Education is the Key to Professional Success

One of the most important things to remember in the field of taxation:  Education is the Key to Professional Success.  Not only is tax law complex at best, each year the law regarding taxation – adjustments, deductions, credits – are subject to change at the hand of legislatures.

Networking is one way to expand your knowledge base without necessarily expanding your knowledge.  What you lack in detailed knowledge of one form of taxation may be the expertise of a peer within your network.  Sharing knowledge between peers is a fabulous way to do business, and is the foundation for many of the larger professional organizations.

Networking might be accomplished through:

• A national organization – specific to tax professionals, providing federal tax education
• A state organization – keep on top of specific state differences to federal tax law
• A local organization – such as your city’s Chamber of Commerce
• A group of peers – just getting together for coffee, for lunch – just to talk shop

With the tax laws subject to change every year, it is important to attend as many education events as your budget will allow; networking groups are a great resource for this.  A simple, often overlooked concept:  ‘people don’t know what it is they don’t know.’  This couldn’t be more true when it comes to tax professionals.

Attend events with a wide variety of tax topics, even if you don’t think it applies to your clientele.  You might be surprised to find that your client’s activities and financial investments have reporting requirements you didn’t even know existed.  There may be new, even temporary, tax credits which you don’t want you client to miss out on.

Bottom line – professional development will help you:

• Increase Productivity, which will in turn
• Better serve your client, which will help you
• Grow your business, and in the end
• Your Bottom Line Profit will increase

7/27/2013 6:41 PM