Posts tagged: Becoming an EA!

Tax Season & EA Exam Prep

April 16, 2013, by No comments yet

 

 

Written By Guest Blogger Katherine S.

 
Even though tax season is at its height, I took the time to study my Gleim EA materials. I am so glad that I did! I did a review of filing requirements and discovered some very important information relating to dependents. I always seem to learn something new whenever I study filing requirements.

I appreciate the gradient approach to learning with Gleim. The first quiz is always very enlightening, and I usually discover that I have a lot more to learn than I thought I did! After taking the quiz, I go through each missed question and get the correct information. I’m finding that this is a great way to learn. I acquire a much better understanding by looking at each question. There may be details that I missed, which then become clear to me. This ensures that I will not miss a question because of those details next time. It also gives me a more interesting and interactive method of learning. I am able to keep my interest at a much higher level than if I were just reading the material and not interacting with it.

The quiz also prepares me for the next section and gives me a higher awareness when I study the overview. I enjoy this material because it covers general information and is easy to assimilate. I don’t get bogged down in the details. I go through the main points and get some basic understanding of that section. This, again, is a great approach to learning. I know I would not do as well if I just sat down and read the study section.

Reviewing my results right after the quiz allows me to find all the correct answers to the questions that I just missed a second time. This makes my awareness of those questions very high. Again, I feel that I will not miss these question the next time I see them.

I am very impressed so far with this method of study by Gleim and look forward to becoming an EA this year!

Katherine S.

Tax Preparers – Articles Of Interest

April 10, 2013, by No comments yet

 

As busy season comes to a close, here are two articles EAs or EA candidates, and RTRP candidates may find interesting:

 

 

 

Welcome EA Guest Blogger Katherine S.!

April 10, 2013, by No comments yet

 

Written by Guest Blogger Katherine S. for the Gleim EA Blog.

 

I decided to take the EA exam after meeting other Enrolled Agents with successful tax preparation businesses. I could see the immense value of having such a credential. I also saw a co-worker fly through her studies with Gleim, so I knew I could do it too!

 

I recently purchased the first part of the study materials and was very impressed with the ease and thoroughness of the course as I went through it. The opportunity to take practice tests was extremely helpful! I loved the way I could study by reading, listening, watching, and taking as many tests as needed. I was even able to contact a Personal Counselor at Gleim (with a fast response time) to clarify some of the materials!

 
I have work experience in tax preparation and have recently begun my 6th tax season. I am currently a CTEC in California. Prior to becoming a tax preparer, I ran small construction businesses with my husband in Oregon and Washington. With our kids grown up, I decided to go back to school and learn as much as I could about my new career in accounting. I attended Eastern Oregon University from 2009-2010 with a major in Business. I soon found out that getting a full degree in accounting was not necessarily what I wanted and saw that there were other opportunities to get where I wanted to go.

 

I have a very good idea now what it takes to obtain a CPA certificate. I also know that I would rather work in tax preparation, helping clients overcome their problems with the IRS. I also know that the fastest way to that career is obtaining an EA certificate after studying with Gleim. I am very excited about my new career and know I will make it as a tax professional. If I ever do decide to become a CPA, I know having an EA certificate will only make that journey easier, and I know that I will be back with Gleim getting the help I need to obtain that certificate.

 

Is Becoming an Enrolled Agent Worth It?

April 2, 2013, by No comments yet

Written By Guest Blogger Nicole G. for the Gleim EA Blog.

The moment others find out that you are an Enrolled Agent, the first question they will ask you is “How much do you charge?” It’s like asking “How much does a home cost?” Obviously, a 1,500-square-foot home in Florida does not cost the same as a 1,500-square-foot penthouse condo in New York City. The same concept applies to Enrolled Agents. The best answer to the question is “it depends.” For example, someone who has a simple tax return can pay as little as $175 in preparation fees. On the other hand, a client whose return takes days to prepare will cost a lot more.

As an Enrolled Agent, there are a couple of things that you need to keep in mind. One of those things is the importance of building a relationship with your client. By working with the same clients year after year, you become familiar with their situations and can quickly identify discrepancies. Last year, one of my returning clients told me she bought her first home. This tax season she contacted me and said she had received her W-2 and was ready to file her income tax. This client did not realize that her tax situation had changed and that she would be able to itemize her tax return. I advised her to also provide me with copies of her mortgage and tax statements. She was ecstatic!

A second thing is that, as an Enrolled Agent, you also get to be a consultant. Your advice can be beneficial to clients, especially when making major tax decisions. For example, another client of mine decided that he wanted to purchase his first home. In order to do so, he would have to withdraw the down payment from his 401k. My advice to him was to do a rollover of his IRA to avoid paying the early withdrawal fee of 10%. (exceptions and limitations apply).

The bottom line is this: By choosing to embark on a career as an Enrolled Agent, you will be keeping up with the tax laws and tax changes. You will be able to analyze the taxpayer’s tax situation and find tax saving opportunities that will not only help them now, but also help them to plan for subsequent years. My experience is that clients appreciate an educated and efficient tax preparer. If you are able to advise and make tax recommendations, clients will admire and appreciate you. As a reward for your service, clients will recommend you to their friends and family. I can’t think of a better way to build your practice!

 

Structure Review Time Around Tax Season

March 1, 2013, by No comments yet

 

Written By Guest Blogger Patti G.

I’m now working on EA Part 1, Study Unit 2. I also listened to the Audio Review for the third time. This section is harder than the last two sections for me. I took multiple-choice quiz #2 and received a score of 75%, which is still too weak. I’m now concentrating on answering the questions in a timely manner and not lingering on questions that I am unsure of. Instead, I am marking those questions so that I can review them later.

TIP: I noticed that you can easily check the number of minutes it takes to answer each question when you grade your quiz. This is important when it comes to taking the test. You must manage your time or you will not be able to finish in time to review any marked questions.

Repetition is good, so I went through the review of last quiz for a second time. At the end of a quiz, I go over my mistakes again and again until I can answer all of the questions correctly and understand the concepts.

I created a couple of study sessions in EA Test Prep and then started a test session. Then I took a break. A cup of hot tea or a latte relaxes me. It takes planning and perseverance to keep at this. You also need to read the answers to the questions that you missed very carefully.

TIP: The Notes Button is very useful. I’m talking about the button at the top of the page within the study units. I began writing notes on items I need to review. You could just have a Word document open and write the notes that way; however, when I printed out the Gleim notes, they printed in outline format with the study unit shown in the header. Nice!

I’m beginning to be more careful about reading the questions. There can be one word or phrase that changes everything! I read the question to find out what is asked BEFORE I begin reading the answers. This seems to save time.

My tax job begins this week, so I will have to structure my time carefully to complete EA Part 1 by the end of February.

 

 

Welcome Guest EA Blogger Patti G.

February 12, 2013, by No comments yet

 

 

Written By Guest Blogger Patti G.

I’ve been blessed with some wonderful and interesting jobs in my lifetime: teaching school, tour director at a nuclear accelerator, sales and marketing for two multinational corporations, and tax preparation. I needed to find a job that I could do on a part-time basis and one that I could do sitting down due to my arthritis. In 2006 I took the tax class at H&R Block and was immediately hired to prepare taxes. Within three weeks on the job, I also became the office manager. The office I work for is now a franchise. I found Gleim online accidentally. I decided to give it a try for the RTRP Exam.

 

Thanks to Gleim’s wonderful learning system, I was able to pass the RTRP
Exam on my first try, which was a true miracle! I think having both written and
audio materials available, coupled with the ability to practice and review the multiple-choice questions, made the learning process easier for me. I wish I had known about Gleim years ago, and now that I do, I’m looking forward to working my way through the Gleim EA Review System and becoming an EA.

 

Welcome Blogger Nicole Green, EA

January 31, 2013, by No comments yet

 

 Written By Guest Blogger Nicole Green, EA

 

Nicole intends to blog about topics that will help students apply their understanding of the tax law as it applies in theory. Topics will include, but will not be limited to, understanding simple tax concepts that are often overlooked or misunderstood by the average taxpayer. Most importantly, she will offer tips from her past experience in studying for and passing all three parts of the Enrolled Agent Exam (on the first try) over a six-month period.

 

Nicole has over twelve years of tax experience. For eight of these years, she has worked in Public Accounting. She has extensive experience in financial statement preparation, cash management, month-end close, as well as performing tax return preparations for corporate clients and high-net-worth individuals.

 

As the owner of the small tax practice NGG Tax Group, she specializes in nonprofit, business, and personal income tax returns. In addition, Nicole runs a seasonal workshop at Emerson Umbrella Center for the Arts in Concord, MA where she educates artists about the importance of keeping good tax and bookkeeping records.

 

Nicole received a Bachelor’s Degree from College of the Holy Cross in Worcester, MA and an Accounting Certificate from Stonehill College in Easton, MA. She is also an Enrolled Agent, which authorizes her to represent taxpayers before the Internal Revenue Service in all fifty states.

 

Finished With All 20 Study Units & Ready To Be An EA!

January 17, 2013, by No comments yet

Written By Guest Blogger KP.

I made it through the entire book . . . all 20 study units! I finally finished my reading for the Businesses section of the exam. I cannot tell you what a relief it is to be done with this. These past few months have been very difficult for me with work, grad school, job interviewing, and trying to finish my last EA exam before the end of the year. I now have the software questions and the online studying left, but these parts have always gone pretty fast for me. I seem to retain information very well, and I am hoping it takes only a few weeks of final review. I start my new job soon and would love to have the exam done a week or two before my first day.

Once I finish the online and software questions, I always go back and quickly read through the book again to refresh my memory. However, the Businesses book is nearly 500 pages long, so I will not have time to do that this time around. Therefore, I really want to make sure I am keyed into only the important concepts. I am glad that I have been highlighting the important concepts in the reading material, which were covered by the review questions. I am just amazed at how much material there is in the Businesses section, and I am really curious about what will be on the exam. I felt like I was really prepped for the first and third sections of the EA exam by following the Gleim 3-part system, and I am feeling confident that the second part will be the same. I am just nervous because everyone calls it the hardest part! Oh well, I am almost there!

 

Use OneNote To Keep Track of Study Notes & Charts

January 15, 2013, by 2 comments

Written By Guest Blogger Danielle C.

EA studying is still slow going, but this coming week I will have a break from my classes. I decided to do something different last week to help me get back into study mode. Starting with Study Unit 1, I went back to see what I needed to refresh my memory. I have a journal where I jot down all of my notes. I got through a few study units, but then I remembered about OneNote. I had never used it before and thought I’d try it out. It is supposed to be a space where you can collect your thoughts, collaborations, ideas, things you like, etc. It kind of reminds me of scrapbooking. So I went back to Study Unit 1. I entered the notes and charts that I wanted. It was a little time consuming, mainly because I was still figuring out how to use the program. I have my notes for the first three study units done in OneNote, and I feel better now that I have reviewed them.

I still want to re-read the last two study units that I have done and finish the last two that I still have to study. I’m almost there. I don’t want to be done though, not yet. I want to be confident that I know and will remember everything. I am just nervous and have never taken a big test like this! I would recommend OneNote if you want to change up your study and break your current cycle. It’s a great way to review, and its fun! Some people may prefer to write down notes by hand, but retyping it helps me retain it just as well. I am excited to finish my notes this week and will continue to review. Hopefully, I can do more than just review and complete a new study unit or two. Happy studying!

 

Note Taking & Answer Endless Multiple Choice Quizzes – Final EA Review

January 15, 2013, by No comments yet

Written By Guest Blogger KP.

I was able to get five more study units from my EA book done this past week, and I am very happy with my progress. I felt a lot better going through these last few study units because it was material I had learned more recently. However, it seemed like I was being quizzed on the same topics and not necessarily all the detailed rules and exceptions. For example, the first five study units of the book seemed to go over a ton of the credits, deductions, and accounting rules. The study units I went over this week dealt more with basis and depreciation. I understand the general idea of these two concepts pretty well, and I felt like I was better able to answer the questions. Even though I have been super busy this past week, I really want to schedule the exam for about 3 weeks from now. This way, I feel that I will have a better chance of retaining the information.

Like my last two exams, I am keeping notes for the study units containing information that shows up most often in the software questions. I feel confident that these topics will be on the exam, so I don’t want to forget them. I usually go through these notes multiple times during the 2-3 days before the exam, and it helps with my confidence on test day as this information is then solid in my mind. I am getting pretty excited about being done. However, I am also really nervous about the Businesses section of the exam. It is so difficult for me to understand all of this information; there is so much and it is so in-depth! I must, however, remember that the exam is only 100 questions, so I won’t be tested on everything.