1. Sample Tax Preparation Service Business Plan
2. Business Overview/Products and Services/Mission Statement
3. SWOT Analysis/ Market Analysis/Accounting Plan

A tax business plan template is a strategy for all aspects of your business. It is a necessity for those looking to start a tax preparation or tax consulting business. A tax preparation business assists individuals and small businesses to prepare and file their taxes correctly and accurately. There are several advantages to choosing a tax preparation business:

  • There is little initial investment compared to most other businesses. A tax preparation business can even be started with $500 or less.
  • Tax preparation is a flexible business that can be done on a part-time basis and allows for the flexibility to work around family and other obligations. This is a great business venture for stay-at-home parents.
  • Tax preparation and consultation services are in demand by small businesses that don't have a full-time accountant. These businesses are able to pay for your expertise only when they need it the most.
  • As a tax consultant, earnings can be $100-$200 per month, depending on your expertise.

The first step in determining if a tax business is the right choice for you is to complete research to determine the feasibility. Research is a way to learn important things about the business that will be helpful in your success. This will help you determine if this is the right business for you, and what type of business you should create.

This information gathering will assist you in preparing a tax business plan template. A tax preparation business service plan can include several different parts consisting of a business overview, strategy, marketing, accounting, services, and all aspects of the business. Before you start your business, make sure you consider how to form a solid business plan.

Sample Tax Preparation Service Business Plan

Business Overview/Products and Services/Mission Statement

  • The company is a financial consulting firm specializing in tax preparation of all types- income tax compilation and returns, tax preparation, financial services, and standard, basic and full-service income tax preparation.
  • The employees will be professionals in the financial consulting services industry whose ethics and values align with those of the company.
  • The company and employees will be held accountable to meet their clients' needs and will create a working environment focused on sustainable living and community involvement.
  • The brand goal is to become the top tax preparation service in the city and among the top tax preparation businesses in the United States within 20 years.
  • The tax consulting firm will offer many services within the scope of tax preparation services, tax consulting, and tax-related financial products. The primary clients will be individuals, start of corporations, and established corporations looking to outsource tax preparation.

SWOT Analysis/ Market Analysis/Accounting Plan

  • Strength- Our strength lies in our employees who are professional, well-trained, and do what it takes to ensure that our clients get a great value.
  • Weakness- As a new company, it will take time to gain respect and acceptance in the community. We also do not yet have the cash flow for expensive marketing efforts.
  • Opportunities- There are many opportunities for a tax preparation services company in the community. Individuals and companies both large and small need to use tax preparation services to ensure they are reporting accurately and to save them money.
  • Threats- Other similar financial services firms in the area will cause a threat, as well as the existence of certain government policies regarding taxes. Neither of these threats can be reduced or eliminated.
  • Financial services and tax preparation is a large industry with the potential to serve many individuals and businesses in need of these services.
  • Many small businesses and mom and pop shops don't have the financial capacity to hire a full-time accountant but find it cost effective and less stressful to use tax preparation services and financial consulting services to ensure that everything is handled correctly.
  • The target market is anyone who needs tax preparation services and is not restricted to any particular demographic groups. This also includes businesses of any size.
  • Competitive advantage- the competitive advantage depends on the location of the business and if it is possible to create a unique angle in which to market your business in that locale, such as offering related services

It is possible to start a successful tax preparation business in just a few days with appropriate research and resources. Training is important, and a degree in an accounting or financial field will put you at an advantage. Make sure to complete state requirements, such as registering your new business.

For more information on tax business plan templates or legal requirements, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.