How to Start a Tax Preparation Business from Home

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Tax software has not killed the human tax preparation industry. If you have the skills for the job, you don’t need to rent an office. A home office with desk space for receipts and customer paper will do the trick. If you use it exclusively for business, you can also cancel some of the interests and public services of your mortgage. So in this article we will discuss how to start a tax preparation business from home.

Investigate the requirements

Even if you think you are qualified to prepare people’s taxes, your state or local government may disagree. California, for example, requires that all tax preparers register with the state Tax Education Council. Enrollment requires a 60-hour tax preparation course from a council-approved provider. You need 20 hours of continuing education a year to stay registered. There are other requirements besides that. The websites of your state and local governments should provide you with information about where you live.

Request PTIN

Federal law says everyone in your line of work needs a PTIN, a preparer tax identification number. You can apply online at the IRS website. You will need your Social Security number, name, date of birth, your tax returns from the previous year and you will have to pay a PTIN fee of $ 64.25, as of 2014. If you have convictions for serious crimes or tax problems, return the IRS Ba you want to know the details before deciding that it is reliable enough for PTIN.

Find clients

Once you test yourself, word of mouth will generate business. However, for your first fiscal year, you will have to work to find clients. Fortunately, specialized knowledge has its advantages. You can, for example, give a free presentation or seminar on segmentation deductions. Your local library or community center may allow you to use a meeting room. Attending local business network events will help you find other self-employed people who want you to take care of your taxes.

Budget your time

As April 15 approaches, you may experience a sudden avalanche of customers concerned about meeting the IRS due date. You will need to budget your time effectively to serve them all well. Be realistic when you tell your customers how quickly you can complete a return and meet the deadlines you give them. If you find that a customer needs more documentation or information, call immediately. Don’t let a buildup build up on your desk.

 

Before you go, I hope this above article how to start a tax preparation business from home is helpful and beneficial for you.

 

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