Tax Franchises
The two unavoidables are death and taxes, so you might as well earn income off of one of them. Find your ideal Tax Franchise Opportunity on Why Franchise.
Atax
ATAX is a leading provider of tax preparation, bookkeeping, payroll & incorporation services for...
Fiesta Auto Insurance and Tax
Fiesta Auto Insurance began its operations back in 1999, and now we have locations...
Liquid Capital Required: $65,000
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There are endless options, whether it’s location, investment level, or industry. Take our short, interactive quiz to help you find the perfect fit, and a personalized list of ready-to-buy franchises will be sent right to your email inbox.Tax Franchise Opportunities You Can Account On
The success of a business depends on how much demand there is for the product or service you provide. So what happens if you provide a service that every single person in the United States has to receive? You get a fantastic franchise opportunity.
According to the National Society of Accountants (NSA), studies have shown that the average cost of professional tax preparation is $261. Although this motivates many to save money by self-filing their tax returns, the advantage of using a tax preparer include:
Saving time
When filers do their tax returns, they spend an average of 16 hours gathering documents and filling out the proper tax forms. A tax professional will work for you and file your tax return before the annual due date.
Expert knowledge
Tax professionals are up-to-date with all tax laws administered by each state’s Department of Revenue and the Internal Revenue Service (IRS). During the pandemic, they’ve also had to stay current with information regarding tax filings, eligible tax credits, and changes to the tax year.
Taxpayer error
Lacking the knowledge to calculate net income or determine the correct exemptions can lead filers to fill out tax forms incorrectly and get in trouble with the IRS.
Prior experience with tax laws makes income tax franchise opportunities just what you’re seeking. Before embarking on this franchise opportunity, it’s essential to understand the different types of income tax businesses.
Retail Income Tax Franchise
Almost 70% of taxpayers in the United States file an individual tax return, so this excellent income tax franchise offers retail locations for everyday people. This type of tax franchise provides easy accessibility to a tax professional that can file their tax returns quickly and efficiently.
Business Income Tax Franchise
For all business entities, whether you’re a small business, like a sole proprietorship or a limited liability company (LLC), your business has to file a tax return. But with business taxes, the work is more complicated and requires an income tax professional to sort through all the accounts and fill out tax forms correctly.
Over the years, some trends have developed, and these will help you understand the right approach for entering into tax franchises.
E-Filing
Electronic filing has become more popular due to the rising use of technology. E-file systems allow you to quickly, with the click of a button, file your federal and state tax returns along with:
Sales taxes: collected by the seller.
Use taxes: self-assessed tax remitted by the end consumer.
Annual franchise taxes: a franchise tax, which is calculated differently by state, based on net worth, capital stock, or gross receipts. Note: Some franchises can be exempt, for example, non-profit companies.
Virtual Tax Preparation
Various video conferencing platforms have increased the use of virtual tax preparation services. Meeting with clients virtually will allow you to provide your tax return services to a broader range of clients.
Every American has to file a yearly income tax return with the IRS by law. Studies have shown that more than half of the population uses a tax preparer, making it the ideal service to provide.
WhyFranchise would love to understand your challenges and help you find new tax franchises for sale in your area. Simply provide your contact information, and we will be happy to provide you with the resources you deserve.