Why would someone be interested in the tax prep industry?
Tax preparation is a great home-based business for many types of people. If you enjoy working with people and computers, tax prep could be for you.
Stay-at-home parents and early retirees often find running a tax prep business to be a wonderful complement to their lives. It lets you have your holidays and summers free to be with the kids or grandkids, it allows you to travel, etc.
Retired military people looking for a second career can establish a business that allows them to work for as many years as they want. Financial services professionals can add tax preparation expertise to their available services, offering more value to their clients.
Many people shy away from taxes because they think it will be too difficult and you must be a Certified Public Accountant (CPA) or have an accounting degree, or the equivalent. The truth is you really don’t have to be an accountant to be a tax professional. High-level knowledge of math and finance are not necessary and tax preparation is not accounting, it’s law. You don’t even need to have a college degree to prepare taxes.
What you will need is to take at least one tax preparation course to give you a solid foundation. It’s amazing how many people think that tax preparation is all about the numbers, but that’s not all. Tax preparation is actually a people business. So, if you enjoy working with people, you could do very well in the tax business. It’s about building relationships and trust.
Yes, it is extremely important that you have the knowledge to prepare taxes accurately. But the experience that your clients have during the tax preparation process and after is just as important. When you are dealing with a client’s financial information it becomes very personal. Your client trusts you to take good care of him/her and hopes you have their best interests in mind. Your client is looking for guidance and has come to you because they see you as an expert in the tax industry. You could prepare a client’s tax return perfectly but if you don’t provide personal service, they may not be back. Relationships are paramount!
Due to recent changes in the economy, many people are looking for additional revenue streams in order to maintain their current lifestyles. A home-based tax business can supplement your income, pay the bills, enable you to save for retirement, and more.