It’s no secret established tax professional earn big time in a short period of time. These types of incomes don’t happen over night, and they surely don’t happen without understanding the inside track of tax preparation and how to make it work for you.
It’s true, you don’t have to have any specialized training to prepare taxes in most states, however it’s strongly recommended that you invest in a basic tax course and also receive training in how to launch a profitable tax service.
The IRS lost the court case which enabled them to test tax preparers, but that didn’t stop them from opting for a voluntary training requirement. It’s yet to be determined if tax professional will follow the IRS’s suggestion and participate in the voluntary educational program. To date only 42,000 have opted in. (11/2015)
We at Taxes Will Travel strongly suggest all new tax preparers enroll in an IRS approved tax course before signing their name to a tax return in exchange for money. The IRS may not have won the court battle, but they put teeth in Circular 230. This is the IRS’s “Bible” for tax professionals. To make a long story short, the IRS can put us in prison for certain actions, thus we include Circular 230 in the new and upcoming course on how to become a tax preparer and earn big part-time.
The IRS’s mandatory requirement says all tax preparaers must apply for and receive a PTIN number. This is a Preparer Tax Identification Number. Starting January 1, 2016, the cost is $50 to renew your PTIN. We will take you through the process in the new online video course.
Once you get your PTIN number, you’re in business as far as the IRS is concerned. There may be additional city and state requirements, but don’t call city hall yet. Let’s talk about this first. Many neighborhoods in the U.S. won’t allow home-based business. There is a way around this, we talk about options in the online course.
We also will discuss business structure and professional tax preparation software. Even when you don’t know all the tax codes, the professional tax software will help you. Where and how to get free basic tax law training for only the cost of the books is also revealed.
The course specifically deals with how to acquire new clients, both off-line and on-line. There is an extensive three-part section on marketing and how to multiply your marketing efforts by using automation.
The developer of the class, C. Ingraham, RTRP has included everything you need to know to launch a one-person tax-service for profit. She’s the founder of TaxesWillTravel.com, a mobile tax service which was started in the Bay Area in 2000. C. Ingraham, RTRP has also written several tax-loophole books in digital and print format.
Recently retired, Ingram designed this course for new and existing tax professionals to help them cope with high-tech ways of acquiring clients. The course will help students explore the mobile, online and retail office options for acquisition of new clients. More on the course as we get closer to the enrollment dates.
Last, but certainly one of the most important parts of the course, students will learn what to charge and how to easily earn between $5000 to $1000 the first year. Existing tax professionals will learn how to easily bring in $35,000 in less than 3 months. There are no guarantees, however there are formulas. C. Ingraham already has a dozens students earning $50K and more each year. Her mentor, an Enrolled Agent, earns in excess of $250,000 a year. The course will show you how EAs all around the country consistently earn 6-figuers incomes, annually.
This is a survey from 2014 by the National Society of Accountants
The survey reported average fees for preparing additional tax forms.
$174 for Schedule C (business)
$115 for Schedule D (investment gains and losses)
$126 for Schedule E (rental income)
$158 for Schedule F (farm)
$634 for Form 1065 (partnership)
$817 for Form 1120 (corporation)
$778 for Form 1120S (S corporation)
Stay tuned and email us at: TaxesWillTravel @aol.com to learn about upcoming courses on launching a profitable tax service.