[Michael]

I just completed my CPA exams!!!! I work in internal audit and dont really know anything about taxes besides the general information from the REG exam. Recently I had a friend who i helped with answering some questions for her tax return, gave her the advice she still couldnt figure out hwo to use the tax software and ended up going to H and R Block to have them to do it for 185 dollars!

I told her why the hell would you go to someone for that you couldve just come to me and I would’ve done it. i’m 27 and the only information for my taxes are my w2, student loan intrest and dividend interest. doing it on turbo tax takes 10 mins. So now i’ve thought about opening a small tax business and just working on small 1040 returns and charging way less then the big name companys.

Has anyone done this? Any advice or where do I even start. This wouldnt be my full time carerr just something on the side around tax season. Thank you!

REG - 63,74,70,81!!!
FAR - 44,73, 81!!!!
AUD - 51,81!
BEC - 73,77!!

3 years later and I'm officially done. Never give up no matter what!

[nyc1123]

I had started doing taxes as a side business back in 2010. That led me to take the Enrolled Agent exams and now I have my own office to do taxes and real estate. I use Drake tax software. There are much more simpler and affordable tax softwares out there but this is the one that Ive grown familiar to and just never bothered to change. If you buy early enough Drake software costs around $1200, not too sure, other than that regular price is $1500. They also have a option to pay as you do returns instead of the unlimited package. Not sure how many returns it includes but i think it starts at around $400 and lets you do 20 something returns or so. Also as previously stated you would need a PTIN and that costs around $60 or $70, and renews every year.

NY

REG:4/30/15
BEC:5/14/15
AUD:
FAR:

[mrimkhan]

nyc1123,

So you do tax and real estate full time now? Is that making you good money?

[Wannafree]

@Gatorbates ,Landed about 8 clients. Made about 5k .That's awesome.How much you charge each S-corp client ,600 ? That's simply excellent.Share some tips on fees please as turbo charges $85 and some CPA change 300.

[Anonymous]

also keep in mind that you should probably have some type of professional services insurance. 😉

[LawGuy]

If you do this, make SURE you comply with the regulations for individuals who take the earned income credit. The substantiation requirements are quite involved, and there are significant penalties on return prepares for failure to comply. I have heard of CPA firms getting cleaned out because of this. Definitely something to watch out for.

[Recked]

In my opinion a CPA or EA should not be cheaper than H&R Block.
H&R Block has minimally trained people, often with no credential.
I also have fixed more than my fair share of H&R Block mess ups.

EA, I have worked in tax practice for 15 years.

If your hourly rate as a CPA should be $300+, then I think you need to charge at least $150 even for the simplest return which will probably take you 30 minutes.
Trust me on this one, you might use a low rate to lure them in the door, but then you will spend the rest of your life trying to get them up to a reasonable rate.

[Natalierose]

My recommendation is to specialize- then it opens you to clients in a niche from anywhere- not just locally.

This has worked fairly well for me so far. I'm actually about to go solo as my own tax firm (Cpa firm once I pass this last GD section!) next month.

I charge $500 minimum for a super simple 1040.
Most my clients hit the $1,000 ish range.

I do as much consulting, CFO, value add type work as possible.

Oh- and this is my third year working in tax. So going solo a little early. I'm scared S&*****less but life's too short to live in a cubicle.

REG- Passed
BEC- Passed
AUD -Failed - Retake in October
FAR- Scheduled 8/1/2016

[M123]

Hopefully on topic with this but does anyone have a good template and guidance on a rate sheet for different services/forms?

[Richard]

I believed there are small taxation firms that do the same and some even manage by young professionals with degree of taxation and accountancy. This is good business, but many individuals and businesses prefer to go to revenue and tax departments to get every transaction they have in legal way. I am not saying you otherwise, but involving in this kind of business, you must first register your business name, if you haven't done it, there is this naming suggestion at https://eatmywords.com/services/business-name-ideas/, I think they have the best business management has to offer.

[Author]

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