Empowering People
& Revitalizing the Community

A Moment With Our LAEDA's EDTP Instructor: Meet Sherril F. Diamond

Posted on 8/3/2016 by EDTP Coordinator in LAEDA News

Sherril F. Diamond is the President of The Tax Stop, Inc., and she has been teaching our Entrepreneurial Development Training Program Accounting class for about a year. We had a chance to sit down with her to ask her about her experience with entrepreneurship and teaching LAEDA’s training program.

Can you tell us about you and your expertise?
“I have a degree in social work but always had this affinity for numbers. While I was in training to become a tax professional, one of my instructors used to say something that I’ve carried with me for 35 years. If you answered my instructor with, “‘Well I think,’” my instructor would say, ‘”You don’t think! You either know it or you don’t! Look it up.’” It’s never wrong to show the client you care about preparing a correct and accurate tax return. Another quotation that I learned while at school and working is, ‘”The more I know the more I realize I don’t know; education is constant, some things become routine and you just know them and other times you need good reference books.’” It is of essence that we keep up with knowledge and also having connections is important so that way it makes things easier out there in the business world. After I graduated from school, I wanted to do something besides be a stay at home mother and with the help of my husband I got inspired to have an expertise in taxation. I specialize in personal and business tax preparation, tax problem representation, year round bookkeeping, payroll services, electronic tax filing and notary services. When I first started preparing taxes, a couple came in with their baby, who was without a snow suit and I told them they are getting money back after doing their taxes. They didn’t believe me. I had other three preparers check it and tell them again. They came to me in hardship without any money and I helped them realize that they are getting money back. After seeing their relieved and happy faces I realized that preparing tax returns is not just a part time job. It affects people’s lives, and I can use my social degree background to better understand people while doing their taxes.” 
How has your journey been on the road to developing your business? What have been some of the challenges, successes, failures, etc.? 
“The most significant challenge while doing my business is keeping up with the education and tax law changes each year because they are constantly changing.  Technology changes are also very challenging and I often find it difficult to keep up with the new technology and new ways to utilize it. However, I find my success in being comfortable with my knowledge in the tax world, where I feel that I am really respected and I am the past president of NJNATP, a New Jersey local tax organization. I have had some failures, but failure is not something that should get one down or scared, it is a challenge that one must learn to overcome and learn from. With my failure I take care of it, I fix it and make it right. I am human and my clients need to understand that.” 

Tell us about your experience teaching EDTP. What do you teach and for how long have you been part of the EDTP? 
“I have been teaching The Entrepreneurial Development Training Program for about a year, and I absolutely love teaching it. If I can help someone to start a business the right way, we won’t have a mess to clean up afterward, I am grateful and value my experience and time at LAEDA. I am a people person; I like helping people and having knowledge is valuable and beneficial. The students are relying on me to teach valuable information and give them a step up in the world of tax for business. At the end of the day, the students know what taxes are even if they don’t know how to prepare the return or apply rules to them.” 
What advice do you give to the EDTP students and other entrepreneurs? 
“Congratulations and we will have a great friendship if you become my client(s). Call me if you have any questions. Also, a mentors guidance is important because you have someone to guide you who has already experienced what you are experiencing or may eventually experience.” 
What are the most important decisions that you have to make in your company or daily routine? 
“Prioritizing because everything is important and it is hard to say which one comes first. Therefore, making a list helps. It helps break out the tasks and it is easier to see which ones should get priority and get done before others.” 

Do you think having a mentor is of essence? Why or Why not? 
“It is really important to have a mentor, especially if you do not have direct experience in the business that you are opening or going to open. It is crucial to talk to someone who knows. Having a mentor gives you the advantage of knowing what you are getting into and having knowledge about what is expected of you.” 
If you’d like to learn more about Sherril F. Diamond and The Tax Stop, Inc., follow her on the following website: www.taxstop.com
The Entrepreneurial Development Training Program (EDTP) is a free, nine-week business skills training course offered in Camden, NJ in the Winter, Spring, and Fall each year. Qualified entrepreneurs receive 72+ hours of training from industry professionals, business planning, and one year of technical assistance. Apply online at www.LAEDA.com