Starting your own tax business can be a lucrative venture for those with an entrepreneurial spirit. While it may seem like a daunting task, with the right preparation and knowledge, anyone can start their own tax business. Before you start your own tax business, it is important to understand what it entails. Tax businesses can […]
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Everything you need to know about cybersecurity investment tax credits
Cybersecurity is a top priority for all types of businesses. For tax professionals, the increasing threat of cyberattacks means that protecting your clients’ sensitive information has never been more important. However, investing in cybersecurity measures can be expensive. Fortunately, the government offers tax credits to incentivize businesses to invest in their cybersecurity. In this article, […]
5 things to consider when training your staff
As a tax professional or business leader, training staff is a crucial part of ensuring success for your company — and your clients. Not only can proper training improve productivity and efficiency, but it also helps to keep your employees up-to-date with the latest industry trends and regulations. In this guide, we’ll cover five key […]
Advanced bookkeeping tips for tax professionals
Bookkeeping, or the process of accurately recording all your financial transactions, is a key part of building a successful tax business. However, it also comes with the potential for costly errors. According to Solution Scout, bookkeeping mistakes led to $1.3B worth of IRS penalties in 2021 alone. Unfortunately, bookkeeping errors are easy to make. A […]
Beginner’s guide to bookkeeping
A bookkeeper fills a critical role for any business, and that is the recording and organization of financial transactions. These include customer payments for goods and services, business payments to vendors and contractors, and loan and rent expenses. Without proper bookkeeping, a business simply can’t function. Individuals who start their own small business often keep […]
Expert tips for women entrepreneurs in accounting
Women entrepreneurs are a growing force in the U.S. economy. In 2021, nearly half (49%) of all new businesses were started by women, a 75% increase from 2019. While industries like tax and finance have traditionally been male dominated, the demographics of these roles are shifting. As of 2022, 56.8% of all certified public accountants […]
What is tax-loss harvesting?
Investing always comes with some degree of risk, and the simple truth is that some investments don’t work out. While no one wants to take a loss, there is a benefit to a losing investment — at least when it comes to that individual’s tax burden. As a tax professional, you likely have several clients […]
4 types of cryptocurrency tax events
You’re a diligent tax preparer. To you, dollars and cents tell stories of tax brackets, reportable income, deductibles and refunds. But now, a client who holds cryptocurrency walks in the door, and you have questions. Is it an asset? Is it income? Is it taxable? If so, how? Let’s start with the IRS, which defines […]
Training tips for beginner tax preparers
Congratulations! You launched your tax preparation business. Tax prep offers high return for minimal start-up costs, and of course, tax preparation will always be in demand. Most importantly, you enjoy helping people and have the confidence to guide them through the taxpaying maze. There’s just one hitch, and it’s called “tax season.” From January through […]