Understand the Bigger Picture - Correa, Pearson & Associates

Interested in starting your own entrepreneurial journey in accounting but unsure what to expect? Then read up on our interview with Vanessa Correa, Founder and CEO of Correa, Pearson & Associates, LLC., located in The Woodlands, TX, USA.

What's your business, and who are your customers?

We are an accounting and tax firm with a nontraditional, holistic approach to business growth and legal tax reduction. We specialize in the marketing industry, but many of our proprietary processes and systems apply across organizations in every industry. We help you understand the Big Picture - not just for your business but for your life as a whole. Whether you're just getting started or you've been in business for decades - we can help you grow your business, pay less tax, and develop a healthy relationship with money so you can accumulate true wealth and freedom.

Tell us about yourself

I started my business because I was sick of seeing business owners overpay in taxes just because no one had ever taken the time to sit down with them and explain their rights as taxpayers and the strategies that are available to them to legally reduce the taxes they pay every year. I was sick and tired of seeing the IRS bully business owners just because they didn't know what they didn't know.

I wanted to protect and empower business owners by helping them to create a plan that would help them grow their business and pay less tax while learning how to leverage industry growth techniques so they could make more money, in less time, at a fraction of the cost in taxes. Since starting my business, we've successfully helped hundreds of clients legally pay less tax every year. On average, we usually help clients save between 24,000 and 150,000 each year.

What's your biggest accomplishment as a business owner?

I love making an impact in the lives of my clients. Although there have been several success stories (you can find some here), my favorite is still the client that owed over 150,000 in backed payroll taxes for failing to remit payroll taxes each quarter... for FIVE YEARS! By the time the IRS finally caught up with them, they were drowning in debt, COVID had essentially closed the doors to their business, and their only child was struggling in school. They had a rough go, to say the least.

When they came to me, they explained that they had to liquidate their son's college savings to prevent their house and vehicle from being levied by the IRS. I sat down with them, went through everything with a fine-toothed comb, and determined that by IRS standards, they were insolvent. Paying the total tax debt would put them into economic hardship and make saving for retirement impossible. At the end of the engagement, we settled their tax debt with the IRS for 18,980 instead of 154,238.

The clients literally sobbed with relief when they realized they wouldn't be in debt for the rest of their life or bankrupt their kids' college savings before they even graduated high school. They are still clients to this day, and as of yesterday - they have grown their business by 430%, and their retirement has grown by 250%.

What's one of the hardest things that come with being a business owner?

The voice inside your head sabotaging your progress and success. Understanding that we are all our own worst enemies was difficult, and at times I still struggle with that voice. The voice I'm talking about is the one that causes you to constantly doubt yourself, feel fear, anxiety, shame, guilt, etc. One of my clients actually helped me to see that that voice is there as a survival mechanism, and to truly overcome it, you must acknowledge it and move forward anyway. That client is now a Ph.D. in business psychology and teaches the Caveman Brain System to professionals all around the world. Doubting yourself is natural, and it's easy to overcome once you develop the skillset and mindset you need to continue growing both personally and professionally.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

1. Speak with a professional to ensure you set your business up correctly from the beginning. There are over 12 million businesses in the USA that are not properly structured, and over 94% of taxpayers overpay in taxes every year because of it. Never file your own tax return unless you have proven expertise/background in tax preparation. You'll cost yourself thousands trying to save hundreds; I've seen it time and time again.
2. Use an accounting professional - don't try to track everything yourself in Excel. Although Excel is better than nothing, it still doesn't give you the financial clarity you need to make crucial decisions regarding operations, cash flow, and personnel.
3. Don't try to do everything yourself. Learn to delegate and how to measure metrics to ensure the tasks you're delegating are being handled efficiently and effectively. It's easy to fall into the trap of micromanaging, and it's oftentimes difficult to let go of control, but when you do it in a scalable, structured manner - you'll make a ton more and work a ton less.

Is there anything else you'd like to share?

I am passionate about helping others, especially other women in business. My mission is to protect and empower other business owners so they can grow their wealth without constantly looking over their shoulders or staying up at night worrying about money. People literally commit suicide over money, but it's the one lever that (once you understand it) can propel you forward faster than you could have ever imagined. If you need some advice, we always offer complimentary tax assessments so you can get clear on whether or not you are overpaying and, if so - by how much.

Where can people find you and your business?

Website: https://correapearsonandassociates.com/
Facebook: https://bit.ly/3dnOQoe
Instagram: https://www.instagram.com/correapearsonandassociates/
Twitter: https://twitter.com/Vanessacorreap1
LinkedIn: https://www.linkedin.com/in/vanessacorrea1/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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