How This Tax Professional Is Helping Clients Build a Secure Financial Future

Toni Galang

Team Member

In today’s fast-paced financial world, understanding taxes isn’t just about filing returns—it’s about using smart strategies to build and preserve wealth.

Lake Mitchell, the founder and CEO of Lake Tax & Advisory Group, knows this all too well. What started as a personal realization during her own career journey has evolved into a mission to help others navigate the complexities of tax preparation and planning. From real estate investors to busy business owners, Lake’s firm is transforming the way clients think about taxes. With a focus on legacy, growth, and long-term financial success, Lake Mitchell is not just offering tax services—she’s empowering her clients to create wealth, reduce stress, and secure their futures. In this article, we’ll dive into Lake’s journey, the values driving her business, and how she’s turning tax challenges into opportunities for her clients.

Lake Mitchell, Lake Tax and Advisory Group

Title: Founder and CEO

Location: Chicago, Illinois

Year established: 2023

Services: Tax preparation, tax planning, outsource CFO services, and basic accounting services

Connect with Lake

Instagram: @im.lakeee and @laketheadvisor

Facebook: Lake Tax & Advisory Group

We don’t just do taxes—we help you create wealth with smart strategies for a secure future.

Turning Challenges into Opportunities

Q: What key moments or decisions led you to start your business or pursue a career in this field?

Lake: I started a job as an engineer and began making a lot of money—which also meant paying a lot in taxes. That’s when I realized something: school teaches you how to earn money, but not how to keep it, let alone how to make it work for you. After losing my job, I stumbled across SmartWiz on the AO podcast, which turned out to be a turning point. Shortly after, a different department reached out, offering me a senior-level role of my previous position. While preparing for the interview, I made a decision: whether I got the job or not, I would start my own tax firm in 2024. I got the job—but more importantly, I started the business.

Q: Describe any early challenges and how you overcame them.

Lake: My first tax season was nothing short of a whirlwind. Balancing a full-time job, a PhD program, family responsibilities, Army training, learning taxes, running a business solo, and managing clients—everything felt like a challenge. From attracting clients to chasing documents, it was tough. But it made me tougher. I learned to take it one day at a time and leaned on my SmartWiz community for support when I needed it most. Through it all, I grew stronger and more determined.

Q: Who is your typical client?

Lake: Typical clients are real estate investors and business owners that also work full time.

Building Legacy and Trust

Q: What are the core values or mission that drive your business?

Lake: Legacy, Trust, Abundance, and Growth - Lake Tax & Advisory Group (LTAG)

Q: How do you stay connected with and build trust among your clients?

Lake: Social media is key—not just for attracting clients, but for staying connected with them. By consistently providing value, sharing information, and showing up online, I build trust and maintain strong relationships with my clients.

Q: Are there any misconceptions about tax preparation that you frequently encounter?

Lake: The biggest misconception I encounter is that you have to be a CPA to prepare taxes—and that couldn’t be further from the truth. Many of my clients have shared how I’ve saved them significantly more money on their taxes than their CPA ever did. Others have told me I helped them understand tax strategies in ways their CPA never could. It’s about the strategies, not just the title.

Highlighting the Success

Q: Could you share a client success story or impactful project?

Lake: One of my most impactful client success stories was with a new mother who had just given birth at the start of tax season. She was already overwhelmed with life when she discovered she had filed exempt all year and also worked a second job as a 1099 contractor. To make matters worse, her attempt to file through TurboTax only added to her stress, as the platform provided no clarity about what the numbers meant, and their customer support left her more confused.

After following my social media posts, she reached out to me for help. We scheduled a one-on-one call where I walked her through her filing, helped her understand her situation, and identified tax-saving opportunities using expenses from her 1099 work. While she owed taxes last season, she’s now on track for a refund and, more importantly, has peace of mind knowing exactly where she stands. Helping her move from stress to confidence was truly rewarding.

Q: What accomplishment are you most proud of?

Lake: I’m incredibly proud of teaching eight others how to navigate the tax industry. Not only have I equipped them with the knowledge to supplement their income next tax season, but I am giving them the tools to build long-term wealth through tax strategies and a valuable skill set that will serve them for years to come.

Empowering the Next Generation of Tax Professionals

Q: Any advice for someone just starting in the tax industry?

Lake: Take it one day at a time—this is an incredibly rewarding industry. Stay committed and focused on learning, and strive to become well-versed for the sake of your clients. Don’t do it just for the money; focus on becoming the best version of yourself so you can deliver the best value to them. When you do, the money will naturally follow.

Q: Are there any resources (books, podcasts, or articles) that you find valuable?

Lake: It may sound cliche - but the IRS website. As a tax professional, sometimes you have to be a professional researcher.

Future Plans and Vision

Q: What are your goals for the next year?

Lake: My goals for next year are focused on growth and impact. I aim to empower the eight tax professionals in my firm to earn an additional five figures beyond their 9-to-5 jobs, helping them build financial independence and confidence. Additionally, I plan to provide over 1,000 clients with the tools and strategies they need to achieve tax security, ensuring they can maximize their savings, reduce stress, and take control of their financial futures.