Sample income tax business plan

This is why we hope to beat the competition by being a tax preparation company that also offers online tax preparation services in addition to bookkeeping and financial auditing service. This would help us in carving out a unique market that would focus on specific clients and meet their needs.

Sample income tax business plan

Strategic Analysis with current research! The Tax Preparation Company, Inc. The Company was founded in by John Doe. During the primary tax season January to Aprilthe business will assist sample income tax business plan business owners with preparing their yearly tax returns.

The business will also provide bookkeeping services so that the Company can generate a stable stream of revenue on a monthly basis. These services will primarily consist of accounts receivable, accounts payable, general ledger management, and cash flow management in conjunction with accounting software suites such as QuickBooks, Microsoft Money, and Peachtree Accounting The third section of the business plan will further describe the services offered by the Tax Preparation Company.

The interest rate and loan agreement are to be further discussed during negotiation. Doe has more than 10 years of experience in the accounting industry. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.

Doe expects a strong rate of growth at the start of operations.

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Starting a Tax Preparation Company – Sample Business Plan Template Schools High Schools, Colleges and Universities Sport Organizations Entrepreneurs and Start — Ups Our Competitive Advantage The level of competitions in the tax preparation cum financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services. If you can successfully create a unique brand identity for your tax preparation services firm or carve out a unique market, you are likely going to experience less competition.
Starting a Tax Preparation Business – Sample Business Plan Template It is owned and managed by James Washington in Houston, Texas.

Below are the expected financials over the next three years. The Company is registered as a corporation in the State of New York. Below is a breakdown of how these funds will be used: Doe is not seeking an investment from a third party at this time. Doe may seek to sell the business to a third party for a significant earnings multiple.

Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Tax Preparation Company.

Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings. The Tax Preparation Company will bill its clients on a per hour basis. Pricing for these services will be further discussed in the fifth section of the business plan.

Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows.

Many economists expect that this recession will continue until mid, at which point the economy will begin a prolonged recovery period.

There are overaccountants, tax preparers, and bookkeepers in the United States. One of the most common trends within the accounting industry is to develop ancillary investment management and small lending services such as mortgage origination and loan rebate checks.

In the future, the Tax Preparation Company may develop these services to greatly increase the revenues of the business. In this section, you can also put demographic information about your target market including population size, income demographics, level of education, etc.

The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages. Below is an overview of the marketing strategies and objectives of the Tax Preparation Company.

These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public. The Tax Preparation Company will also use an internet based strategy.

This is very important as many people seeking local services, such as tax preparers and bookkeepers, now the Internet to conduct their preliminary searches.

Doe will register the Tax Preparation Company with online portals so that potential clients can easily reach the business. The Company will also develop its own online website, which will showcase Mr.

The Company will maintain a sizable amount of print and traditional advertising methods within local markets to promote the tax preparation that the Company is selling. Doe will also develop relationships with certified public accounting firms, attorneys, and other bookkeeping practices that will generate substantial amounts of referral business for the Company.

You should provide as much information as possible about your pricing as possible in this section.Advice on how to develop a strategic business plan for your tax business from The Income Tax School. Become a Tax Professional. A sample outline of a situational analysis for a tax preparation firm appears below.

Strengths can usually be translated into opportunities. The Income Tax School (ITS) is acknowledged by tax industry and IRS. The Sorcerer's Accountant accounting and bookkeeping business plan executive summary. The Sorcerer's Accountant is an existing one-person accounting and tax preparation service, planning to expand by adding bookkeeping services.

Jul 03,  · Employer's Quarterly Federal Tax Return. Form W Employers engaged in a trade or business who pay compensation. Form Installment Agreement Request. Normal. Popular For Tax Pros.

sample income tax business plan

Form X. Amend/Fix Return. Form Apply for Power of Attorney. A SIMPLE IRA plan. Business Plan for Tax Office or Franchise Open Tax Office; News & Blog. The following is a sample business plan for TaxBiz affiliates. This is designed to help you start your own business plan.

Information and data will vary from business to business. Find how to open or start an income tax preparation business, office, practice or. Free Tax Preparation Company Business Plan For Raising Capital from Investors, Banks, or Grant Companies! Please note that the financials in this complete free business plan are completely fictitious and may not match the text of the business plan below.

Seven Keys to a Successful Tax Practice The foundation of a successful tax practice rests in your skills as a tax advisor and preparer, and that starts with maintaining a complete business plan can be time consuming, it .

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