How Much Are Virtual Tax Office Earnings? Should You Invest?

Money Facts About Virtual Tax Office

The numbers in this industry speak of its potential. The average salary of a tax professional is $67,166 per year and the range of annual salaries is between $18,500 (the lowest) and $112,000 (the maximum).

The salary for most people is in the ballpark of $43,000- $82,000. The data is from Zip Recruiter. The Wealth Empowerment Network has substantiated this finding of the immense possible growth even with the existing clients.

Moreover, you only need to work three months a year and reap large profits if working in those months is optimized. The facts make the picture very clear for investors who are not sure about investing.

Earning from Investment

From all the possible investment opportunities available in the face of what most are calling a lurking recession, venturing into this business is a good decision for the following reasons:

1. Minimal Initial Cost

A Kauffman Foundation study reports the average cost of opening an office to be $30,000. Your virtual tax office saves on many overhead costs, including:

No rent/cost of purchasing an office
No furniture
No security personnel and cameras

A significant chunk of the initial investment and subsequent running costs (such as salaries for security personnel) is reduced. You have already earned in the form of saving before even starting your business.

2. Attract Better Employees

It is evident from the previously mentioned salaries that the more experienced employees you hire, the more you can earn.

With a virtual office, the cost and inconvenience for employees to commute daily are eliminated. Moreover, you have a bigger pool of candidates to hire from.

Thus, a virtual tax office can attract better employees due to the incentives, and in return, the business can earn as a result of the quality of expertise being offered.

3. Save Tax

The cost of your virtual office space can be written off on your returns. The price your employees might incur due to groundwork can also be written off with the receipts so they can get a refund.

Bonus tip: It’s important to have an accountant and a legal team when dealing with such concerns.

4. More Clients

As a virtual office, you can target both local clients and diverse clients. Your client base may include:

Locals from the city
Citizens who live abroad
Internationals living in the country

In this manner, what you can earn is way more than what a local physical office can make.

5. No Papers and No extra Employees

With the latest software and a virtual office, the use of paper, printers, and other such equipments is minimalized.

For technology, there are two basic options:

Use multiple software together, such as a combination of:
- Google Docs
- Lacerte
- DocuSign
Use Cloud-Based tax software, such as:
- Intuit Tax Online
- Canopy
- PitBullTax

The second option is more feasible if managing multiple software simultaneously is too much for you. Often, Cloud Based tax software is more convenient and cheaper.

A paperless office with efficient technology saves time and resources while also attracting clients.

Bonus tip: When making decisions about software, consider the scale of your operations and your budget to decide what might work best for you.

Conclusion

Earning from a virtual tax office is of great potential. Based on what the employees make, the portion of an investor can be a staggering or a reasonable amount.

The revenue this business can bring makes it a lucrative investment opportunity. Make sure you get your marketing right to attract diverse clients and use the appropriate software. With proper growth and expansion, this business can be a never-ending flow of increasing money since people will always need to file taxes.

Learn More!

How Much Can I Earn if I invest in a Virtual Tax Office?