Discussion:Business startup
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Business startup
Tax exacto (talk|edits) said: | 1 December 2005 |
| I have been an engineer for 19 years and have changed careers to have a tax preparation business. This my first year!
1.Is there a new client checklist available for tax computation and entries? 2.Is there a acceptable fee rates for filing NC state and 1040EZ, 1040A returns? I am trying to avoid corporate taxes! 3. What is the accepted fee for e-filing and rapid refunds? Thanks for any help | |
| 2 December 2005 | |
| 1. Book called Quickfinder has lists you can use. Use a tax program to prepare returns. 2. Use a fee a little bit more than previous preparer as a starting point, 3. Avoid work you do not want to do by turning it down or refer to someone else. 4. E file can be something you offer for "free" included in your pricing. I do not use rapid refund. Clients already get their refunds in 2 weeks using E file. | |
| 9 December 2005 | |
| In setting your fees ask yourself do you want to make a living doing this or work for a good retirement. | |
| 1 February 2006 | |
| We have just incorporated my tax preparation business along with debt collection. I would like to file my own taxes properly for this home-based family-owned incorporation. Is Schedule C still appropriate? I have never done anything more than individual taxes and small Schedule C sole proprietors!
I hope this is an appropriate question to place on this particular thread. | |
| 1 February 2006 | |
| If you just incorporated your business I believe that you cannot use sch C - Sole proprietors since you are not one. You will have to file as a corporation. | |
| 1 February 2006 | |
| For the OP, I would recommend that you first work for someone else before going out on your own. Getting a few years of experience will be beneficial for you, and allow you to do the best job for your clients. For B2bscott, Lalva is correct that corporations cannot file Schedule C. However, you will need to file a Schedule C on your 1040 for any part of 2005 before your date of incorporation. After that date you will report through the corporation. I would also recommend that you see a local accountant to help you learn about your corporation. Failing to follow the proper procedures for corporations can result in unintended negative tax consequences. | |
| 1 February 2006 | |
| I have been in public accounting for over 19 years doing everything from payroll to financial statements to the most complex business returns imaginable. Yet, I am amazed every single day at how little I know. That is, for all I know there is so much more that I don't know and learn something new each day. I am also amazed at the number of people who post discussions regarding being new preparers, changing professions to be tax preparers, etc. I wish you all good luck. If I were not already in this profession, I'd do something else, quickly. There's so much responsiblity in doing work where there are no simple answers and for every question, you'll probably get an incredible diversity of responses; and then, just hope for the best. What a naysayer I sound like, but I've been doing this for so long and know from whence (sp?) I come. | |
| 1 February 2006 | |
| I too am amazed at how much I learn every year. My issue is that when I learn something new I stress and go back on returns that I may have done incorrectly in previous years and find that either the rule has changed and I correctly prepared the return or I knew about the issue at one point and have forgotten. IT's never ending. | |
| 9 February 2006 | |
| TaxRef,
Thanks for your reply. I have been preparing taxes for individuals for quite a while. I am a PTP, but not a CPA. It was my attorney who said I should be an Inc. rather than an LLC. Are you saying that I should have an accountant, even tho' I am one? It seems like a good idea! Also, we finished the 2005 year as a sole proprietorship and the Inc. became effective Jan 2, 2006. I am starting an advanced tax preparation course now because I wanted to learn about Inc and Partnerships. But that won't help me this time around - or will it?! | |
| 17 November 2006 | |
| I agree with LJACPA and PDXCPA! There is so much to know...and when something new hits you...you get sweaty and start thinking of the last return you did that dealt with the issue BEFORE you knew what you just learned!! Working with someone with experience is invaluable for the learning process. However, keeping to simple returns early on will help. Also, the Quickfinder reference book is probably the best single help you can get to keep you on track. Good luck! | |
