Lakesha Porter was our Cover Feature for Issue 11 in 2022. She’s back to give us the tax and financial business and what’s new with her company Gifted Hands Financial.

Hi Lakesha, welcome back to BCM. Let’s talk finances and taxes and how you got started.

Gifted Hands Financial (GHF) started as Gifted Hands Tax Professional tax company. I took a financial literacy course back in 2021. I learned so much information about financial literacy, such as credit improvement and how to bring financial well-being to black and brown communities.

Investing in that course enabled me to bring something back to my community. I invested that part of myself in learning it so I could teach it to others. In the past, I had financial issues. I was irresponsible with money. I didn’t know how to save and had horrible spending habits. So, I took the course to improve my finances and manage my spending. As GHF, we specialize in tax preparation, credit restoration, business funding, and more.

Do you offer any consultations of your services?

My consultations consist of a one-on-one session with each client to get to know them personally and the type of services I can help them with. Am I a fit for them? Are they prepared for it? Are they ready? Are they mentally prepared? My consults ensure that the client is mentally and financially prepared for either credit restoration or even starting up a business. Because some people think they want to start a business but are not ready. They don't know the first step or what to do. They think they take some money and can start a business, and bam; their business is on. But it's really more to it than what they think it is. The consultations are to break it down and explain what they’re getting themselves into before they actually get into business.

Why did you choose a career in the tax industry?

I was unemployed, and I went to see one of my friends that knew me from high school and remembered that I was great at math. She said, “I know you got common sense, and I know you can learn this. I can teach you how to make some extra money while sitting at home”. I fell in love with it. I continued to learn more about the tax industry. I branched out and opened my own establishment.

Over the course of being a tax preparer, what are some common things you see that tax filers should not do?

One of the common things I see is that many people go exempt all year. They don't pay federal taxes out of their wages during the year. When they fill out their W-4, they put the max, such as seven or eight exemptions. When they get their payroll check, they don't have any federal coming out.

What makes GHF different than other tax companies?

I help my clients all year long and put a plan in place for those with financial goals. I had a client who followed my tax planning guidelines, and she received a $14,000 return because of the system we put in place. I had a consultation with them last year, telling them if they do these things, then next year they can see a decent return, and they did. I'm getting some good returns this year with my clients. I ask my clients whether they have life insurance before we finish tax preparation. If not, I suggest enrolling and paying the premiums in advance with the returns. Just in case something happens, you’ll be covered. You won't be begging for money to ask people to pay for a loved one's funeral.

We have integrity. If you don’t have a job or proof of income, I can’t help you. I turn those clients away.

What do you recommend for those who want to purchase their first home but don’t have the finances in order to do so?

First, I recommend that people sit down and come up with a plan. What do you want to do first? My suggested plan for those that want to buy a house is to save first because before you buy a house, you have to have money saved.

One of my goals is to teach people to save money. When life tragedy happens, we don’t want to be scrambling around trying to see who can donate this or who can give that, who can pay for this. That's the financial literacy part of that community that’s hard to teach, trying to get people to learn how to reserve money instead of always trying to get out and spend, spend, spend, spend, spend.

I learned from my husband that every time you get money, you don't have to spend it. It's okay to save money. It's okay not to go out on the town every weekend. Come up with inexpensive ways to entertain and have fun at home so you can meet your goals.

GHF has an app called TaxesToGo. What is the advantage of that?

TaxesToGo was created by TaxSlayer during COVID. People weren’t able to come out and get their taxes done because of the many in-person restrictions.

This app was created to help clients to help clients do their taxes from wherever they are, from the comfort of their homes. It is a convenience for clients who work certain hours and cannot come into the office or take off work for their tax appointment. With the app, you can upload all required documents and file taxes. TaxesToGo is also a huge asset for preparers who still work full-time and want to use this as extra revenue.

You’ve created two E-books: Tax Pro Planner and Credit Improvement Planner. How do they help consumers?

For the Tax Pro Planner, I decided to come up with a planner to help my clients keep track of their expenses. I have working clients who make $80,000 and $90,000 a year and don't keep track of their expenses. Initially, I created this eBook so that I could keep track of my client’s medical expenses, taxes, car repairs, mileage, business expenses, etc.  When they come to see me next year, I could just go off what they’ve been keeping track of instead of asking so many questions or trying to calculate these by all the receipts they bring in. It helps keep you organized with your tax planning, and anyone can use it.

  

How can personal filers take advantage of the Tax Pro Planner?

It’s great for all expenses like groceries and charitable giving such as Goodwill donations, tithes, and offerings. Really, anything you spend money on every day, you should keep track of it. It's so easy to itemize. That's what itemization is. I can take everything you spend your money on and itemize it to where the government will give you credit for spending your money on things you're supposed to spend it on, like car repairs, because you’ve got to get that done. Or if you have an energy-efficient car, you get credit for saving the world, saving the planet.

You can get up to $3,500 for a Tesla every year. I got one client that got an $8,000 return just because they got a Tesla. It's some good tax write-offs out there. I created the planner so people can be mindful of where their money is spent. A lot of us don't keep track of what and where we spend. We just spend. Then we wonder where our money went to. That was one of my problems before. I spend because I'm a giver. I like helping people.

Your second eBook is the Credit Improvement Planner. Credit Restoration is a big thing these days. We’re excited to know more about this.

The Credit Improvement Planner was created to do so many things. You can keep track of how much you are utilizing your credit cards, pay bills on time, help with monitoring credit, keeping track of things you need to dispute off your credit. In the upcoming second edition, I'm going to put a credit dispute letter in it so you can create your own letters and mail them off. The Credit Improvement Planner is much like a do-it-yourself credit repair.

One of your major services is Business Credit Funding. What are the advantages of applying for business funding through your network?

You can get up to 5k through my affiliation with David Allen Capital. It’s an easy company to get approved if you have limited debt on your credit since there is a soft credit check. If you're starting out fresh in your business, it’s a fairly easy process. Two requirements are a business bank account and proof of business. I recommend this for startups to have working capital as they’re building their business.

Before someone goes to a credit repair specialist like yourself, what are some things we can do before coming to you for help? How hard is it to repair credit, and what can people do before they pay for credit repair services?

It's mostly discipline. If a person has the discipline and is ready to start, it's an easy process. Credit repair is not hard. It's easy. You just have to be ready to do it.

Pay off your debt. If there is any debt that you can pay off, pay it off and ask for forgiveness. You may be able to call the creditor and ask for forgiveness once the debt is paid off. There have been situations where it was removed from their credit. There are certain stipulations and processes for each person. A consultation is recommended to look at options.

We’re almost at the end of tax season. What is the process of becoming a client of Gifted Hands Financial for next year?

The first step is a consultation. I take several things into consideration. I need to review their past tax returns and who was their last tax preparer. Regarding the current tax season, tax filers will call to get an estimate of their potential refund. At GHF, we don’t offer free refund estimates. If we take the time to put in your information, we are going to file your return and charge a fee.

What are some new tax laws that people are not aware of for this year?

The IRS has reduced the earned income credit, and the child earned income credit this year. All COVID relief is removed. There's an extra penalty for people who didn't pay enough taxes from their federal withholding, which is why many refunds are smaller this year. For example, if you are a single person with no dependents and you're working, but you're reporting to the government that you are taking care of dependents, but when you file your taxes, it's just you and no one else. There is an extra penalty for not paying during the year.

It’s important to stay updated on tax laws. I attend tax and financial seminars and workshops so I can advise my clients and help them get the most on their returns.

Is there anything “new and exciting” coming up for GHF?

I am in the process of planning extensive tax training this summer to teach tax professionals how to itemize for their business customers. I’m working on hosting a conference for my tax clients to learn more about financial literacy. By better understanding how to budget and save money, they’ll be able to create goals to help improve their credit and understand their finances.