Do you understand how tax works?
Strategic Analysis with current research! The Tax Preparation Company, Inc. The Company was founded in by John Doe. During the primary tax season January to Aprilthe business will assist small business owners with preparing their yearly tax returns.
The business will also provide bookkeeping services so that the Company can generate a stable stream of revenue on a monthly basis. These services will primarily consist of accounts receivable, accounts payable, general ledger management, and cash flow management in conjunction with accounting software suites such as QuickBooks, Microsoft Money, and Peachtree Accounting The third section of the business plan will further describe the services offered by the Tax Preparation Company.
The interest rate and loan agreement are to be further discussed during negotiation. Doe has more than 10 years of experience in the accounting industry. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.
Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.
The Company is registered as a corporation in the State of New York. Below is a breakdown of how these funds will be used: Doe is not seeking an investment from a third party at this time. Doe may seek to sell the business to a third party for a significant earnings multiple.
Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Tax Preparation Company. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.
The Tax Preparation Company will bill its clients on a per hour basis. Pricing for these services will be further discussed in the fifth section of the business plan. Currently, the economic market condition in the United States is in recession.
This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. Many economists expect that this recession will continue until mid, at which point the economy will begin a prolonged recovery period.
There are overaccountants, tax preparers, and bookkeepers in the United States. One of the most common trends within the accounting industry is to develop ancillary investment management and small lending services such as mortgage origination and loan rebate checks.
In the future, the Tax Preparation Company may develop these services to greatly increase the revenues of the business. In this section, you can also put demographic information about your target market including population size, income demographics, level of education, etc. The key to writing a strong competitive analysis is that you do your research on the local competition.
Find out who your competitors are by searching online directories and searching in your local Yellow Pages. Below is an overview of the marketing strategies and objectives of the Tax Preparation Company.
These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public.
The Tax Preparation Company will also use an internet based strategy.A sample outline of a situational analysis for a tax preparation firm appears below. Strengths can usually be translated into opportunities. Opportunities to eliminate or counter weaknesses also exist. What you need to know.
Table A provides a list of questions you need to answer to help you meet your federal tax obligations. After each question is the location in this publication where you will find the related discussion.
The IRS mission.
To start a tax preparation business, you do not need too much capital and you can even start with just $ or less. Are you willing to start a tax preparation business? These few tips would put you through-: Starting a Tax Preparation Business – Sample Business Plan Template.
1. Get the Basic Training. Training is very important in this business. Gifts and Samples Not Eligible for Input Tax Credit. Goods relinquished by way of gift or free samples, or through loss, robbery or destruction through any means, do not qualify for claim in Input Tax Credit.
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