How To Start A Tax Business From Home
If you are like any other American out there, there is one thing that you have to do every year… and that is getting your taxes done. If you are like me, at some point you have probably had the thought about how you could possibly start a tax business of your own from the comfort of your home.
This thought has crossed my mind numerous times myself, but why? What makes having a tax business so attractive to me? For starters, you could replace your current income by only working 4 months out of the year! The amount of money you can make for the amount of work that you do is very attractive as well!
As far as a tax business is concerned, I am not even talking about personal taxes, although that could definitely be a part of it. What I am talking about is doing taxes for small businesses. This is where the potential to make a very good income comes into play.
Obviously, this isn’t something that you are going to jump right into. After all, you are here for a reason. You are doing the right thing and doing a little bit of research to maybe figure out what all goes into doing this, and doing it right!
Starting any type of business from home can be a bit intimidating and daunting but, can be extremely rewarding! The best way to go about it is to try to eliminate as much risk as possible. In other words, find the path of least resistance and do it in the shortest time possible.
Before I dive into how to start a tax business, there are a couple of misconceptions that need to be cleared up beforehand. A lot of people think that you need to be a CPA or have some sort of degree to do taxes. This is 100% false!
To do taxes in the U.S., you simply need to be 18 years old and a permanent resident. In addition to that, simply get your EFIN (electronic filing identification number) and your PTIN (tax identification number) and that’s it.
Another misconception that you may have is that you are limited to serving clients in your local area. This couldn’t be further from the truth! As technology advances, so have the options that businesses have to find the right professionals for them. The best way to go about doing taxes is to make your business virtual. By doing this, you have the entire country at your fingertips.
The Wrong Way To Do It
There are also a couple of ways that I would never consider when looking to learn how to prepare taxes. The first one is you teach yourself for free by using a resource such as YouTube. Could you find the information that you need? Probably, if you searched long enough and knew what to search for. How would you ever know if you have learned everything that you need to be successful?
Listen, I am all about saving every penny possible when it comes to learning how to do taxes but this will turn out to be a recipe for disaster. The tax code is constantly changing so chances are that by the time you watch a particular video, it’s going to be outdated or even completely useless.
Another option that I would not consider in this day and age is getting a college degree in accounting. Why spend 2-4 years and tens of thousands of dollars to learn this? No, I’m not saying don’t go to college. But, if you are wanting to start a tax business, there is a much easier and quicker way!
On top of that, you are also going to need marketing classes… oh, and business classes as well! That is a long and expensive road that you simply no longer need to take. Not to mention, all the debt that you are going to rack up in the process.
How To Start A Tax Business
Now that I got all the discouraging things out of the way, it’s time to start thinking positively. You need to have a structured environment. You need to have the most up-to-date information. You need to learn taxes, marketing, and business all in one place and do it in as short of amount of time as possible without accumulating tens of thousands of dollars of debt that’s going to take you 20 years to pay off.
There is now a way to accomplish all of that, and it can be done in as little as 90 days, and it’s all done online! In late 2020, Ben Robinson finally released his latest program, TaxBiz, to the public. With this course, you can have an up and running virtual tax business in just 3 months.
If this is the first time that you have heard of Ben Robinson let me fill you in a bit. In 2015, Ben released what is now called Bookkeeper Launch where he shows you how to start your own bookkeeping business. This program has been wildly successful and is easily the #1 bookkeeping program online.
No stone is left unturned. If you follow what is taught in Ben’s courses, you WILL have a successful business. To this day, Ben has shown well over 10,000 students how to successfully start their own bookkeeping business. I fully expect the same success with TaxBiz. This will be the go-to program for anyone looking to start their very own virtual tax business.
Not only will you learn everything you need to know about taxes but you are also going to learn how to market your tax business as well. After all, what good is learning how to prepare taxes if no one knows that you do it? The marketing training is second to none. You will learn exactly how to have clients coming to you instead of the other way around.
Stick around and ill show you a complete breakdown of the TaxBiz program so that you can learn more about what it takes to run a successful tax business and if it is the right move for you.
Start-Up Cost And Supplies
Another major question you probably have is the start-up costs associated with a tax business. This is important to know ahead of time. The last thing you want are any surprises being thrown at you. Knowledge is power. The more you know going in, the better off you are going to be
The good news is that a tax business has very low start-up costs compared to just about any other business out there. Check out the list below to see what you can expect to get for your new tax business.
- External 10 key with USB
- WiFi encryption
- Secure internet connection
- Hide network
- Secure communications
- Business cards
- Tax prep software
- Quickbooks online
- Google workplace
- Secure document storage
- Tax research library
Listen, that is pretty much it! So, how much are all of these things going to cost? The range is going to be somewhere in the ballpark of $900-$3500. It’s really hard to pinpoint exact amounts since some of these you may already have (laptop), some of them are monthly services, and some you could even get discounts by going through the TaxBix program (Quickbooks).
All things being considered, you can see how extremely affordable having a tax business can be. When you figure in the fact that you will be earning somewhere in the neighborhood of $100 an hour and only working 4 months out of the year, that makes it even more attractive in my opinion, but you can read more on earning potential at the end of this article.
Massive Potential With A Tax Business
Simply put, TaxBiz is the answer when asking how to start a tax business from home. This article is just the tip of the iceberg though. There is much more research available to you about this brand new course.
So, your next step is for you to head on over to my complete review of TaxBiz to get a complete breakdown of what it’s all about. Also, you will begin to learn a little bit about the income potential (this alone may shock you)!
I hope that you found this little article useful, but if you happen to have any questions feel free to drop them below or reach out to me by using the contact me form and I will be sure to get back to you as soon as possible!