Dazzle your clients with good news! Congress has approved a new Charitable Contribution deduction. This deduction is available to those who provided cash gifts to legal 501C charitable organizations. The Charitable Contribution deduction is for up to $300.
Add bookkeeping services during the tax offseason. Or, build a working relationship with a self-employed bookkeeper. Add new revenue streams.
If your clients (and/or you) missed the first round of PPP Festivities, well, now's your chance to make sure they (and/or you) don't miss the second round.
In this environment, I think it's extremely important to look for business tax clients groups who are growing rapidly during these tumultuous times.
There are many different ways to boost your income as a tax professional. One of the first things to keep in mind is that your attitude and the way you see yourself is key. You don't want to just look at yourself as a tax preparer. Instead, you want to view yourself as a resource person to your clients. Some of the more effective and common ones will be covered in this article. Below is a checklist that you can print out and use anytime.
The tax problem resolution market is BOOMING. As more and more taxpayers have gone from W-2 to 1099, more and more taxpayers have fallen behind on their taxes. Statistics show that approximately 14 million taxpayers are in collections with IRS as we speak--those folks could really use some professional help right about now.
So, let's get the "bad news" out of the way first. Based on what I've been learning studying this business with Pronto Tax School Founder Andy Frye, doing taxes isn’t likely to make you wealthy. That is to say, the actual act of tax preparation does not often lead to wealth. Read to find out how a career in tax preparation can lead you to becoming wealthy.
When it comes to small business owners they are very particular on who they trust. Often their business is like their baby; it means the world to them and they don't want just anyone touching it. Three specific requirements business owners typically look for in a tax preparer are:
There are several reasons why the tax "offseason," can be just as busy and profitable as Tax Season. There are an ever-increasing number of people with complex tax debt. In addition, approximately 50% of our workforce is self-employed (not by choice). The bigger the problems, the more likely folks are going to procrastinate. Their procrastination is "Offseason," work for you!
Here at Pronto Tax School, in addition to providing you with your yearly CTEC continuing education course, we're always looking for ways to increase the earning potential of our Members. There are three primary methods for improving your practice described in this blog.
There is no doubt that employee retention is paramount in maintaining customer relationships and keeping training costs down. This is especially true when it comes to training tax preparers because that is a task that seems to continue for perpetuity, due to the circuitous nature of the tax code and it’s intricacies. The keys to keeping employees satisfied and retaining them at the same time is based on strong leadership and efficient and proficient management practices. If you can master these aspects of management, the result will be an employee team that is healthy and loyal and you will have a booming business to boot. Let’s take a look at the best ways to motivate and retain your tax employees.
When a taxpayer is self-employed they are often required to send in quarterly estimated tax payments to the IRS. The situation can become ambiguous and muddled when, as with most businesses, income vacillates from month to month or year to year. It can be difficult at the point to determine estimated tax payment amounts that will keep you out of the penalty zone. If you send to much your routine expenses will be a struggle now, but if you send too little you are going to be subjected to the estimated tax penalty on top of an already hefty tax bill. Let’s look at some of the best methods in avoiding self-employment tax penalties.
This article will show you a few ways to make big money as a tax preparer.
Mr. Tim Frye discusses the best ways to limit a person's tax bill from the perspective of laws active during tax years 2014 and 2015.
Anywhere you go the Federal government is due to take its fair share of income tax, but state tax can vary widely and will make a big difference on your overall tax at the end of the day. Some state income tax rates vary by your income bracket and circumstances, while others levy no income tax whatsoever. Those states are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Let's take a look at the states that have the highest income tax across the board.
One of the most underrated ways to save money is on your taxes paid every year. And most importantly there are added tax benefits and tax breaks that are offered to taxpayers over 50. This article will outline the best tax breaks available to senior taxpayers.
This blog post shares several ways to make a tax preparer's job easier. Choosing a tax preparer, maintain your professionality, and be honest on your tax return. Also, be prepared and thorough when sitting with your tax preparer.
to live a good life and live it comfortably you're going to need a lot more than just those traits to attain serenity. You're gonna need to have the talent to match to really get going in your profession of choice. So when it comes to preparing taxes you should test your strengths relative to the business before you start on the path of becoming a tax preparer. That said,if you fit the mold and are dedicated you should be able to make great money doing taxes in no time. This article will give you a game plan as to how to become a tax preparer and make good money right away.
When it comes to tax preparation and the subsequent billing of your clients, it really is what you know that defines your price point. There a multitude of varying methods as to how to bill your tax client. Some tax preparers are charging by time, others charging by the form, and then there are some charging a flat fee. There is no perfect way to bill a tax client. Let's take a look at the billing methods that are most effective then it comes to being a great tax preparer.
This blog post describes how to make NO money doing taxes. There are two primary reasons why a tax preparer would make NO money preparing taxes which are now working long hours during tax season when things are busy and not continually studying the tax code.
