Pronto Tax Class Blog
How Do I Start as a Tax Preparer and Make Good Money Right Away?
By Tim Frye
They sagacious ones say that life is about persistency, about consistency, and about repeating those actions that you come to know will get you to your goals and in turn get your where you want to be. Well, to live a good life and live it comfortably you're going to need a lot more than just those traits to attain serenity. Your gonna need to have the talent to match to really get going in your profession of choice. So when it comes to preparing taxes you should test your strengths relative to the business before you start on the path of becoming a tax preparer. That said,if you fit the mold and are dedicated you should be able to make great money doing taxes in no time. This article will give you a game plan as to how to become a tax preparer and make good money right away.
How Bad is Tax Identity Theft?
Tax identity theft is truly an insidious and pervasive problem in our modern day environment. In 2013 the IRS was able to stultify up to around $25 Billion worth of fraudulently filed tax returns. The other side of that coin is that same year the government dolled out and exhorbitant $5.2 Billion to non deserving recipients. With the advent of electronic filing coupled with IRS policy of passing out tax refunds as fast as possible, there are certainly not as many avenues to vet the tax return before the money is sent. So althougth this is extremely convienient for the law abiding taxpayer, it backfires in that it also makes it much easier for tax identity thefts to get a refund using somebody else's Social Security Number. This article will take a look at the growing tax identity theft epidemic and discuss preventative measures that can be taken to halt fraudulent tax returns being filed.
How Much Should I Charge as a Tax Preparer?
By Tim Frye
When it comes to tax preparation and the subsequent billing of your clients, it really is what you know that defines your price point. There a multitude of varying methods as to how to bill your tax client. Some tax preparers are charging by time, others charging by the form, and then there are some charging a flat fee. There is no perfect way to bill a tax client. Let's take a look at the billing methods that are most effective then it comes to being a great tax preparer.
The Earned income Credit
By Tim Frye
The Earned Income Tax Credit is one of the government's most potent tools that fight poverty and encourage people to work as well. Essentially the program dolls out cash to low-income employees to supplement their wages and boos their quality of living. It is issued at the end of the year in the form of a tax credit. The credit can add up to as much as $6,000 a year to families with three plus children. Another peripheral effect of the implementation of the EIC is that it offsets rising Social Security taxes and the erosion of minimum wage from inflation in previous years. The EIC is a vital adjuvant to the overall tax benefits program. Let's take a look at the EIC and it's pros and cons.
How to Make NO Money Doing Taxes Part Two
By Tim Frye
Tax Preparers Who Make Costly Mistakes
Every tax preparer is allowed to make a few mistakes but you better make sure they are minute and not that costly. Unfortunately, any mistake you make on someone's tax return is likely to be have a heavy-handed consequence. If you are a preparer that have been doing taxes for a few years, you are only join to develop and maintain a great client base if you stay sharp and focused and don't fat finger numbers and getting your client audited. You have to very awake and aware when preparing taxes because one slip of the finger could cost your clients thousands and ruin their quality of life for the near future. You must know the tax code so that you are not going a persons deductions that they are not eligible for. There is, eventually, no money in the pocket of a mistake prone tax preparer. Just like a starting quarterback won't last long if he keeps throwing interceptions that cost his team the game. This the IRS you are dealing with not just your ma and pop store on the corner. They are going to want to see proof of your mistakes. and since it was a mistake and there are no records to back it now all that's left is your jaw on the ground and your client with a look of rapacious disgust.