income tax service
An Income Tax Service might be a good work at home business for you if you have good bookkeeping skills, good math skills, and very good attention to detail.
There is a need for more income tax services as well as year round business bookeeping services in most areas so business should be good. This is one of the jobs that is not affected much by the economy. Tax preparation is something that will benefit every single person in this country as they are all required to file their IRS tax forms every year.
Take a good tax preparation course to make sure you are well qualified. Check with your local community college, the IRS as well as H & R Block and other income tax services.
Offer your services to your friends and relatives at a discount to get business, and more practice. Do not take on new clients until you are sure you are ready. Once you pass the certification course you will be on your way. Practice on your old tax forms to see if you could have saved money. You can even practice on efile.
Check with local authorities about licenses and permits as well as your Secretary of State's Office to see if you need to be licensed, bonded and insured with them as well. Be sure to register your business with the local tax office and get your sales tax ID number.
I recommend you set up a LLC (Limited Liability Corportation) and Liability insurance to protect you in case of a lawsuit. Become familiar with the Small Business Administration website at SBA.gov for information regarding loans and insurance you may need.
Check with other local income tax services to see what they are charging, to make sure you can make a profit. Also find out what competing services they may offer. If yours is a work from home business, you should be able to compete well.
In the time it takes to commute back and forth to an accounting class, Accounting Essentials, Second Edition, can show you how to master basic record-keeping procedures and learn how to protect assets, inventory, and payroll, all in the comfort of your own home.
So, it's not surprising that over 80,000 people have already used the first edition to learn the fundamentals of accounting and bookkeeping. This will greatly speed up your training.
I also recommend you get familiar with a good tax preparation program such as ProSeries by Intuit, or TurboTax. Also find a good business tax software program for your small business clients. Your tax preparation course probably tells you the best programs to use.
You don't necessarily need the software if you want to do taxes by hand, but I strongly recommend it. Here are some of the advantages of software tax programs.
The software asks you for all needed information and automatically fills out the necessary forms, finished forms can be saved on a disc so you don't have to worry about your forms getting faded or damaged. You can also print out new clean IRS tax forms whenever needed.
You can file taxes online to the IRS automatically so your clients can get their refunds faster. The software will also give suggestions on how to save money on next years taxes.
The tax preparation software programs are faster and easier, saving you time, and making you money.
Last but not least, taxes prepared by tax software look more professional. Handwritten forms will not look as good or as neat as typed forms, and will not impress your clients. This could cause your income tax service to lose business, so definitely try to avoid doing the IRS tax forms by hand.
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