Rachel Richards on the Joy of Tax

Part of our Joy of Tax series, where we sit down with the people of Gelt to talk about what makes this work matter.

Rachel Richards almost went to fashion design school. Her dad had other ideas. "He told me that definitely was not something I should do, that I needed to choose something in business," she says. While she was figuring it out, she got an A on an accounting test that was supposed to be really hard. "That gave me a lot of confidence, and I just stuck with it." Fourteen years into her career as a CPA, she's never looked back. "I really truly love it."

Watch the clip below for the Joy of Tax in her own words, then read on.

The people, not the numbers

People assume a CPA must love math. Rachel will set them straight. "What I love most about taxes isn't the math. I really love the people."

That's where the joy lives for her: being alongside clients in both directions. "I love being with them in the really good moments, and also through the harder times where we're opening the doors and finding the light at the end of the tunnel. Just being there for people, helping them understand what they're looking for, helping them achieve their goals. That's what brings me the most joy."

The other thing she loves might surprise people more than the first. "I really love rules. I love learning about rules and thinking outside the box. Because tax is so focused on laws and regulations, being able to dig in, find the gray areas, think about things in different ways and make cases for different positions, that's really exciting and rewarding for me."

Taking the fear out of tax

What Rachel finds unique about Gelt is a shift in when the work happens. "It's not about the tax return. Your taxes are putting the bow on everything you've done in the last year. But we've shifted the focus toward proactive planning and strategy throughout the year."

That shift, she says, addresses something most people carry. "So many people have a lot of fear around taxes, and it's really special to break down that fear. By introducing taxes more than one time a year, by actually doing planning and helping you understand what you're going to owe and how you can make that number better, it takes away a lot of the fear." And technology makes it possible. "We're able to use technology to do things traditional firms haven't even thought of yet. It helps us prioritize the work that's going to make the biggest difference for our clients."

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From idea to open for business

One client stands out as a start-to-finish story. When Rachel first met them, they were thinking about opening a franchise, something a few friends had done, and they weren't sure where to begin. "It was their first time owning a business, so everything was brand new."

Gelt walked them through all of it. "It was such a great experience to take them from start to finish, to work with them on what they needed to do to get the business set up and what options they had." One move stood out: "Something really cool we helped them do is use their retirement plan to fund their business. That gave them a lot of initial capital, a really special tool in the tax toolbox to get their business started."

From there it was the full playbook. "Setting up their accounts, setting up their books, getting their payroll started, understanding how they could pay their kids. We really got to run the whole book of strategies and help them establish their business."

Frequently Asked Questions

How does proactive tax planning reduce the fear around taxes?
By making taxes more than a once-a-year event. When you plan throughout the year, you understand what you'll owe ahead of time and can take steps to improve that number, so filing becomes a formality instead of a surprise.

Can you really use a retirement plan to fund a new business?
In the right circumstances, yes. For one first-time franchise owner, Gelt used their retirement plan to provide startup capital, then helped set up accounts, books, payroll, and a strategy for paying their kids. The specifics depend on your situation, so it's worth reviewing with a strategist.

Thinking about starting a business? Talk to a Gelt CPA.