Tax-preparing is a profitable business. Most people are starting their tax-preparing business in their homes. They can enjoy the freedom of both their time and money by running this business. However, this business is for people who are proficient in maths and calculations. 

If you also want to start your tax-preparing business, here is a step-by-step guide:

Register Your Business

Register your business in the state and federal government as an LLC or a corporation. Then you need to have the following registrations:

• PTIN( Preparer Tax Identification Number ) from the online IRS website. 
• ETIN( Electronic Tax Identification Number )
• EIN( Employer Identification Number ) 

You can get these numbers from online platforms. However, you may need to pay some fees. 

Necessary Training and Certifications 

IRS doesn’t require any specific certification for PTIN. However, if you are starting this business, you should spend your time and investment to hone your skills and knowledge in this field. You can find tax preparer training courses from several online platforms and institutes. 

Even the IRS offers some training programs that will provide you with the Annual Filing Season Program Record of Completion certificate. There are online universities that can train you and provide you with certifications. Moreover, you can get training from the National Association of Tax Professionals.

Define Your Terms and Services 

When you have registered your business, it’s time to decide on your terms and conditions. You have to decide your services and charges. Moreover, to narrow it down, you can define the niches in which you have specializations. 

Above all, you have to decide your service charges. How much you will charge for your service? Will you charge per hour, month, or year? In this way, you have to describe the whole structure in detail. 

Tools for Business

Every business needs some tools. Tax preparing business also requires tools that include the following:

• Business Tax Preparation Software
• A well-equipped system 
• Office items that include printer, copier, scanner, and fax machine, etc
•  IRS forms 
• Business cards 

Many other small tools are required during operation. So, to run a business, you will need all these items. 

Growth of Business 

Now, it’s time to grow your business. There are different ways to grow a business, expand your reach, and get more customers. First of all, you should have a website with an attractive user interface. Then, you should rank it on different platforms, such as Google, Facebook, Linkedin, and other social media platforms. 

Moreover, there are many other many other ways to market your business. You can approach different businesses through their emails or contact numbers to provide your services. 

At the same time, it is necessary to explore more services and areas in this field. In this way, you will rise from simple tax preparation to other services like accounting, bookkeeping, and consultation. 

Conclusion 

Starting a new business requires a lot of struggle. You will not only require efficiency in the field of tax but also in several other areas. You have to become a one-man army to run this business.