i am interested in starting my own tax preperation business. i have taken a tax class in college.?

Question

i have also taken a prepcourse at hr block but did not finish. I do not know how to get my busines started. or what software that i need to buy. I know that i do want to offer the rapid refunds but i do nto know how to go about doing that. can anyone help me out. i want to have my business up and running by december.

only serious answers please.

Answer 1

If you've never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.

The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a tax-preparation business and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them.

Try this link :
http://www.ychange.com/small-business-consulting-articles.html
and read some of the articles especially the ones about a business plan and starting a business.

Good Luck

Answer 2

A few assumptions you made: 1. Your successful business created jobs. Nope, demand creates jobs, not business owners. You are paying people for their labor at a profit, that's not 'creating jobs.' 2. Democrats would cut your tax breaks. Democrats give more tax incentives for small businesses than republicans. Now let's go with the theories you set forth. a) You 'deserve the loss in tax breaks' because you are now making a ton of profit and don't need the tax breaks? You seriously don't see how that type of mentality doesn't make sense? If you are so successful, why do you now need MORE tax breaks? b) Laying off a few people at the bottom 'to cover expenses' will not make your company more profitable or productive, so that would never make sense if you are a successful business. c) Here's the good one. ACTUALLY the way our current OH SO FRIENDLY TO CORPORATIONS TAX SYSTEM works you actually get more incentives to outsource your jobs outside the country, then to keep them in the country. So if you are such a successful business, in our current tax system, you would know that once you are large and rich enough, it makes more money for your stockholders to outsource your workforce. So you can bypass this whole 'Democrats are going to reduce my tax breaks as punishment for being successful B.S.'. A real progressive democrat would change the existing tax laws so you would want to keep the jobs here, but it would also regulate the corporations so that you are discouraged from outsourcing than rewarding them for it. My point is this -- the existing progression of success is that you are given more tax incentives and chances for success due to democratic policies (this is how it is for everything in society -- democrats give you a more leveled playing field and chances to succeed), but once you hit a goal that is beyond just success but into a whole new category of the wealthy, the republicans work for you to get even wealthier by disenfranchising the people that helped you get there -- the democrats, the community, etc. Republican policies help only the rich, they don't help you GET rich, they assume you already are if you want to benefit from their policies. That's just the way it is.

Answer 3

First you need to either become a CPA or Enrolled agent to represent your clients with the IRS. Offering to do taxes for money is something you can do with no training or experience. Make sure you get malpractice insurance if you decide to do it that way. Rapid Refund is a trademarked term so you can't do it. Loaning people money based on the refund might require some kind of extra licenses or something, you would need to disclose your fees and or interest. You are basically setting up a payday loan store for just your customers so you will need to obey all loan shark laws. You will need a lot of capital to do this and may have trouble collecting the debts, buy a baseball bat and practice hitting at kneecap level.

Answer 4

You need to be a CPA first, you can't legally start a tax business without any credentials or licenses.