Whether you like it or not, the one thing that brings everyone together is pursuing a secure financial future. While there are numerous ways to achieve this goal, one such opportunity that has gained significant traction in recent years is starting a tax business.
Keystone Tax Solutions is a Black-owned business that is currently leading in the professional tax software industry. They have more than 15 years of relevance in the business, with countless positive reviews on how their business has helped multiple individuals solidify their stand in the business, hence earning six figures in just 90 days!
The Secret of Tax Business: Is it Lucrative?
Tax business, often called tax preparation or tax consulting, involves helping individuals and companies navigate the complex terrain of taxation laws and regulations. This can include preparing tax returns, providing tax planning advice, and representing clients in dealings with tax authorities.
But is this industry as lucrative as it appears?
According to the U.S. Bureau of Labor Statistics, the median annual wage for tax preparers was $41,250 in May 2020. Further, many tax professionals who have established themselves and built a solid client base earn significantly more than the median wage.
But it’s not by magic—the key to success in the tax business lies in understanding that it is not merely about crunching numbers and filling out forms; it’s about providing value to your clients.
The ‘How’ Of Tax Business
Tax preparation is a service that is in constant demand, especially during tax season. With the right approach and dedication, it is possible to turn a tax business into a highly profitable venture. The following are the steps that need to be taken before starting a tax business:
Education and Training
Before venturing into the business, you’ll need a solid understanding of tax laws and regulations. Lucky for you, this is one of the many services offered by Keystone Tax Solutions. With their fully comprehensive training program, you can learn everything from tax laws, tax software, and tax preparation training.
Licensing and Credentials
You may need specific licenses or credentials depending on your location and the services you intend to provide. Keystone Tax Solutions provides expert PTIN/EFIN assistance for tax professionals, which enhances credibility and professionalism.
You’ll also need to develop a comprehensive business plan that outlines your services, target market, pricing structure, and marketing strategies. A well-thought-out plan will serve as your roadmap to success.
Decide on the legal structure of your tax business, whether it’s a sole proprietorship, partnership, LLC, or corporation. Each structure has its tax implications and legal requirements. You can sign up for the Keystone Tax Solution Partnership Program if you need help deciding which to choose. There, you can join the already established business and split the company 60/40, 70/30, 80/20, or 90/10
Marketing and Networking
Building a client base is crucial to your success. Invest in online and offline marketing efforts, and network with other professionals in your area.
The Magic Ingredient to Earning Up to Six Figures in Tax Business
While there is no guaranteed formula for success, the following strategies and principles can significantly boost your chances of achieving a substantial income:
- Specialization and Expertise: Consider specializing in a particular area to stand out in the competitive tax business landscape. This could be tax planning for small businesses, real estate investors, or individuals with complex financial situations.
- Exceptional Customer Service: Exceptional customer service is paramount in building a loyal client base. Respond promptly to client inquiries, communicate clearly, and go the extra mile to address their needs.
- Continuous Learning: Tax laws and regulations are constantly evolving. So, stay updated by attending tax seminars, workshops, and continuing education courses.
- Efficient Workflow: Streamline your tax preparation process to increase efficiency. Utilize tax preparation software and tools that help automate repetitive tasks. A well-organized workflow lets you take on more clients during the busy tax season.
- Effective Marketing: Invest in marketing strategies that target your ideal clients. To reach a broader audience, utilize digital marketing techniques, such as search engine optimization (SEO), social media advertising, and email marketing.
Affordable Tax Software Designed To Grow Your Tax Business
Stop overpaying for professional tax software! Get more for less with the Keystone Tax Solutions Partnership Opportunities and Packages designed for tax preparers who have not obtained their own EFIN. Keystone Tax Solutions also offers top-notch training for each client and a One-Software Package designed for small and large tax offices with multiple offices and many employees.