Do you ever see the amount of money that goes into taxes every April and wonder if you can get in on the action? If you are looking for a new career, America's Tax Office franchises can be a great option, either as a sideline or as a full-time enterprise. When opening a tax franchise, however, you need to make sure you comply with all rules and are ready to provide a quality service to your clients. Here are three things that you'll need before you open the door:
- Training from America's Tax Office – and nowhere else! This may seem like an obvious one, but you can't be a professional tax preparer unless you have some training. When people hire tax preparation companies they are looking for someone who knows all the rules, the deductions, and the different documents involved. However, that doesn't mean you need to have formal training to become a tax preparer. When you purchase a franchise with America's Tax Office, we will provide you with all the one-on-one training you need to do the job right. You can start completely from scratch and go on to run a successful business!
- Preparer's Tax Identification Number. Whether you are personally preparing all taxes yourself or you have a team of a dozen accountants, your franchise will need a Preparer's Tax Identification Number (PTIN). This is required by the IRS, and every paid tax preparer must have a PTIN before doing any work. This number will be attached to each tax return you file and will allow the IRS to identify exactly which person or company is responsible for preparing that return. PTINs are not free, but they are not expensive for a business: you can get one for $64.25 via irs.gov. This is an annual fee.
- Electric Filing Identification Number. The EFIN is similar to the PTIN but is used specifically to give you access to IRS online services. Most importantly, it allows you to file tax returns electronically for your clients—this is something that most clients will want, and it will make your own job easier whether the client requests it or not. Unlike the PTIN there is no fee, but there is a background check you will have to pass.
What do you look for in tax preparation companies? Do you think you could provide the same to others?