What does a tax preparer do? Types? Salary?
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- Опубліковано 21 лип 2024
- What does a tax preparer do, how much do they make and what are the types of tax preparers? In this video I discuss all of these things, delving into the tasks and job description of a tax preparer. I'm a bookkeeper (but I don't prepare taxes), but this is something I am looking at for the future--bookkeeping often goes hand in hand with tax prep, but there are definite differences. Next week I'll be going through step-by-step how to become a tax preparer.
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Videos mentioned:
Should you add tax prep to your bookkeeping business? • 8 reasons to add TAX P...
How to become a tax preparer, step-by-step: • How to become a tax pr...
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Let me know what questions you have about being a tax preparer! Here are 2 free resources:
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Thank you for your videos Morgan! I am taking the HR Block tax preparer course. Even a basic knowledge is very helpful. I hope to continue to build on this knowledge!
That sounds like a great place to start! -Gabe (FinePoints Admin)
Love the quality of your videos and the value you're providing! Thank you very much for your hard work.
Thank you for the positive feedback. Morgan loves helping other bookkeepers!
Krista (FinePoints Admin)
As an independent EA I can easily pull around 50-60k in profit by myself from just tax season, excluding tax planning and bookkeeping/accounting. It does eat into my time though.
Wow, that's awesome. Thanks for sharing--definitely good to know the possibilities. 🙌
Bobby Mucka which tax software do you use?
@@ClaudiaVSR I use Drake. It's pretty cheap and user-friendly.
@@BobbyMucka Thank you so much.
dammm, really. what type of returns do you do? how much you charge per individual return and S corp return?
I'm a CPA at a top 10 firm preparing taxes for C Corps. Starting salary is not great, but still good at $55k. You should be able to get to 130k-140k by year 5 or 6 and around 160k-180k by year 10. If you make partner at a large firm, you can start around $250k and get up to $900k+ depending on ownership and business profits. I'm only in my 2nd year, but it's clearly very profitable.
Yeah as an EA, I got an offer at BDO for an experienced tax associate position starting at 68k which I thought was ridiculous because I was already making 75k as a financial analyst and then around 125k working independently as a side hustle. I decided to just hang up the offer on my wall as a reminder that I dodged a bullet by not going to work for the big firms.
That's great to know, thank you for sharing! -Gabe (FinePoints Admin)
Your content helped me a lot to take my doubts, thank you very much
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
Thank you for watching!
Krista (FinePoints Admin)
I'm on the path to becoming an EA, I'm currently studying for the 3rd exam out of 3 and have successfully passed the first 2. I would say they are difficult but not in the sense that you have to know everything about tax law but you have to have put some time to study the material to be able to pass the first time around. I worked this year at HR block to get some experience but unfortunately just due to the staff there I did not have a great experience so I ended up leaving before the end of the tax season as it's was very taxing(no pun intended) on my mental health just going into the office due to the environment not so much the actual work. My goal is to eventually do bookkeeping and tax preparer on my own and not have to work for someone.
This sounds like a great goal, and it is so possible! Keep going for it :) -Gabe (FinePoints Admin)
How much can a EA make?
@RGallegos, what are the benefits of becoming an EA?
boss need ur help ...regarding tax prepare
Me and my wife are looking into this. I was a licensed Life, Health and P/C insurance agent and my wife worked at a law office.
We like people and know friends who are working hard at help people with there taxes.
I see it as a part-time to full time opportunity.
It is hard during the tax season but they have other options like bookkeeping as well.
As a tax preparer hours worked count towards: Texas requires one year of full-time non-routine accounting work experience under the direct supervision of a licensed CPA. This equates to 2,000 hours of experience that must be acquired over a period of no less that one year and no more than two years prior to application.
Thanks for sharing!
Krista (FinePoints Admin)
Thanks for the great video, do you know the cost of the Tax Biz service?
Jackson Hewitt is paying $15 an hour to a beginner after 2 weeks of training.
Being a tax preparer comes with lots of financial and criminal liability; lowest IRS penalty for negligence/violation/reckless conduct is $250 per tax return and the median is $560 and the sky is the limit.
It feels like fools errand, working that low wage and assuming that kind of financial and criminal liability. In the meanwhile Jackson Hewitt is making $450 minimum base rate per client without any indemnity guarantee. Risk and rewards don't make sense if you aren't blind or foolish.
Thanks for sharing what you know about this!
Krista (FinePoints Admin)
Tax business In Newyork please tell me step by step
Hello.madam as an Enrolled Agent,can i Earn the 6 figure salary in the Tax season and what is the scope in future as a EA? Thanks
As an indian how can i apply for ptin
If I hire a tax preparer, will they actually mail my tax return(s) to the IRS for me, or will I be responsible for that last part?
Hi! It depends on whether this is a service your tax preparer offers, but they certainly can do this for you.
Krista (FinePoints Admin)
I have PTIN and EFin and EIN single member LLC, and Newyork state domestic license and business bank A/c I start tax preparation business in home or any other missing license and irs AFSP complete course and long time ago H&N block tax preparation certificate
Uh ya
Do u read over thy!!!!🎉🎉🎉🎉🎉🎉