[hoopsfan2014]

Hey guys, I’ve been an accountant for about 5 years now working only in tax. I started at a firm straight out of college working in the high net worth department mainly focusing on 1040 and some trust work. I enjoy the work and find it interesting. In college I kind of just fell into accounting because I needed a major and it was a safe and stable career path. Honestly I hate “accounting” or any bookkeeper type of work. I’m into late 20’s and have been doing some soul searching. I have always wanted to own a business and have been contemplating owning a tax firm. Is it possible to run a tax firm only doing 1040 and earning a decent living? I am doing well at my job and can stay and grow at my company where I only work on 1040s but then I worry if I am severely limiting job prospects. If someone enjoys tax but hates accounting (debits/credits) would anyone recommend leaving accounting all together? Thanks guys for any help!

[Anonymous]

Through my career path, I am learning that I “hate” the debits/credits of accounting as well. I briefly worked in tax and now I've just started with a corp in the internal audit dept….So I'm interested in seeing the feedback that you get from this thread.

[Anonymous]

I am in the same boat as both of you.

[SeaPeaYay]

I think it may be hard to have a really successful business just doing 1040s. Many of the high earners have other tax return needs. These include partnerships or corporations they may own. It also includes trusts or even foundations they may have established that will generate returns also. If you have high earning clients who have to have their other returns prepared elsewhere, they are more likely to move all of their business there.

If they are lower earners or less complicated, they may find they are better served using Turbo tax and saving the money on Tax prep fees.

I think in order to be a successful tax only firm you have to be able to prepare 1040s, 1065s, 1120s and 1120S as well as 1041s etc.

Just my .02

FAR 10/18/14... 82
REG 11/18/14... 87
AUD 01/06/15... 71 Grrr 5/06/2015 ... 73 Doh 7/13/15 ... 69 Ack 11/18/15 ... 86!!!
BEC 02/07/15... 79

[SeaPeaYay]

But if I misunderstood your question and the question was can you run a successful Tax firm without having any audit business the answer is yes.

FAR 10/18/14... 82
REG 11/18/14... 87
AUD 01/06/15... 71 Grrr 5/06/2015 ... 73 Doh 7/13/15 ... 69 Ack 11/18/15 ... 86!!!
BEC 02/07/15... 79

[Author]

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