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.
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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