How To Start A Professional Tax Business - Intuit

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How to Start a ProfessionalTax PracticeMariette Martinez, EAQ&A with Mariette Martinez, EA & Tara StrattonDISCLAIMER: Please consult the services of a competent professional.This material is provided solely for educational and informationalpurposes and must not be construed or relied upon as legal orprofessional advice, or as an offer to perform legal or professionalservices on any subject. All information is general and may not reflectlatest developments. Intuit makes no warranty of any kind, express orimplied about the accuracy, completeness, reliability, relevance, orapplicability of any information contained in the material.

Housekeeping Your phone is silenced automatically and you mayutilize the chat feature if you have a question. Please save your questions for the question andanswer session – feel free to use the chat feature tosave your question. If we cannot answer all your questions during thelive event due to time constraints we will be sureto answer all questions post event.

Handouts (Windows)You will see a Handouts pane in the ControlPanel. Click the name of a handout toaccess it.Your default web browser will automaticallylaunch and open a blank page, and thehandout file will automatically startdownloading.Click the downloaded file to open or save it.Handouts (Mac)3

Mariette Martinez, EA –A Cloud Accounting & Tax Professional Check out the AMAZING Intuit ProConnect FAQs Follow Me on Twitter: @MMartinezEA I share FOR ALL MY FOLLOWERS Elevator Pitch: I provide professional software training, consulting on smallbusiness accounting technology & workflows, strategic financial &retirement planning and tax preparation. I love contributing to theSolopreneur community (especially #MommyPreneurers like ME) anddeliver my insights by embracing social media. Short History Lesson: Graduated from Cal State Northridge, worked inpublic & private accounting sector, worked in technical support for a taxsoftware company and took the Entrepreneurial leap in 2010! My Real Life: Team Mom of 3 kids, wife of 1, sibling of 6. Start everymorning with the goal to make a positive difference in someone’s day.#MarietteLovesSocial #MakeADailyDifference #MarietteLOVESHashtags )

New Practice Workshop Agenda Determine your type of entity Get registered Get insured Define your business Get tools to streamline tax preparation Get support Grow your business

Determine Your Type of Entity Sole proprietorships Partnerships Limited liability company (LLC) S corporation OR C corporation More References here: Intuit Blog Choose Your Business Entity video SBA – Choose Your Business Structure6

Get Registered Register your business with your stateand potentially your -permits Obtain a Federal EmployerIdentification Number (FEIN),(recommended) Obtain an Electronic Filing IdentificationNumber (EFIN) from the artners/become-an-authorized-e-file-providerFor PTO Users, NEED to PROVIDE EFINVerification Obtain a Preparer tax identificationnumber(PTIN) from the IRSwww.irs.gov/ptin7

Get InsuredThere are many different types of insurance to consider: Property insurance Liability insurance Business interruption insurance Data loss and identity theft protection And many more!For more information, check out Intuit Blogs:Which SMB insurance is Right for You?Five Types of SMB Insurance8

Define Your BusinessDetermine your business model: how will you earnrevenue? Seasonal tax practice vs. year-around tax services Taxes ALONE or Taxes Accounting, Tax Planning, etc. Business tax vs. individual tax vs. both What kind of clients do I want? Will you meet with clients in person, digitally or both? What will your pricing model be? Package Pricing from a Real Tax Professional One on One conversation with Pricing Expert How to Implement Value Pricing in Your Firm96

Define Your BusinessUnderstand certification options to see if any are a fitfor you and your business Complete IRS Annual Filing Season Program Certification from The Income Tax School Enrolled Agents (EAs) Certified Public Accountants (CPAs) Tax attorneys Be aware of state requirements Tax Return Preparer Credentials and Qualifications107

Get Your ToolsStep 1: Consider which professional tax software is right foryour business. Stay TRUE to your business model. ProConnect Tax Online: The #1 professional tax cloudbased software.1 Allows streamline tax prep with clientcollaboration. Do you want to be 100% Cloud-Based? Amazing promotions (limited time): 25 PTO FREE returns (15 personal & 10 business) 5 for 99 New to PTO OR Switching to PTO – Darrel James CPA PTO support QBO In the Know on the New PTO/QBOA integration ProConnect ProSeries : The #1 software of choice by taxprofessionals.2 Form based & affordable. ProConnect Lacerte : The most comprehensive premiumdesktop solution. For tax and accounting firms withcomplex individual and business clients.1 “#1online professional tax software" statement is based on Intuit internal data of the number of paid users of Intuit Tax Online for tax year 2015 compared to publicly availablestatements from competitors for the same time period.2 With more than 65,000 practices choosing ProSeries for tax year 2015, ProSeries is the leading professional tax software on the market today.11

Get Your ToolsStep 2: Consider other tools to help streamline yourworkflow Intuit Link: Helps simplify client collaboration and datacollection. Check out my YT playlist on Link. Intuit eSignature: Helps simplify collection of clienteSignatures for Form 8879 as well as payment. ONLY 5Per Return, NOT per signer. Not available for businessreturns. OfficeTools: Practice management software – I use17hats! QuickBooks: Use QuickBooks Online Accountant for yourown books ITS FREE!! Check out QB University.Find out which tools other tax pros are using : 12 Apps andPaperless Practice and CPA Practice Advisor LinkOnline129

LEARN Your KNOWLEDGE ToolsStep 3: Ensure you stay up to date with continuing education Intuit Training Centers: Webinars & how-to videos on YOUR taxsoftware & tools Accountant HUB – where can I find that cool Intuit thing? Designated Resource Centers like ACA and QB Resource Center & TaxPro Center CPE or CE credit: take advantage of FREE or low cost CPE opportunities 1 Day Learning & Virtual Conferences Learn from your peers: BWAM Learning & Growing &HiddenProfitProphets Trade publications: Stay update to date on the latest news withpublications like Accounting Today , The Journal of Accountancy andcreate Feedly lists13

Get Support & Find Your Tribe & Contribute!Intuit ProConnect SupportJoin an association & attend conferences Local chapters of national associations (e.g. NATP, AICPA,NAEA ) Annual ConferencesQBConnect, Scaling New Heights, Accountex USAAttend Industry meet ups, trade shows, webinars and confernces:AND Ask to SPEAK at them!Get involved in social communities Find your tribes thru Social – Create “Blended” communities Accounting & Acct Tech & Tax Specific communitiesBWAM AND Business Workflow&Apps Tax Pros & SoftwaresUS Tax Pros and ProSeries and PTO Follow Thought Leaders thru Social – Use Google for a Head Start Use tools like Twitter Lists & Buffer to Stay Engaged14

Grow Your Business: Social Tips & TricksConnect on social media Add your social channel links to yourwebsite, email signature & ALL content#SharingISCaring Connect with others Share valuable information Don’t be afraid to be different Multiply yourself with social tools15

Grow Your Business: Go DigitalSample Tax Pro ProfilesBuild a website & Share all about it! Tell clients what you can do for them andbe transparent on your processes upfront Consider client portal integrations Consider hosting client testimonials &Link to online testimonials Research SEO or Engage with SEO experts Get inspired by other tax pros and Don’tbe afraid to borrow website ideas fromthem Partner with others to grow togetherAt Tax Pro Company A, we specialize inconsulting and educating individuals and soleproprietors about tax and accounting so thatthey can increase their financial wellness. With20 years of experience in tax, accounting andconsulting services, we can empower you tomaximize your financial performance and easilymeet your tax obligations.Tax Pro Company B is a CPA firm that providesfinancial solutions in Plano, Texas. We canprovide: Preparation of financial statements Bookkeeping Small business consulting services Small business & individual tax services Payroll services16

Grow Your Business: Spread SOCIAL AwarenessEngage in positive content marketing & branding Contribute articles to third-party sites Host and contribute to a blog on your own site Use all types of media for visual testimonialexperiences: Posts, blogs, videos, FBLive Share your Passion for others that do good foryour community and they’ll love you back for it Don’t be SHY to share your recognitions- BeProud but not arrogant.17

Grow Your Business: Spread DIRECT Marketing AwarenessLeverage direct marketing tactics Flyers and brochures Professional email servicesoProfessional templatesoManage targeted email listsoAnalyticsoEmail automation18

Grow Your Business: Expand Your ServicesConsider becoming a QuickBooks ProAdvisor For businesses offering accounting services Can help you expand your services to small businesses Listing in directory searched by 700,000 smallbusinesses each year Discounts for you and your clients Unlimited QuickBooks supportMore information: or19

Want More Training?Webinars This SeasonLacerte/ProSeries Training Portal

Additional resources: http://proconnect.intuit.com http://bit.ly/Circular230 Q&A Article can be found here: AIMER: Please consult the services of a competent professional. This material isprovided solely for educational and informational purposes and must not be construedor relied upon as legal or professional advice, or as an offer to perform legal orprofessional services on any subject. All information is general and may not reflectlatest developments. Intuit makes no warranty of any kind, express or implied aboutthe accuracy, completeness, reliability, relevance, or applicability of any informationcontained in the material.

2 With more than 65,000 practices choosing ProSeries for tax year 2015, ProSeries is the leading professional tax software on the market today. Get Your Tools Step 1: Consider which professional tax software is right for your business. Stay TRUE to your business model. ProConnect Tax

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