Tax preparation can be an intimidating thing for the average American. Guiding them through this process, as painlessly as possible, is the role of an income tax franchise. If you like the idea of using your know-how of taxes and finances to help others, this is a great business option. Not only is it a business that is essentially recession proof, but it also allows you to extend your professional expertise to assist clients in your community.View Tax Planning Franchises
Income tax revenues are forecasted to increase to $2.71 trillion by 2027.
SOURCE: U.S. Congressional Budget Office
The IRS estimates that almost 60% of taxpayers use a tax return preparer.
SOURCE: U.S. Treasury Department
The average cost of professional tax preparation is $261.
SOURCE: National Society of Accountants (NSA)
The tax preparation services industry experienced average growth of 5.7% from 2012 to 2017.
U.S. Congressional Budget Office
U.S. Treasury Department
National Society of Accountants (NSA)
Income tax franchises can specialize in retail locations meant for everyday people, as well as franchises that cater more to small businesses. Either way, you will be offering a valuable and respected service to your clientele. Tax preparation is constantly changing due to shifting regulations, helping your clients navigate these updates is one of the many valuable services that income tax preparation franchises offer.
If you have experience with tax preparation and the ever-changing tax laws, as well as a desire to own your own business, an income tax franchise can be a lucrative and challenging avenue to explore. Working within a franchise system provides you with marketing and training assistance, so you can focus on providing the best possible tax preparation to your clients. Although this is a challenging field, it is one that demonstrates an ongoing need, as Americans seek assistance in filing their annual taxes.
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There are a few key points to keep in mind while trying to launch a successful income tax business franchise. In addition to bringing some tax-related experience to the table, the following traits will be quite valuable:
It’s important to understand that taxes make many people nervous. Whether filing for an individual or a small business, people are going to be anxious about their taxes—and they are going to have a lot of questions. To build a stable income tax franchise business, it helps to bring a level-headed, assuring tone to the discussion. Your clients may be frazzled by the whole process, but you should be the voice of reason. Bringing some clarity to their tax picture will go a long way toward earning their trust year after year.
The work of an income tax professional is anything but consistent. Each year, there is a huge spike in business in the lead-up to tax time. During that period, those in this industry can expect to be working long hours—maybe even seven-day weeks. With that said, there will be other times during the year when things slow down, allowing you can take more time for yourself. This is just a fact of life in the tax world, so embracing that reality from the start is important.
The tax rules that govern both individual and business taxes are changing every year. Some years, there are only minor revisions to the tax code, while other years see massive overhauls. You won’t be able to sit back in this profession and assume that everything you have always done will still apply moving forward. To succeed over the long run, it’s necessary to commit yourself to stay up to date with the laws and adapting to new strategies or technologies that enter the space.