More than many other professionals, tax professionals are constantly faced with the need to keep their knowledge and their skills current. Tax laws change – sometimes dramatically – from one year to the next. If you’re not up to speed on the latest changes, you’ll wind up making more work for yourself and potentially costing your clients money. What makes this situation even more frustrating is that the government often makes changes at the last minute, and that it takes time for new tax law … [Read more...]
Tax Business Tips for Success
It takes more than a thorough knowledge of tax law to build a successful tax business. In fact, some of the markers of success for your business will have little – if anything – to do with your knowledge of taxes. And, while every tax business is different, there are certain common threads that seem to run through those businesses which have been able to stick around. Here are some of the common characteristics of a successful tax business: The owner of a successful tax business is … [Read more...]
Working with Small Business Owner Taxes
As a tax professional, you’re in business to help your clients. You want to see them in the best possible tax situation they can be in. When your clients are small businesses, you know that you’re working hard to protect someone’s livelihood, and that you’re helping to fuel the great engine that is the backbone of the country’s economy. Working with small businesses can be challenging, at times. Small business owner tax records can be disorganized. They can be very busy, and reluctant to take … [Read more...]
Tax Blogs Can Help Your Tax Business
The world has changed. There was a time when all a tax business really needed to do was place an ad in the Yellow Pages, get those first few clients, and just sit back and watch the business roll in. Today, consumers are much less likely to open the yellow pages than they are to turn to the Internet when they’re looking for a service like tax preparation. That means your tax business needs to have a strong Internet presence. One of the best ways to boost that Internet presence, establish … [Read more...]
Financial Accountability for the Absolute Beginner
Sometime after high school, events will fall into place that will set you on a path toward adulthood. But, you do not have to wait until it is paved before setting out in your own direction. There are things that you can do now to put yourself on track. The following tidbits can give you something to think about as you take your first steps toward post-adolescent independence: Understand Your Credit Your credit, and more precisely your credit score, is the gauge by which financial … [Read more...]
Top 6 Tax Business Mistakes
Running a tax business is like running any other business: one misstep and you can find yourself closing your doors for good. It’s not enough to be smart, to understand your trade, and to work hard; you’ve also got to make good business decisions, as well. One of the best ways to stay in business is to understand what pitfalls you might face and prepare for them. Here are some of the most common mistakes tax professionals make in business, and a little bit about what you can do to avoid … [Read more...]
Client Relationship Management Tips
Tax professionals know that the most important part of the year is between December and April. That’s when you’re the busiest; that’s also when you make most of your money. In fact, the business you do during tax season will, in some cases, need to carry you through the rest of the year. This is a challenge, of course. There are only so many hours in a day, and there are only so many clients you can handle and still give each the attention they deserve. If you’re smart about it, however, … [Read more...]
How to Target Your Market
Successful tax professionals build a business around a specific target market. While you might offer tax services to a wide variety of types of clients, the most effective tax preparers will hone in on specific types. That doesn’t mean you reject business that doesn’t fit your target market, of course; but it does mean you should spend some time defining that market properly, and devote your marketing resources learning how to target your market. There are several sorts of target markets you … [Read more...]
Value Added Tax Business Services
One of the basic truths about running a tax business is that you’re going to be busiest during tax season. The rest of the year, things can be slow, and if you’re planning on having a steady income you need to find other ways to bring in money. While some tax professionals can live off what they make during tax season, most of us like the comfort of a regular revenue stream. Creating that revenue stream means adding service offerings to your tax business. Here are some ideas for value-added … [Read more...]
Best Tax Deductions for Timeshares
A timeshare is not only a great opportunity to get away for a while, but it can also be a wonderful investment. Not only does your timeshare qualify for some of the same types of deductions that other property would get you, but there are also some specific types of deductions you may be able to claim depending on what type of timeshare you have and how you use it. Let’s take a look at some of the best tax deduction opportunities for your timeshare: Maintenance fees. The money you pay to … [Read more...]
