[@taxtelegraf]

The goal is to track client work, admin time, and content creation. I can't measure my goal of working less if I don't actually track time. I'm not tracking each client/project still.

[@alinabarcikowska4172]

exactly @taxtelegraf - you should know how it is in reality to make changes

[@California_Poker]

Hahah love the tax deduction scene!

[@peterstapperfenne2436]

Hey Logan, which tax prep software do you use? Looking to get started myself in 2024 maybe with Drake.

[@taxtelegraf]

UltraTax! It's not cheap.

[@sriyanipremasiri6760]

Hi,I hope to join a bookkeeping/Accounting firm as an virtual employee. I like to work for US,UK,Australian or New Zealand bookkeeping firms. I live in Sri Lanka(My country-It is south Asian country).How can find a job?

[@taxtelegraf]

I hear LinkedIn is good for finding jobs!

[@avikohen851]

What’s your bill rate on tax return preparation? I’m slowly starting my own firm and trying to establish pricing

[@taxtelegraf]

I don't have a bill rate!

[@joseperez-ih7hi]

Hey! How many years of experience do you have in taxation and where is it from if you mind me asking. Your taking home director level salary at and most of all it’s “your” firm! Congrats

[@taxtelegraf]

Thank you! www.linkedin.com/in/logangraf/

[@jeremiahjasso8591]

Thanks for the breakdown, do you spend any time after tax season contracting to make more money? Would be kind of cool to see what your year overall looks like.

[@taxtelegraf]

A breakdown of much money I make after tax season?

[@jeremiahjasso8591]

@@taxtelegraf yes. As a CPA who wants to be in your position that’s something I wonder about.

[@taxtelegraf]

@@jeremiahjasso8591 awesome! I could def do a breakdown of those metrics

[@nayeem3905]

Any tips on how to start a firm part-time? Is that even possible?

[@taxtelegraf]

Start sooner than later

[@danieltuz3743]

What do you use for tax software? Seems pretty high for under 200 returns.

[@taxtelegraf]

I use OP software and don't mind the cost.

[@Brain.00005]

Do you think you could've started your firm right after getting your CPA?

[@taxtelegraf]

Not at all! I needed technical, client, and process experience.

[@funguy2627]

What software you use to make it cost over 30k?

[@taxtelegraf]

I use top tier tax software.

[@Brovha]

Hey man, aspiring cpa here. Just started FAR studies. Old Army guy here too. What keeps folks from starting a firm so soon after passing all four of the exams?

[@taxtelegraf]

Experience. You'll want to get some practice at a firm first before you launch your own.

[@Brovha]

@Tax TeleGraf I appreciate you and Jason's content so much. You guys really contribute to my confidence towards my own future career endeavors! Thank you!

[@ReppinCTandATL]

What kind of CPA software costs 30k?

[@taxtelegraf]

The kind that improves your quality of life.

[@dannychen2464]

How many employees did you have during 2022?

[@taxtelegraf]

Wait, is it not in the video??

[@mouy09]

If I could figure out how to seperate the stress from work from my life at home, I think I'd be much more appreciative of this profession. 2022 will be my highest income year by a large margin, but I'm confident that my mental health was the worst it's ever been. Super impressed by your return averages; I think im only at around $300 avg spread across 450 returns as a solo practitioner. Bumped prices alot this year; curious to see what it does to retention.

[@taxtelegraf]

You can do it, Conor! You'll be surprised by how many stick around.

[@ariah5093]

Why was the software so high

[@taxtelegraf]

Is it supposed to be low?

[@evanbartholio]

How did you manage to only spend $300 on Marketing? Are you planning on spending more or doing more for Marketing now that you are outsourcing more?

[@taxtelegraf]

That's the SquareSpace fee so $0 on ads. Not sure I'll ever need to actually pay for ads for the time being.

[@evanbartholio]

@@taxtelegraf Got it. So no ads, but did you make your own website on squarespace? Do you do any marketing other than share your website/referrals?

[@chelseasheahan6485]

Where is your 2023 video?!

[@taxtelegraf]

@chelseasheahan6485 well, it's still 2023!

[@ryanc4199]

Great video, Logan. Thanks for the transparency. Would you mind sharing who you outsource your tax prep to? I’ve considered taking the same approach, but don’t know where to to start. Thanks!

[@taxtelegraf]

Thank you! I'm not going to disclose that yet, but maybe in the future.

[@tw2800]

Logan thankyou for transparency. Honestly you come across as arrogant. A little humility would add to your shine....IMHO

[@taxtelegraf]

How so?

[@michaelmarin7573]

How are you getting clients paying you $800 for a tax return? Unheard of

[@taxtelegraf]

Step 1: Charge $800 Step 2: Get clients that pay $800

[@susanrodriguez9438]

I'm pretty sure they're not simple returns... they can get really complicated

[@naveedali1406]

"daddy needs to get monetized" wtf bro 💀

[@taxtelegraf]

Guess what? Daddy got monetized!

[@naveedali1406]

@@taxtelegraf dude stop plz 😆🤣

[@taxtelegraf]

@@naveedali1406 😂

[@naveedali1406]

@@taxtelegraf 😂

[@scottgordon5246]

Accounting is about as exciting as this guys personality lol

[@taxtelegraf]

That's flattering, thank you, Scotty! 😊

[@scottgordon5246]

haha no insult! I'm the exact same way..@@taxtelegraf