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Tax Business Start-Up Mistakes and Misconceptions to AVOID
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- Äas pĆidĂĄn 16. 08. 2024
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Thank you for sharing your story! I literally have the same testimony. I was working for Wells Fargo for 11 years. I quit my job this year to gain more experience in accounting. I am an accountant for a construction company now.
Great!
Hello Sade if you're an accountant l would love to speak with you. Do you have an email?
We will be starting a group of black tax preparers in CT. These tips answer a lot of questions
Thank you for sharing your journey
Awesome! you should definitely check out my course Tax and Accounting Clients on Demand. This course will give you insight on how to grow your business by finding your niche and perfecting your marketing plan. You can sign up here:
bit.ly/taxesbookkeeping
Hope to talk to you soon!
Hey I'm in the CT area. Any way i could get in contact? I have idea's/resources.
I know Im randomly asking but does someone know a way to get back into an instagram account??
I somehow forgot the password. I appreciate any tips you can offer me!
Thank you Crysta for such valuable information. I really appreciate. I'm planning to start my tax business and thank God for finding you.
This is wonderful advice. I was in banking for over 20 years, with 16 years in management. I still work with ATMs right now and have recently earned my BS in Accounting. I used to do taxes years ago and Iâm looking to get started on my own tax business and work virtually now and when I relocate to Atlanta. Iâm going to view all of your videos. Thank you.
Great! Feel free to check out some free training here:
bit.ly/2019getclients
You are a pioneer. Trailblazers always get beat up and get better over time. Thumbs up.
Very informative talk. Appreciate it.
It looks very honest. Thank you for the advice. I m thinking of starting my class this September and from scratch. Please help me out with this.
Thank you đđœ for this today in 2022. Iâm awaiting my EFIN and Iâm going to start my tax preparation business this year, hopefully. And this info is what I needed to hear the most. Blessing on your life.
You're welcome! We wish you the best in all of your future pursuits. Thank you for the kind words!
- Alexandria Johnson, Crysta's Customer Success Manager
Iâm planning to apply for my EFIN soon as well! Iâm currently working at a tax preparation firm as an EA full time but what I really what is to work for myself ;)
Thanks so much my friend, excellent advice!! You are my number one for tax business.
This is my first year running my own tax business. I really appreciate your insights!
You got this! We wish you the best of luck!
- Alexandria Johnson, Customer Success Manager
Thank you for your transparency and honesty and sharing your personal side experience! My respect meter for you just went through the roof. Thank you for all the things that you share as I am embarking on a similar path now.
Thank you, Ned! :)
Just subscribed! I needed to hear all this information.
Your voice is so soothingđ
Omg ! đI worked for jp Morgan Chase too 5 years loss mitigation foreclosure department at homeownership center in Oakland cali
Ms. TYUS Awsome Video lot great information about Starting a business this Class is worth 3000$. I just watched a few JUMPING jack Tax video's and it left me Curious People are looking for Reality not all Fame and Shine.
Thank you! I appreciate your feedback. I also appreciate the fact that you support me and hope you continue to do so.
Thannnnnnkyou!!!!! This video answered most of the questions I had.
Every mistake you said, I did it. LOL. Might I add, went into business with a partner that stole thousands from the business in less than 2 months. She was trying that save everybody mentality and not charging enough. Saw what I was doing with fees and forms, bringing home the bacon and she took advantage of it. This was back in â15 and havenât seen her since. The original goal was to build a Tax Empire with other financial services.
We are sorry to hear that Ryan, but at least you grew from the experience.
Thanks for sharing your story with others!
- Alexandria Johnson, Crysta's Customer Success Manager
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
Thank you for sharing your story. Iâm dying to quit my job, but I am waiting it out for my current business to start growing you mentioned to get the pin and EFIN as soon as possible. Should I wait to get certified first or apply for those numbers first? Thank you for your time. Enjoy your videos wishing you the very best.
Nurse here looking to do taxes from home ,thanks for your video
Best of luck! Let us know if you need anything.
- Alexandria Johnson, Customer Success Manager
It's a very neat info, I learned from this video. great!! Thanks
Oh my GOD! I'm sooo happy I found your YT page! Your presentation is great and people would definitely learn from you without getting sleepy and bored.! I need your help starting this business. Could you please help me?
Hello Malika,
Sorry for the delay. Comments are back logged on CZcams. First, let me explain what the goal is and give you a brief description of what we do here. If you still think this course is for you at the end Crysta would love to be your coach.
Here we specialize in helping tax and bookkeeping professionals grow their virtual offices to 6-figure firms by teaching them how to define their niche and perfect their marketing on social media platforms (such as Facebook, LinkedIn, and Instagram). I do this by providing course work that will help them do any of the following:
*Study for all three parts of the EA exam
*Teach the fundamentals of Bookkeeping
*Understand the basis of Tax law
Not only do we provide course work and sample test and exams we also provide:
*mentorship
*and a private community of professionals that are on the same course as those who sign up. If you are still on the fence and have questions about the program feel free to book a 15 consultation here: bit.ly/crystatyus
Or,
Feel free joinn the course here: bit.ly/taxesbookkeeping
Thanks,
NaTasha Rogers
CSR & Social Media Manager
Thanks for the knowledge Cysta, we appreciate you. Keep up the great work.
I had no other choice they are no jobs here I had to go the Entrepreneur Route for several years
Awesome! that was a great decision. If you find that you ever need help growing your business you should check out my course Tax and Accounting Clients on Demand. Here you will find great course material on tax law, bookkeeping,and marketing; you will get great mentorship; and have a private group of peers who also have there own tax business. For more information or to join you can click the link below:
bit.ly/taxesbookkeeping
Hey Crysta, Iâm new to your channel. Third video Iâve watched so far. The content is great and so informative.
I havenât watched the entirety of your channel but have you done a Q&A segment in any of your videos?
Just a thought thank you
Thanks for the tips crystal... hope to always get inspired by you
You're an inspiration, thank you for the informational videos đ€
I do much appreciate you sharing your knowledge with all of us. I am going through the H&R Block class this fall and will work for them a couple of years before branching out on my own. I have done my own taxes for a long time and figured it was time to take the plunge. This info is gold, and I appreciate your heart for people by sharing this info.
Much love!
Alpha Benson I have a opportunity for you. Dm me on Instagram. @jackandcase
I plan to go the same route
Smart! I did the same thing. I partnered with a big company like H&R block and did it for 2 years to learn the business of running a tax office. This year I'm working for Turbo tax as an agent. I think experience is so important. People just start out doing taxes by doing a tax school and fucking up people's taxes. Create yourself an internship and then branch out on your own.
đ It is great that you have a solid plan in place to achieving your goals. That is definitely one route you can take. When ready to branch out and start your own company be sure to check out my "Tax and Accounting Clients on Demand Course", I know that it can definitely help you to grow your business to a 6-figure firm using social media platforms such as Facebook, Instagram, and Linked in. When ready click here to learn more: bit.ly/taxesbookkeeping
Crysta Tyus, EA Thank you.
Iâll check it out.
God bless you Iâm so glad you were vulnerable to tell us your personal experiences. Iâm excited Iâm signing on to become a tax prep. Mainly to help my family and friends.
Thanks for sharing the lessons you learned!
Your welcome. And thank you for your support.
Thank you these videos are so motivational
Great content , ive always wanted to start a tax preparer business , cuz I know a lot of people in a field
I decided to go Virtual less Overhead
Hi there! How do you go virtual? Which platform/software do you use? I see she talks a lot about having a virtual office, but she doesnât mention how. I found some information on preparing taxes through another company but Iâm guessing you have to share your earnings that way, so Iâm wondering if thereâs a better way. Do you mind sharing? Thanks in advance!
Great! If you ever want to learn how to grow your gain clients and grow a 6 figure business by defining your niche and perfecting your marketing plan you should check out my course, "Tax and Accounting Clients on Demand". You can join here:
bit.ly/taxesbookkeeping
Thank you so much for the great tips!
Thank you, I appreciate the feedback. Feel free to check out some free training here:
bit.ly/2019getclients
@@crystatyusea I would be happy too!
Thank you. I learned a lot
Hello my name is Yolanda and I need info on how to go about taking some of your courses before the next tax season begins.
This Is Good Info. I Just Subscribed!
Awesome and thank you. Feel free to check out some free training here:
bit.ly/2019getclients
Thanks for sharing your wisdom beautiful
Hi thank you for your vids they are very informative! what is the best way to register a Tax service? S Proprietor, LLP any advice I really appreciate it!
Hi Crysta, I absolutely agree with that cap on potential. That's is my inspiration to start my own business. I got my PTIN last December. Also completed Jackson Hewitte tax course. But now can't get a response from Jackson Hewitt. Thinking of doing my own thing, at the beginning of Feb now. Can you please guide me as to what else I need to do my own thing. Thanks
Thank you for your information
Excellent contents. Thank you
Thank you!
Thank you love for this video
Hello! Crystal! I'm interested in taxes preparing and accounting! What are some online tax preparing classes you Recommend?
We're happy to help you! Shoot us an email at Hello@CrystaTyus.com so we can assist you better! :)
Thank you you are great!
To do a book keeping, do I need to have a accounting degree?
Thanks so much â€
thank you so much
Thanks for this video :)
Your welcome, thanks for watching. Feel free to check out some of my free training here:
bit.ly/2019getclients
đ informative!
Thanks đ we got to talk or commuyđź
I loved the content of your true story.
Q: Does your business have to be incorporated in your state or you can register it in a more business tax friendly state?
You can incorporate in any state just make sure you know the laws of incorporation and tax law for that state.
Thanks,
NaTasha Rogers
CSR & Social Media Manager
thanks for this video. Can everything be done online?
I have a question... I'm not sure if you already have other videos for this though.. Anyway, did you hire your own staff at the start or was it completely you?
How did you get your first clients and how did you build up the client base? Door to door or word of mouth or something else entirely?
Thank you! God bless you and with what you do.
Is getting prepared for this lifestyle vary state by state? Or once you are qualified you can do anyone taxes
This is great information! Thank you so much
You are welcome.
Crysta Tyus, EA what is the difference between a tax preparer, enrolled agent and CPA? Where is the best place to start? Iâm looking to start a business. Thank you
Do I have to have a EFIN to run a small at home tax business
What tax course do you recommend? đ€ I want to get my ctec license
Hi Crystal. This is Sam . I am impressed by your videos. How to market my tax business
What the best crm . And fee collection app , lowest comission,
Is the software expensive ?
Hello... DO you need to be an EA to obtain a PIN to files taxes? Do you have a video that talks about that?
Thanks for the video. Iâm considering tax preparation as a side gig. Iâm not sure if sole proprietorship will have higher tax implications oppose to a LLC.
Hello,
I recommend to my clients to get an LLC but research it and do the one best for your company.
I need help
Thank you for sharing! Very helpful. Do you have to incorporate a business to get the EFIN?
Hello, Great question. No you do not have to be incorporated in order to get your EFIN.
Thank you for your support, hope to hear from you soon.
Most people don't have scanners at home or at work. Did most of them have to go out and buy scanners?
I tried to book a call but there were no dates available. I have a bachelors in accounting and want to move in to tax from managerial accounting. I'd like a consultation with you. Thanks!
We're happy to help you! Shoot us an email at Hello@CrystaTyus.com so we can assist you better! :)
Thank youuu!!!
You are welcome.
Also, any tips on study materials to become an EA?
I used Passkey on Amazon, or you can join my Enrolled Agent Study Accelerator and get study guides and exams for all three parts.It also includes by-weekly video chats. Here's the link to check it out. bit.ly/taxesbookkeeping
Hi I have all of the needed tax biz prep including Efin. I just would like to ask how do you stay updated on new ya rules and when and how? Thanks
stylesbykbella hey was getting the efin hard? Did you have to have your business license first?
Can I still file a paper returns still I don't have EFIN yet? Also, which software can I use that I can stat filling paper9Printable) returns until I got my EFIN?
Hi Crysta, thanks for sharing your story. I'm a Filipino CPA. I've been watching most of your videos. I've taken a course for accountants and tax preparers. Just want to ask. I'm in the process of applying for a PTIN, as a foreigner. Do i need to apply as a corporation (non resident corporation or could i apply as an S-CORP?). Thanks for your kind reply:)
Thank you!!
I applied for my PTIN 2 weeks ago, I just called to check the status of my application and they said everything was good except the fact that I didn't copy the back of the SSN card. I had to mail my application in and get my IDs copy and notarized because I haven't filed taxes in almost 10 years. I was a homemaker. I made an appointment to go into a local Tax Help office to apply for my eFIN, so hopefully that works out tomorrow. We shall see....
Great! you are definitely on the right track. Keep me posted on your progress.
What exactly is an EA?
Thank you Crysta for your helpful video! IRS requires written data security plan and security software with anti-phishing tool for client's data protection. As a tax professional which security software do you recommend?
I use Norton for both my anti virus and for my firewall
@@crystatyusea Thank you so much!
Where do you go to find the software so that your fees can be deducted from return
I am starting this business this year? Thank you for this information, I appreciate it so much, What is that # called "EFIN"? I would like to apply asap.
Hi Sandra! Here's a great reference: www.irs.gov/e-file-providers/faqs-about-electronic-filing-identification-numbers-efin
Is it good to start out digital?
Hi
Thank you so much
I know , your website , does mention pricing for your coaching & mentorship .. but , whatâs the price range & are there different , price points of membership .. Iâm a newbie
Hey Natus, if you're just getting started, then TA6 may be a good fit. I hold weekly group coaching calls inside the course and we have a Private Facebook Mastermind Community! You can check that out here: www.taxaccountingclients.com
Shoot me an email if you're interested in one-on-one coaching. I can be reached at hello@crystatyus.com
You're able to to get PTIN and EFIN before becoming an enrolled agent?
Yes
Yes, Absolutely!
Did you start out as an E.A. ? I'm thinking about starting small and moving up as I get experience. I took an first yr tax class from H&R Block but I don't want to work for them. I have a professional zoning at my home so I thought designating an office in my home so I can offer my services there or virtually.
đȘ
Hi Crysta, quick question. I have 7 brick and mortar locations for a service I offer to contractors. I want to add taxes to my repertoire of services to my over 5000 past and present clients. How can I scale fast? I am totally new at taxes
Hello. If it is possible can you book a call with me.
bit.ly/crystatyus
Crysta-I have an Insurance agency and everything you mentioned is all the mistakes I made. I earn $180k and my two kids are agents. I want to go virtual beyond where we are. We have residual income but we are not adding clients fast enough.i retired from accounting to start the agency. I want to switch back to accounting using your ideas. What advice you give me?
Hi Ramon! Kindly send me an email at Hello@CrystaTyus so I can help.
Hi Crysta! All your content is awsome. I have one question for you, Could I get an EFIN with a sole proprietorship or Do I have to get a LLC?
I recommend my clients to get a LLC. However, if you feel that the Sole Proprietorship is better for your business you could take that route.
@@crystatyusea Thank you!
How are you collecting documents electronically?
I collect documents through my tax software. The tax software I use is MyTaxPrep Office Online. You can join here: bit.ly/crystasoftware use promo code: CRYSTA for your discount.
I need clarification on something. Did you say you can't owe IRS to apply for a EFIN or PTIN.
Sandel Bazile EFIN
Questions what about if you owe money to the IRS like $800.00 can you still be a text preparer?
Hey there! You will need to be in a payment plan on the owed debt, or have the debt paid off entirely before becoming a tax preparer. You will also need to make sure that you are current on your tax returns.
We hope this helps!
Warm regards,
Alexandria Johnson
Crysta's Customer Success Manager
Hi awesome vidio..Was thinking of starting a tax business,however i owe myself for past years..Should I still begin?
As long as you are not delinquent or don't have any felonies.
hey crysta tyus i need help with getting my efin for my business that im opening up in 3 weeks
Hi Dora! Please shoot us an email at Hello@CrystaTyus.com so we can assist you better! :)
With an efin is it required to have a credit card?
Great question. With EFIN you will need a credit card, auto loan, mortgage, or student loan. This is how they will verify you in order to sign up for e-services for PTIN and EFIN
I only worked for like four months last year and didn't file my taxes. Does that mean the IRS wont give me an EFIN?
Great question. You should be current on all taxes before filing your EFIN.
Hi Crysta thank you for your videos I have learned a lot.. Q. I have a bookkeeping job offer, the business does stafing the owner want me to help set up payroll for about 70 employee they do weekly pay. also to do the general bookkeeping + Gov Remitances. how much do you think I should charge? The owner want me to go weekly to the office.
I hope you can help me with this. đ đ”đ§đ°đš Thank you so much.
Hello, great question. Sorry for the late response. If you still need advise I would charge $500/weekly just based off what you stated in here.
Should I start off as an LLC or S Corp?
Keep in mind that the "LLC" designation is a state entity and the S Corp is a a tax election (not an entity type). So if you are starting a business, check to see what the state requirements are for the state you are located in. If you are required to register with the state, register as a sole proprietor or single-member LLC; which would file a Sch C with your 1040. Then you can decide if you want your business to be recognized by the IRS as an S Corp and file an 112-@ each year. Also remember that with a sole proprietor or smllc, you cannot be on payroll, instead you will take non-deductible draws from the business. If you elect S Corp, you can put yourself on payroll.
And earn more than 100k
Hi Crysta, about how much should I expect to pay in start up costs for a tax business?
Bryeon Jones dm me @jackandcase
Hello, hopefully you are not getting this to late. I do apologize for the late response. You can learn about the cost of running a tax business by watching this video here:
czcams.com/video/BgvahcxL_8s/video.html
I will be doing a video on the startup cost for a tax business. I will make sure to tag you in the video.
Thanks
Hi Krista
I never did tax business before. I got my PTIN but when I tried to get my EFIN number I was told that I could get it. What advice can u give me?
After sending the application I received a msg saying that something was stopping me from using the application and I suggested me to use other ways like using an third party approved electronic firm to send any return that will have to file. Thks you
mahady keita you will have to call E-service to schedule an appointment at your local federal tax office to provide proof of identity.
Ok Krista Thks for your help I will do that ASAP.
@@Wamba2383 Thank you for answer this question for me. I appreciate your support.
@@dnicholson91687 Thank you for your response and I appreciate your support.
Hi there! How do you go virtual? Which platform/software do you use? I found some information on preparing taxes through another company but Iâm guessing you have to share your earnings that way, so Iâm wondering if thereâs a better way. Do you mind sharing? Thanks in advance!
Hello, Great question. This question has so many components to go over. However, I will be doing a video soon. I will be sure to tag you in it.
Crysta Tyus, EA Thank you so much!
@@kareliasantana5946 Your welcome.
@@crystatyuseadid you put the video up
Crysta I am looking for a mentor for both my tax and Bookkeeping business - I am just starting out 2018.
Hello Cynthia,
Here we specialize in helping tax and bookkeeping professionals grow their virtual offices to 6-figure firms by teaching them how to define their niche and perfect their marketing on social media platforms (such as Facebook, LinkedIn, and Instagram). I do this by providing course work that will help them do any of the following:
*Study for all three parts of the EA exam
*Teach the fundamentals of Bookkeeping
*Understand the basis of Tax law
Not only do we provide course work and sample test and exams we also provide:
*mentorship
*and a private community of professionals that are on the same course as those who sign up.
Feel free to check out all courses here: bit.ly/taxesbookkeeping
Thanks,
NaTasha Rogers
CSR & Social Media Manager
@@crystatyusea Ok thanks for the quick response Crysta! I woll check it out!