Today we’d like to introduce you to Jim Chapman.
Hi Jim, so excited to have you on the platform. So before we get into questions about your work-life, maybe you can bring our readers up to speed on your story and how you got to where you are today?
I started my business as a side hustle way back in the year 2000. I was then employed as a contractor to General Motors in the Detroit area as an engineering project manager. The program I was assigned to, the H2 Hummer, was ending in 2001. Since it was January, which is the busiest part of tax season, and I was in need of income, I decided to offer tax preparation services to more than just a few friends and family. My new service was very personal, thorough, and affordable. I was terrified that I would make any mistakes, so researched everything I could before this whole adventure started.
Word of mouth referrals spread very quickly as my new clients really liked the tax preparation experience that I offered. From there, I kept putting all of my effort and a lot of resources into learning, expanding the business, and trying to make it a full time job. It offered the potential for flexibility and unlimited opportunities that I would never have in the corporate world of the auto industry.
With a lot of hard work, long hours, and the patience of my wife, I was able to finally lease an office building in 2006. From there, I grew my client base, expanded services to include bookkeeping, payroll, and consulting, and relocated to bigger facilities in the Detroit Metro area twice. Things worked very well for the next few years and I eventually relocated my home to Windermere, Florida in 2015. I traveled to Michigan for tax season annually in January, serviced my clients, and returned home around May every year. Any off season work was usually handed by employees in Michigan, or remotely by teleconference.
Then, things took dramatic turn in 2019. COVID arrived and the entire state of Michigan was shut down in February of 2020. My landlord was not willing to negotiate or work with me on my on my lease agreement. I had no other source of income, so I literally reimagined and transformed the business into a virtual experience until the pandemic ended. Serendipitously, most of my clients actually preferred this. They had more control over scheduling, did not have to drive through the brutal Michigan weather for an appointment, and since the tax preparation was mostly complete by the time the work was reviewed, the appointments were much quicker and clients didn’t have to wait for any data entry to be done. For the clients that required in person meetings, like small businesses , people who just weren’t tech savvy or uncomfortable in a virtual setting, I leased co-working office space as needed. This was much more cost effective than having a brick and mortar building year round, and I could do this anywhere in the country. I picked up several clients in states all over America, and have visited many clients as needed.
I expanded my services again in the Orlando area in 2021 using the new business model. The new clients have been very happy with the services I now offer. I take pride in creating long term and personal relationships with clients. This is the alternative to what is offered by the large chains, who tend to take no interest in forming any type of personal relationship and tend to compromise the quality of service in order to prioritize profit.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
There have been many ups and downs during my time owning this business. As mentioned earlier, COVID was a unique challenge that ended up creating a more efficient business model. I have also dealt with serious illness for a short period, and unfortunately some employee misconduct by a long term and trusted person.
We’ve been impressed with Income Tax Wizard, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
My firm specializes in tax preparation, accounting, bookkeeping, payroll, and new business consulting. I strongly believe in cultivating long term relationships with my clients in order to provide exceptional services and a positive experience. I help my clients understand the confusing language of the tax and accounting world so they can better plan and budget. Business clients in particular really appreciate this. They can spend more of their time on revenue driven tasks, which create income, rather than administrative tasks, which cost money.
Is there something surprising that you feel even people who know you might not know about?
I went to school for engineering and worked as an engineer for over 10 years at The Big 3 on various projects in the automotive industry. Also, I am a huge Formula 1 fan because it involves so much engineering, technology and innovation.
Pricing:
- All pricing is based on scope of work
Contact Info:
- Website: http://www.incometaxwizard.com
- Facebook: https://www.facebook.com/incometaxwizard
