Meet Rich Kruth of FLP Tax Service in Fox Valley in the Northwest Suburbs

Today we’d like to introduce you to Rich Kruth.

Rich, please share your story with us. How did you get to where you are today?
In 2003, at the age of 58, I decided to retire from my long-term employment with a small boutique investment and tax firm, to try retirement. Immediately, afterward, I decided to write an investment and financial planning book to help educate the basic beginning investor. I tried to sell the book to investment advisors as a guide for their clients, but it was rejected by most professionals in the industry who called it remedial at best. This prompted me to have my book reviewed by the greatest investment advisor of all time, John Bogle, founder of Vanguard Mutual Fund Company. Mr. Bogle has written many advanced books on investing, and I mailed him a copy of my book, hoping he would read it.

Mr. Bogle was gracious enough to take the time to read and review my book, and the following were his comments; Dear Richard, Thanks for sending me your manuscript. I like its simplicity (you’re right; my stuff is “too complicated” for beginners), and went on to make 5 suggestions. I was pumped, now, I thought my book had merit and I could sell it and conduct work shops to help educate the average investor. I established my own publishing company called, Financial Literacy Press.com. However, books sales were low, and seminars were more costly than productive.

It was time to redirect my thoughts and find a new direction. Turning to the area I could help people the most, I decided to establish a new business doing income tax preparation. After studying the tax business competition, I realized that people were being grossly overcharged by the franchise and CPA tax firms. My mission was to prepare tax returns based on their complexity, and not on what the market will bear. I charge from one third to half of what my competitors charge, and offer more extra services. FLP Tax Service (using the initials from Financial Literacy Press), was born in 2005.

In 2005, FLP Tax Service had prepared about 20 tax returns. Thirteen years later, as of July 1, 2018, the tax return count is up to 833. What a blessing, living the American dream of starting up your own business, and being your own boss. More importantly, helping people and not taking advantage of them, but working ethically with the best rule of all, the “Golden Rule”.

Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
Fortunately, I didn’t have any struggles along the way. There may have been a few roadblocks, but I considered them learning experiences.

FLP Tax Service – what should we know? What do you guys do best? What sets you apart from the competition?
I pride myself on applying integrity, honesty, and ethics, all tax returns are treated equally,

What is “success” or “successful” for you?
Thank you notes are great, but referrals are the best.

Contact Info:

• Address: 38W780 Hogan Hill
  Elgin, IL 60124
• Website: www.richkruth.com
• Phone: 847-608-0547
• Email: richkruth@richkruth.com
• Other: FLP Tax Service

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