May 94 min read

Meet Ambrea' M. Lacy

Updated: May 15

Ambrea' M. Lacy, hailing from Henderson, Texas, and now residing in Dallas, is a trailblazing entrepreneur and community advocate. As a devoted daughter to Myrtle and Maurice Lacy and a dedicated mother to her daughter, Arraya, Ambrea' finds fulfillment in family and service. A distinguished member of Alpha Kappa Alpha Sorority, Inc., she has dedicated herself to uplifting her community for years.

Ambrea' launched her entrepreneurial journey in 2009 with a mobile tax preparation business, leveraging her father's support and her education from the University of Texas at Arlington and Texas Woman's University. What began as a side venture burgeoned into a thriving 7-figure tax firm, iTax Solutions, established in 2015. In 2019, she founded iTax Institute, empowering over 400 entrepreneurs to establish successful tax preparation firms.

Recognized for her outstanding achievements, Ambrea' was honored at the Tax Accounting Summit in 2021 for generating over $1 million in revenue in just 12 months. In 2023, she earned her Doctorate Degree in Humanitarianism and received the Presidential Lifetime Achievement Award for her unwavering commitment to community service.

Driven by her passion for entrepreneurship and financial literacy, Ambrea' remains dedicated to empowering others and contributing to charitable causes. With a zest for travel, forging connections, and personal growth, Ambrea' embodies the essence of success and empowerment in the financial industry.

Photographer credit: Alex J Martin

This challenge made me rethink my priorities and commit fully to entrepreneurship. Making the business official took hard work, persistence, and planning. It taught me the importance of being flexible, facing challenges head-on, and seizing opportunities to grow.

Interview with Ambrea' M. Lacy

Reflecting on the beginnings of your mobile tax preparation business in 2009, can you share a pivotal moment or challenge that significantly influenced your journey as an entrepreneur, and how did it shape your mindset?

A: One key moment that significantly shaped my journey as an entrepreneur was when I decided to turn my part-time mobile tax preparation gig into a full-time business in 2015. At first, it was just a side hustle, but as it grew, I had to figure out how to juggle it with my other responsibilities. This challenge made me rethink my priorities and commit fully to entrepreneurship. Making the business official took hard work, persistence, and planning. It taught me the importance of being flexible, facing challenges head-on, and seizing opportunities to grow. This moment pushed me forward on my entrepreneurial path, teaching me to see challenges as chances to learn and succeed.

Photographer credit: Alex J Martin

Transitioning from a side hustle to a 7-figure tax firm is a remarkable achievement. What key lessons did you learn during this growth, and how did it pave the way for establishing iTax Institute in 2019?

A: Transitioning from a side hustle to a 7-figure tax firm taught me valuable lessons in strategic planning, scalability, and team-building. As the business grew, I learned to streamline operations, delegate effectively, and invest in resources to sustain our expansion. This experience laid the foundation for establishing iTax Institute in 2019, where I could share my expertise and empower aspiring entrepreneurs in the tax industry. Through iTax Institute, I aimed to democratize entrepreneurship education and provide individuals with the tools and knowledge needed to build thriving tax preparation firms.

Recognized for generating over $1M in revenue within 12 months, what strategies or approaches do you believe were instrumental in iTax Institute's success, and how do you envision the institute's role in empowering entrepreneurs in the future?

A: Recognized for generating over $1M in revenue within 12 months, iTax Institute's success can be attributed to its focus on practical training, personalized coaching, and continuous innovation. By offering comprehensive courses tailored to the needs of aspiring entrepreneurs, coupled with individualized coaching sessions, we provided invaluable support and guidance. Looking ahead, iTax Institute will continue to empower entrepreneurs by expanding its reach, embracing new technologies, and fostering partnerships to ensure accessibility and relevance. Our goal remains steadfast: to equip individuals from all backgrounds with the tools and knowledge needed to thrive in the dynamic landscape of entrepreneurship.

Photographer credit: Alex J Martin

As a successful entrepreneur and founder of iTax Institute, you mentioned being deeply passionate about uplifting and empowering others. Can you share a specific instance where your philanthropic acts or community involvement made a significant impact, and what drives your commitment to giving back?

A: One specific instance where my philanthropic acts made a significant impact was during a community tax education event organized by iTax Institute. We partnered with local organizations to provide free tax preparation services and financial literacy workshops to underserved communities in Henderson, Texas, and Dallas, Texas. Witnessing the gratitude and empowerment of individuals who benefited from these initiatives was truly rewarding. My commitment to giving back is deeply rooted in my upbringing and values instilled by my parents. They taught me the importance of using my skills and resources to uplift others and make a positive difference in the community. This drive motivates me to continue supporting initiatives that uplift and empower others, both within my community and beyond.

"One key moment that significantly shaped my journey as an entrepreneur was when I decided to turn my part-time mobile tax preparation gig into a full-time business in 2015."

Beyond financial success, you emphasize a passion for travel, connection, and personal growth. How have these elements influenced your entrepreneurial journey, and what valuable insights or perspectives have you gained from exploring new horizons and building relationships with fellow entrepreneurs?

A: Throughout my entrepreneurial journey, my passion for travel, connection, and personal growth has been instrumental in shaping my perspective. Traveling to diverse destinations has broadened my horizons and taught me the importance of adaptability and embracing change. Additionally, building relationships with fellow entrepreneurs has provided invaluable support and inspiration. These connections have not only offered valuable insights into different industries but also encouraged continuous learning and innovation. Overall, my commitment to travel, connection, and personal growth has enriched my entrepreneurial experience, fostering a mindset of resilience, collaboration, and lifelong learning.