Lucky Tax Service (Yang Hyonjoo)

BACKGROUND

Introduce your business and what you do there.

I’m the owner of a children’s daycare center. I also run an e-commerce company that customizes and sells paper dolls. We offer a subscription service for our customers.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucky Tax Service (Yang Hyonjoo)?

I turned to Lucky Tax to help me with my personal and business accounting.

SOLUTION

What was the scope of their involvement?

Lucky Tax handles the accounting and payroll for my business. They provide bookkeeping, auditing, tax preparation, and financial planning services. They also advise me on business-related manners such as what type of license I should secure and what benefits I could get from that. Lucky Tax was, in fact, responsible for setting up two of my business in the first place.

Their team has especially helped us out in the time of the pandemic when we experienced significant losses and needed to secure loans. They prepared all of my documents and paperwork to ensure my eligibility for the loans.

What is the team composition?

They have four people assigned to me. My main point of contact is Agnes (Owner).

How did you come to work with Lucky Tax Service (Yang Hyonjoo)?

I met Agnes’s husband on a plane. He happens to be the main accountant on the team as well. We struck a conversation and he mentioned his accounting business. When I flew back to the US, I contacted him just as my business was being audited. 

How much have you invested with them?

They charge me $150 per month. 

What is the status of this engagement?

Our partnership officially began in January 2015. Lucky Tax is still helping me to this day. 

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

Since I’ve started working with this team, I’ve never had to deal with the IRS myself. They’ve done everything for me. I can focus on my business since I don't need to deal with my federal obligations.

There was also a point where I wasn’t making any money because I didn't understand the financial side of my business. Lucky Tax has really educated me in that regard and has helped me grasp how money works in an individual entity. 

Two years down the line, I’ve learned how to spend my money properly and even developed the confidence to expand my business in the third year of our partnership. All of their help has helped me purchase a second house, which now serves as the second site of my business. I don’t know of anyone else in my network who has that capacity. 

How did Lucky Tax Service (Yang Hyonjoo) perform from a project management standpoint?

Lucky Tax is always on top of everything. They walk me through the processes, keep me on track, and really know what they’re doing. Whenever I have an idea, I can always call or email them for advice. They tell me every step I should take to make my business profitable.

What did you find most impressive about them?

Lucky Tax treats me like I’m family instead of just another account. I don’t just rely on them for my ongoing accounting needs. I can also turn to them with my new ideas for growth. They really listen and provide feedback as though they are personally invested in my success. 

Are there any areas they could improve?

They could benefit from promoting themselves better online. They have a lot of potential clients in the US because accounting services are in demand but good service providers are hard to find.

Do you have any advice for potential customers?

I would advise you to really use your accountant’s services. If you’re only planning to hire Lucky Tax for personal accounting matters, it would be good for you to also turn to them if you’re going into a new business venture or thinking about purchasing a new house.