Alright – so today we’ve got the honor of introducing you to Vonda Henry. We think you’ll enjoy our conversation, we’ve shared it below.

Alright, Vonda thanks for taking the time to share your stories and insights with us today. Let’s start with what makes profitability in your industry a challenge – what would you say is the biggest challenge?

My company specializes in tax planning for businesses and tax representation for businesses and individuals. The main obstacle to profitability is under valuing or services. Why does this happen? Many
reasons, I will name a few:
1. Software companies telling the population they can do they own accounting/tax preparation
2. Nonprofessionals assuming a computer and a software makes them eligible to be an accountant
or tax preparer
3. The public not understanding the value of the profession
4. People getting advice from Tic Toc
Some accountant/tax professionals have drunk the Kool Aide that which says our value is just a button
on the computer and has priced the services in accordance with this mind set or given away our services
free. It is a wrong mind set. Our value is in our knowledge. I cannot begin to tell you how many calls I
receive from clients wanting to “Pick my brain”. I don’t mind simple questions like, “What are the tax
rate for Capital Gains” but questions like “I can’t get my 941 to balance” is not a free call.

A computer software only works on general tax issues. I firmly believe a client with only a w2 and a 1098
is an ideal client for a tax software. However, once the issue gets more complicated, I believe a qualified tax professional is your best bet. For example, a computer software will ask if you refinance your home, it may or may not ask what you did with the funds your received from refinancing and if it does ask that
question, it won’t tell you how to make the allocations necessary to comply with IRC §163.
Along the same lines we have people, who are not professionals, but believe a computer and a software
program make them an authority on accounting/taxes. It doesn’t. Knowing how to receive cash into
the business and record it is simple. Knowing how to correctly record a shareholder loan or what
company benefits are taxable to the employee is a whole different ball game. They don’t have the
knowledge and many do not know where to get the knowledge.
Tic toc is the bane of most accountant/tax preparer. The public tends to believe all that is said there is
true and try to implement the strategies taught there only to get into trouble. Tic toc can be a source to
discuss topics with your accountant/tax preparer but it should never be taken has gospel.
My client saw a video where the person claims the reason he bought such an expensive vehicle is
because he can deduct the expense as a business expense on his tax return. Her question was, is this
true? The answer was yes and no. Yes, automobile expense can be a business deduction, however, in
order to write of the entire amount the automobile must be used 100% in the business, no personal use. Not many client use luxury cars 100% in business.
Also an automobile was not written off 100%, in one year, because there is a cap on how much can be deducted for luxury cars.
Thankfully, she had the forethought to ask me before she bought a $100,000.00 car.

These are examples of the industry being devalued hence having our profit see a downward trend. We,
as an industry, must remind the public of our worth. Our worth is not in adding up numbers, it is
knowledge we have procured after years of training.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

I became a CPA on a dare. At the age of 16, the guy I was dating told me, he was going to be a CPA and women were not smart enough to be CPAs. You would think we were in the 1800s. So I made it my goal to become a CPA. By the way, he became a realtor.

I started my career as an auditor. I assisted in auditing companies such as Christian Dior Franchise and Smith and Wesson. Auditing is boring. I left the public sector and ended up being a unit controller for Marriott. I was a CPA, but I had no knowledge of tax representation and barely anything about taxes. I had an encounter with a Revenue agent who was very persistent and would not follow the rules given by the Internal Revenue Code (IRC). It was not a good outcome for me. Had I known the steps to take the situation would not have been as bad as it was. I realized the public needed a buffer between them and the Internal Revenue Service (IRS). I believe my knowledge is to help the public.
My first case, as a Tax Representative, saved my client $40,000.00. She had divorced her husband but was left with a large tax bill. The couple filed jointly since her husband was not working the IRS came after her for the taxes owed. I prepared an Offer In Compromise (OIC) and she ended up paying $2,000.00 on a $40,000.00 debt. I am very proud of that outcome, there have been others but hers sticks in my mind.
Tax planning for businesses is what we specialize in however the case that I am most proud of is a tax plan I prepared for an individual. When the tax laws changed in 2018, most tax deductions for individuals disappeared. So, when I client of mine asked for help to reduce her taxes, I was stumped. She was already taking the standard planning ideas available to individuals. But I wanted to help. She received a bonus of $500,000.00 her tax liability was through the roof. I researched for two weeks, spoke with my colleagues, and finally came up with a plan that will save her $100,000.00 in taxes legally. To be honest, I amazed myself and uncovered a plethora of tax savings for individuals.

Can you tell us about what’s worked well for you in terms of growing your clientele?

The most effective strategy is to ask for referrals and keep asking for referrals, letting everyone know what type of clients I am looking to work with. Remind current clients of the service offered so they can refer clients. I started my business doing tax returns and accounting, we still offer these services, however, we became experts in another discipline of taxes. I had to let my old clients know about the change in direction so they could not only people who need a return done but people who needed an expert.

Are there any books, videos or other content that you feel have meaningfully impacted your thinking?

The first and most powerful book, when it comes to business, is the Bible. Most people won’t think that. But the Bible says, not in these words, you get what you sow, later than you sow, more than you sow. That reminds me to make sure I am giving to my clients the best I can because it will come back to me in spades. Some people call this Karma. My next book is the “The Treasury of Quotes” by Jim Rohn. He ws one of America’s leading business authority on success.
Here are two of my favorites,
“Unless you change how you are, you will always have what you got”
“You can not succeed by yourself. It is hard to find a rich hermit”
I send the Jim Rohn book to all my prospective clients.

Contact Info:

• Website: www.vkhaccountingservices.com
• Instagram: www.instagram.com/vondahenrycpa/
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• Linkedin: linkedin.com/in/vonda-henry-09a863145
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