Just like my partial 2007 review back in July, because my online earnings are public knowledge, I will only present percentages of my earnings. Otherwise you would be able to figure out how little or how much I really made in 2007!
2007 Earnings – ignoring OnLine Revenue
* Monthly Accounting, and Training income – 31.09%
* Year End Financial Statement preparation and consulting income – 53.93%
* Income Tax Preparation – 14.98%
I still haven’t quantified the amount of Income Tax Preparation that would be included in the Year End figures .. because a lot of my corporate clients’ personal tax return preparation are billed to the corporation. I do income tax preparation for EVERY client that has a year end. However, most of my corporate clients’ personal tax returns are not that complicated. Mind you, there are a few complicated returns – and I probably could estimate about 10-15% of the billings relates to time spent during tax season.
When I look at these percentages of 2007 and compare them to 2006 .. they are pretty close and consistent. In some ways, that is disturbing because my online business earnings have tripled in 2007 (and time spent increased about 10-fold!) and the offline business was about the same.
No wonder my wife worries about me not sleeping much and soon to have a heart attack or pop a vein from the stress of working too hard.
I hope 2008 are better for me, finance-wise .. and I am not sure if this will be my last year preparing income tax returns, for non-corporate clients. If I spent as much time as I spend related to Personal Income Tax part of my business – and add that time to my blogging and online ventures .. I think I would have a much better chance to be a little more wealthy, successful and get a lot more sleep at night without the tossing and turning!