Given the turmoil in today’s economy, self-employment can be the best way to go for most of us. However, figuring out which business is the best fit for you is a difficult task. Don’t worry though, we’ve got you covered.
Start a tax business; it’s easier than you probably think, and here’s why:
The license for a tax business can be gained by any individual rather easily. That is due to its basic procedure, which ensures that it doesn’t take very long to acquire, making the first few steps quite simple. It can take as little as a single day to acquire a business license. A few may confuse this with the Preparer Tax Identification Number (PTIN); however, it is not the same as a license. One must apply for the PTIN as the first step if they want to get paid for preparing tax returns, and that’s the most important step. The license is only needed in seven states and is similar to the federal PTIN, which include;
- New York
If one, however, is qualified as a Certified Public Accountant or has other professional credentials, this requirement may also be exempted for them in many states.
Minimal Educational Requirements
A career as a tax professional is possible even without a college degree. The belief that one needs to be a Certified Public Accountant (CPA) or have an accounting degree has been proven as a misconception. All you need is an aptitude for dealing with numbers. At most, a few states require a high school diploma or GED, but that’s it! Most of the skills acquired by Tax preparers are those learned by doing the job or through training programs. Even the training courses can be found online, and that is something one can manage on the side easily.
A tax business is not something that will keep you busy all year long; it’s more of a seasonal profession. That, however, can make things easier. It offers a kind of flexibility you might not be able to find, for instance, as a real estate agent or an insurance agent. Being your boss gives you the ability to set your working conditions, and that can also allow you to work on other businesses to keep the cash flow running.
While it is true that it gets pretty hectic during tax season, choosing a virtual method of business can make things easier. The ability to shift the business online is a great facility provided by the emergence of cloud-based tax prep software. In fact, 56% of millennials claim that they would consider quitting their jobs if it doesn’t provide flexibility in terms of working hours and practices. This shows that for today’s youth, flexibility is a priority they are not willing to forego, making this a suitable choice for most.
No Risks Attached
It is not necessary to commit to this full-time. It can instead be used as a lucrative way to make extra money. Starting a new business has risks attached to it, and it can be scary for some to keep all their eggs in one basket. It can be something you do along with a full-time job, and that makes it easier and less daunting to start this business.
Low Start-up Costs
The start-up costs for a tax business are relatively lower than for others. While there may be additional overhead costs, it is all based on whether your business will be home or office-based. The necessary costs only include:
While it is true that you can start a tax business with minimal educational requirements, its growth does depend on your experience and knowledge. With that said, you would have options to pursue numerous educational paths to further educate yourself about the business. Programs like the IRS Annual Filing Season Program (AFSP) helps you gain credentials with minimal coursework and tuition fee.
It’s safe to establish that starting a tax business is relatively quite easy. To maintain and ensure success, on the other hand, is not guaranteed. Like in the case of any other business, hard work is a crucial ingredient to success. Therefore, one needs to learn and grow as one moves on. And use all opportunities at hand to expand their skill-set to see success.
Ready to get into the Tax Game? I’m giving you everything you need to know on October 5th 2021. This is a billion dollar industry with more than enough room for up and comers, you just need to know what to do and most importantly what NOT TO DO.
Go here and register, spaces are limited so register ASAP.