sample tax preparation business plan

Tax Preparation Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Accounting, Bookkeeping and Tax Preparation

Are you about starting a tax preparation business ? If YES, here’s a complete sample tax preparation service business plan template & feasibility report you can use for FREE to raise money .

In case you didn’t know, there are loads of households, small businesses, mom and pop businesses, amongst a few without the faintest idea of any tax preparation skills. These businesses struggle with their tax concerns a lot. Research shows that one of the reasons why many small businesses remain small and sometimes close shop is not because they don’t have clients or capital to run the business but because they fail to keep their books and manage their tax properly.

If you are an accountant or a tax consultant, then you can leverage on this read to start your own tax preparation services Business.

You can be sure that your services would always be in demand by those small businesses that can’t afford to hire a full time accountant or tax consultant. They know that it would save them cost and one good thing about it is that you can handle up to 20 clients per time depending on how organized and hardworking you are.

A Sample Tax Preparation Service Business Plan Template

1. industry overview.

The financial services industry is indeed a very broad industry and one of the active lines of businesses in the industry is tax preparation services business.

Tax preparation services is all about helping individuals and small businesses provide income tax compilation services, income tax return preparation services, and other tax return preparation services; it is part of the process of financial accounting in business.

In recent times, the Tax Preparation Services industry went through a slight downturn during the recession due to a decline in national employment and of course a decrease in disposable income. However, the industry rebounded immediately after the recession phase as the national unemployment rate fell, and revenue increased as more Americans were required to file tax returns.

At about same period, the tax preparation services industry landscape begun to change, with consumer preferences increasingly trending toward establishments that offer online filing services options.

Despite the fact that the recent improving economic conditions are expected to support the growth of revenue generated in the industry, some tax preparations’ performance will be stunted, as online tax preparation service providers pose a big threat traditional brick-and-mortar firms.

The Tax Preparation Services industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Italy, Holland, Switzerland, Japan, China, Germany, and Canada et al.

Statistics has it that in the united states of America alone, there are about 118,890 registered and licensed Tax Preparation Services firm responsible for employing about 292,718 and the industry rakes in a whooping sum of $10 billion annually.

The industry is projected to enjoy 4.5 percent annual growth. The establishments with the lion share available in this industry in the United States are H & H Block Inc., Intuit and Jackson Hewitt.

According to a report published by IBISWORLD, it was observed that households in all socioeconomic groups across the United States use the services of tax preparers. As a result, industry establishments and revenue are distributed in line with regional population.

Many people use the tax preparation firm nearest to them, out of convenience. Which is why when an area is underserved, more firms move into that area to stake a claim in the market.

In the same way, tax preparation firms tend to move locations when the competition is too high and profit margins begin to suffer.

Approximately 85.1 percent of operators in this industry are non-employers that do not have the capacity or market power to provide services beyond their own neighborhood. While some of these firms are part of a national network, they primarily serve local consumers.

One thing is certain about starting a tax preparation services business, if you are able to conduct your market research and feasibility studies , you are more likely not going to struggle to secure clients because there are always individuals, households, mom and pop shops, start – ups and even corporate organization who would want to hire your services.

Lastly, with tax preparation services business, you can afford to partner with other smaller firms that are into financial related services.

You can partner with accounting and bookkeeping consulting firm, you can partner with auditing firms and you can partner with human resources consulting firms et al. The bottom line is that, if you have a robust network and you are well positioned, you can indeed maximize your tax preparation services business.

2. Executive Summary

Henry Murdock Tax Consulting, LLP is a registered and licensed financial consulting firm with strong bias in tax preparation services and will be based in Saint Paul – Minnesota.

The firm will handle all aspects of tax preparation related services; services such as income tax compilation services, income tax return preparation services, basic tax preparation services, standard tax preparation services, full-service tax preparation services, tax-related financial products and other related tax return preparation services.

We are aware that to run an all – round and standard tax preparation services firm can be demanding which is why we are well trained, certified and equipped to perform excellently well. Henry Murdock Tax Consulting, LLP is a client – focused and result driven tax preparation services firm that provides broad- based services at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer standard and professional tax preparation services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Henry Murdock Tax Consulting, LLP, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the financial consulting services industry with bias in accounting, bookkeeping and payroll administration.

Henry Murdock Tax Consulting, LLP will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become the leading brand in tax preparation services line of business in the whole of Saint Paul – Minnesota, and also to be amongst the top 20 tax preparation services businesses in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Saint Paul – Minnesota is the right place to launch our tax preparation services business before sourcing for clients from other cities in The United States of America.

Henry Murdock Tax Consulting, LLP is founded by Henry Murdock and Lucy Kent, his business partner for many years. The organization will be managed by both of them since they have adequate working experience to manage such business. Henry Murdock has well over 5 years of experience working at various capacities within the financial cum tax consulting services industry in the United States of America.

Mr. Henry Murdock graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MSc.) and he is a chartered account with background on taxation. Lucy Kent has ample experience in the area of tax consulting and financial auditing.

3. Our Products and Services

Henry Murdock Tax Consulting, LLP is going to offer varieties of services within the scope of the tax preparation services industry in the United States of America. Our intention of starting our tax preparation services firm is to work with individuals, household, smaller organizations (start – ups and mom and pop shops) and also well – established corporate organizations who would want to outsource their tax preparation concerns.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offering are listed below;

• Income tax compilation services
• Income tax return preparation services
• Basic tax preparation services
• Standard tax preparation services
• Full-service tax preparation services
• Tax-related financial products
• Other tax return preparation services
• Other financial consulting and advisory related services

4. Our Mission and Vision Statement

• Our vision is to build a tax preparation services brand that will become the number one choice for individuals, household, smaller businesses and corporate clients in the whole of Saint Paul – Minnesota.
• Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to provide professional, reliable and trusted tax preparation services that assist individuals, household, start – ups, corporate organization and non-profit organizations in organizing their tax returns related concern.
• We will position the business to become the leading brand in the tax preparation services line of business in the whole of Minnesota, and also to be amongst the top 20 tax preparation services firms in the United States of America within the first 10 years of operations.

Our Business Structure

Ordinarily we would have settled for two or three staff members, but as part of our plan to build a standard tax preparation services firm in Saint Paul – Minnesota, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent, honest and hardworking employees to occupy all the available positions in our firm.

The picture of the kind of tax preparation services business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Saint Paul – Minnesota as long as they are willing and ready to work with us to achieve our business goals and objectives. Below is the business structure that we will build Henry Murdock Tax Consulting, LLP;

• Chief Executive Officer
• Tax Preparation Administrator

Admin and HR Manager

Marketing and Sales Executive

• Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

Tax Preparation Consultants

• Handle income tax compilation services
• Handles income tax return preparation services
• Responsible for handling basic tax preparation services
• Handles standard tax preparation services
• Responsible for handling full-service tax preparation services
• In charge of all tax-related financial products
• Handles other tax return preparation services
• Responsible for other financial consulting and advisory related services
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carrying out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.
• Identifies, prioritizes, and reaches  out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• create reports from the information concerning the financial transactions recorded by the bookkeeper
• Prepare the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
• Receives parcels / documents for the company
• Distribute mails in the organization
• Handles any other duties as assigned my the line manager

6. SWOT Analysis

Henry Murdock Tax Consulting, LLP engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured tax preparation services firm that can favorably compete in the highly competitive financial consulting cum tax preparation services industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Henry Murdock Tax Consulting, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Henry Murdock Tax Consulting, LLP;

Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent tax preparation jobs. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new tax preparation services firm, it might take some time for our organization to break into the market and gain acceptance especially from top corporate clients in the already saturated tax preparation cum financial consulting services industry; that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.

• Opportunities:

The opportunities in the tax preparation cum financial consulting services industry is massive considering the number of individuals, households, mom and pop businesses, start – ups and of course corporate organizations who can’t afford to do without the services of tax preparation service providers. As a standard and well – positioned tax preparation service provider, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a tax preparation service firm operating in the United States are unfavorable government policies , the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

The financial consulting services industry of which tax preparation services is a subset of is indeed a very large industry and of course it is one industry that works for individuals and businesses across different industries. If you are conversant with the trend in the financial consulting services industry,.

You will agree that loads of mom and pops, businesses, and start – up ventures that do not have the capacity to hire chatter accountants to handle their tax returns concern would naturally hire the services of tax preparation services providers who would usually charge them service charge.

Relatively, it is cheaper and less stressful to hire the services of tax preparation service providers as against employing a qualified accountant or tax consultant. In recent times, the Tax Preparation Services industry went through a slight downturn during the recession due to a decline in national employment and of course a decrease in disposable income.

However, the industry rebounded immediately after the recession phase as the national unemployment rate fell, and revenue increased as more Americans were required to file tax returns. At about same period, the tax preparation services industry landscape begun to change, with consumer preferences increasingly trending toward establishments that offer online filing services options.

Another notable trend in the tax preparation cum financial consulting services industry is that in the last five years, the industry has performed impressively as a large reduction in unemployment boosted the revenue generated in the industry.

So also, the tax preparation cum financial consulting services industry has benefited from the advancement of online and computer tax preparation services, with new cloud-based offerings providing a new revenue stream for operators, and attracting new customers. Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

8. Our Target Market

The demographic and psychographics composition of those who need the services of tax preparation service providers cuts across individuals and households, small businesses and large corporations.

Henry Murdock Tax Consulting, LLP will initially serve individuals and households, small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading tax preparation service firms in the United States.

As a standard and licensed tax preparation service firm, Henry Murdock Tax Consulting, LLP offers a wide range of tax preparation services cum financial consulting services hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around Saint Paul – Minnesota and other cities in the United States of America. Below is a list of the businesses and organizations that we have specifically design our products and services for;

• Individuals (corporate executives and business people)
• Mom and Pop Businesses
• Corporate Organizations
• Political Parties / Politicians
• Hotels and Restaurants
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

The level of competitions in the tax preparation cum financial consulting services industry depends largely on the location of the business and of course the niche of your financial consulting services. If you can successfully create a unique brand identity for your tax preparation services firm or carve out a unique market, you are likely going to experience less competition.

For instance if you are one of the few tax preparation services firms in your locations that also offer bookkeeping and financial auditing services and also online tax preparation services, you are likely going to have a competitive advantage over your competitors.

Although the competition in the tax preparation services line of business is not just within same service providers but also other financial consulting related service providers in the tax preparation cum financial consulting services industry.

We are quite aware that to be highly competitive in the tax preparation services cum financial consulting services industry means that we should be able to deliver consistent quality service, our clients should be able to experience remarkable difference cum improvement and we should be able to meet the expectations of clients.

Henry Murdock Tax Consulting, LLP might be a new entrant into the tax preparation services cum financial consulting services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified tax consultants in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (start – ups tax preparation service providers) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Henry Murdock Tax Consulting, LLP is established with the aim of maximizing profits in the tax preparation services cum financial consulting services industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

Henry Murdock Tax Consulting, LLP will generate income by offering the following tax preparation cum tax consulting services for individuals, households, start – ups, NGOs and for corporate organizations;

• Provide income tax compilation services
• Provide income tax return preparation services
• Provide basic tax preparation services
• Provide standard tax preparation services
• Provide full-service tax preparation services
• Provide tax-related financial products
• Provide other tax return preparation services

10. Sales Forecast

One thing is certain, there would always be individuals, households, mom and pop shops, start – ups, NGOs and corporate organizations who would need the services of professional tax preparation services providers.

We are well positioned to take on the available market in Saint Paul – Minnesota and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Saint Paul to other cities in Minnesota and other states in the United States.

We have been able to critically examine the tax preparation services cum financial consulting market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Saint Paul – Minnesota.

Below is the sales projection for Henry Murdock Tax Consulting, LLP, it is based on the location of our business and the wide range of tax preparation services that we will be offering;

• First Fiscal Year-: $150,000
• Second Fiscal Year-: $350,000
• Third Fiscal Year-: $750,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiffer competition amongst tax preparation service providers and other related financial consulting service providers in the United States of America; hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent job delivery speaks for us in the market place; we want to build a standard tax preparation service business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our tax preparation services firm to become one of the top 20 tax preparation services firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Saint Paul – Minnesota but also in other cities in the United States of America.

Henry Murdock Tax Consulting, LLP is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Saint Paul and other cities in Minnesota.
• Advertise our tax preparation services business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
• List our tax preparation services business on yellow pages ads (local directories)
• Attend relevant international and local finance and business expos, seminars, and business fairs et al
• Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver quality services to them
• Leverage on the internet to promote our tax preparation services business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients.

11. Publicity and Advertising Strategy

We are aware of the importance of adequately publicizing a start – up business like ours hence we have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to take the tax preparation services cum financial consulting services industry by storm which is why we have made provisions for effective publicity and advertisement of our travels and tours agencies. Below are the platforms we intend to leverage on to promote and advertise Henry Murdock Tax Consulting, LLP;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Saint Paul – Minnesota.
• Engage in road show from time to time in target neighborhood in and around Saint Paul – Minnesota
• Distribute our fliers and handbills in target areas in and around Saint Paul – Minnesota
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Hourly billing for tax preparation services cum financial consulting services is a long – time tradition in the industry.  However, for some types of tax preparation services cum financial consultancy services, flat fees make more sense because they allow clients to better predict consultancy costs.

As a result of this, Henry Murdock Tax Consulting, LLP will charge our clients a flat fee for many basic services such as tax preparation services and business advisory services and tax consulting et al.

At Henry Murdock Tax Consulting, LLP we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to individuals, households, start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to tax consultancy and advisory services and assistance, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

• Payment Options

At Henry Murdock Tax Consulting, LLP our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our service charge.

13. Startup Expenditure (Budget)

Starting a tax preparation services firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required tax and accounting software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

This is the financial projection and costing for starting Henry Murdock Tax Consulting, LLP;

• The Total Fee for incorporating the Business in the United States of America – $750.
• The budget for basic insurance policy covers, permits and business license – $2,500
• The total amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
• The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
• The cost for purchase of the required software applications (CRM software, Tax, Accounting and Bookkeeping software and Payroll software et al) – $10,500
• The Cost of Launching your official Website – $600
• The budget for paying  at least three employees for 3 months plus utility bills – $10,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a medium scale but standard tax preparation services firm in the United States of America.

Generating Funding / Startup Capital for Henry Murdock Tax Consulting, LLP

Henry Murdock Tax Consulting, LLP is a business that will be owned and managed by Henry Murdock and his business partner for many years Lucy Kent. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Henry Murdock Tax Consulting, LLP is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our tax preparation services cum tax consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Henry Murdock Tax Consulting, LLP will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check : Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Securing a standard office facility (renovation inclusive): Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In Progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

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Tax Preparation Business Plan Template

Written by Dave Lavinsky

Tax Preparation Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their tax preparation companies.

If you’re unfamiliar with creating a tax preparation business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a tax preparation business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Tax Preparation Business Plan?

A business plan provides a snapshot of your tax preparation business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Tax Prep Business

If you’re looking to start a tax preparation business or grow your existing tax preparation company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your tax preparation business to improve your chances of success. Your tax preparation business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Tax Preparation Businesses

With regards to funding, the main sources of funding for a tax preparation business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for tax preparation companies.

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How to write a business plan for a tax preparation business.

If you want to start a tax preparation business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your tax preparation business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of tax preparation business you are running and the status. For example, are you a startup, do you have a tax preparation business that you would like to grow, or are you operating a chain of tax preparation businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the tax preparation industry.
• Discuss the type of tax preparation business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of tax preparation business you are operating.

For example, you might specialize in one of the following types of tax preparation businesses:

• Certified Public Accountant (CPA): This type of tax preparation professional is someone who is licensed to provide an array of accounting services. CPAs can represent their clients in a variety of tax matters such as audits, collections, and appeals with the IRS.
• Tax Attorney: This type of tax preparation professional is licensed to practice law. Tax attorneys can prepare tax returns, and provide clients with tax planning services.
• Enrolled Agent (EA): This type of tax preparation professional is licensed by the IRS and trained in federal taxes. This type of tax preparation professional can represent both business and individual clients.

In addition to explaining the type of tax preparation business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, the number of tax issues resolved with positive outcomes, and reaching $X amount in revenue, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the tax preparation industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the tax preparation industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your tax preparation business plan:

• How big is the tax preparation industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your tax preparation business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your tax preparation business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of tax preparation business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other tax preparation businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of professionals licensed to perform tax preparation services, do-it-yourself tax software such as TurboTax, or an in-house accountant. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of tax preparation business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for clients to acquire your services?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a tax preparation business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of tax preparation company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide tax preparation, IRS representation, or appeals services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your tax preparation company. Document where your company is situated and mention how the site will impact your success. For example, is your tax preparation business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your tax preparation marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your tax preparation business, including answering calls, planning and providing consultations, billing clients and collecting payments, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your tax preparation business to a new city.  

Management Team

To demonstrate your tax preparation business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing tax preparation businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a tax preparation business or successfully running a small CPA firm.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you charge by the hour and will you offer a discount for repeat clients? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your tax preparation business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a tax preparation business:

• Cost of equipment and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a copy of your state license.  

Writing a business plan for your tax preparation business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the tax preparation industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful tax preparation business.

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Other Helpful Business Plan Articles & Templates

Tax Business Plan Template: Everything You Need to Know

Its a strategy for all aspects of your business. It is a necessity for those looking to start a tax preparation or tax consulting business. 3 min read updated on September 19, 2022

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.

Hire the top business lawyers and save up to 60% on legal fees

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• Sample Business Plans

Tax Preparation Business Plan

Tax preparation is a recession-proof business. No matter what happens to the economy, this business never goes off-trend. So starting a tax preparation business is an excellent choice.

Starting a business from scratch and standing up against big industry giants may feel overwhelming, but a detailed business plan can help you succeed.

Need help writing a business plan for your tax preparation business? You’re at the right place. Our tax preparation business plan template will help you get started.

Free Business Plan Template

Download our Free Tax Preparation Business Plan Template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write a Tax Preparation Business Plan?

Writing a tax preparation business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

• Introduce your business: Start your executive summary by briefly introducing your business to your readers.
• This section may include the name of your tax preparation business, its location, when it was founded, the type of tax preparation business (E.g., franchise tax preparation services, enrolled agent firms, tax law firms.), etc.
• Market opportunity: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
• Tax preparation services: Highlight the tax preparation services you offer your clients. The USPs and differentiators you offer are always a plus.
• For instance, your services may include tax preparation, accounting, tax resolution and representation, tax planning, and tax consulting.
• Marketing & sales strategies: Outline your sales and marketing strategies—what marketing platforms you use, how you plan on acquiring customers, etc.
• Financial highlights: Briefly summarize your financial projections for the initial years of business operations. Include any capital or investment requirements, associated startup costs, projected revenues, and profit forecasts.
• Call to action: Summarize your executive summary section with a clear CTA, for example, inviting angel investors to discuss the potential business investment.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

• Business description: Describe your business in this section by providing all the basic information:
• Franchise tax preparation services
• Independent tax preparation services
• Online tax preparation services
• Enrolled Agent (EA) firms
• Tax law firms
• Certified Public Accountant (CPA) firms
• Describe the legal structure of your tax preparation company, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.
• Owners: List the founders or owners of your tax preparation business. Describe what shares they own and their responsibilities for efficiently managing the business.
• Mission statement: Summarize your business’ objective, core principles, and values in your mission statement. This statement needs to be memorable, clear, and brief.
• Business history: If you’re an established tax preparation service provider, briefly describe your business history, like—when it was founded, how it evolved over time, etc.
• Additionally, If you have received any awards or recognition for excellent work, describe them.
• Future goal: It’s crucial to convey your aspirations and vision. Mention your short-term and long-term goals; they can be specific targets for revenue, market share, or expanding your services.

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

• Target market: Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.
• For example, if you are an independent tax preparation service provider, you might target busy individuals, self-employed professionals, retirees, new immigrants, and people with low and moderate incomes.
• Market size and growth potential: Describe your market size and growth potential and whether you will target a niche or a much broader market.
• Competitive analysis: Identify and analyze your direct and indirect competitors. Identify their strengths and weaknesses, and describe what differentiates your tax preparation services from them. Point out how you have a competitive edge in the market.
• Market trends: Analyse emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.
• For instance, the COVID-19 pandemic has accelerated the trend toward remote and hybrid work in the tax preparation industry, so you may need to explain how you plan to handle your remote team.
• Regulatory environment: List regulations and licensing requirements that may affect your tax preparation company, such as business registration, Preparer Tax Identification Number (PTIN), state-specific requirements, tax preparer bond, insurance requirements, etc.

Here are a few tips for writing the market analysis section of your tax consultant business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

• Preparation of federal, state, and local tax returns
• Review of tax documents
• Electronic filing
• Tax planning
• Audit assistance
• Tax resolution services
• Describe each service: Provide a detailed description of each service you provide, including the process involved, the time required, etc.
• Tax resolution processes, for instance, include consultation, investigation, strategy development, negotiation, resolution, and ongoing compliance.
• Quality measures: This section should explain how you maintain quality standards and consistently provide accurate, reliable, and timely services.
• This may include,
• Regular training and education for staff
• Thorough review and quality control processes to ensure accuracy
• Compliance with all relevant laws and regulations governing tax preparation services, etc.
• Additional services: Mention if your tax preparation company offers any additional services. You may include services like IRS audit support, back taxes, delinquent filing assistance, and tax planning and consulting.

In short, this section of your tax preparation plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

• Unique selling proposition (USP): Define your business’s USPs depending on the market you serve, your expertise in the market, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.
• For example, personal attention, year-round services, niche specialization, and commitment to excellence could be some of the great USPs for a professional tax preparation company.
• Pricing strategy: Describe your pricing strategy—how you plan to price your tax preparation services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers to your tax preparation service.
• Marketing strategies: Discuss your marketing strategies to market your services. You may include some of these marketing strategies in your business plan—social media marketing, networking, Google ads, brochures, email marketing, content marketing, and print marketing.
• Sales strategies: Outline the strategies you’ll implement to maximize your sales. Your sales strategies may include direct sales calls, partnering with local notary businesses, offering referral discounts, etc.
• Customer retention: Describe your customer retention strategies and how you plan to execute them. Your customer retention strategies may include introducing loyalty programs, proactive communication, personalized customer services, and offering referral discounts.

Overall, this section of your tax preparation business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your tax preparation business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

• ESoftware & Technology: Include the list of software and technology required for tax preparation, such as tax preparation software, client management software, financial management software, document management software, and regulatory compliance software.
• Explain how these software and technologies help you maintain quality standards and improve the efficiency of your business operations.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your tax preparation business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

• Founder/CEO: Mention the founders and CEO of your tax preparation company, and describe their roles and responsibilities in successfully running the business.
• Key managers: Introduce your management and key members of your team, and explain their roles and responsibilities.
• It should include key executives, senior management, and other department managers (e.g., Tax manager, Accounting manager.) involved in the business operations, including their education, professional background, and any relevant experience in the taxation industry.
• Organizational structure: Explain the organizational structure of your management team. Include the reporting line and decision-making hierarchy.
• Compensation plan: Describe your compensation plan for the management and staff. Include their salaries, incentives, and other benefits.
• Advisors/consultants: Mentioning advisors or consultants in your business plans adds credibility to your business idea.
• So, if you have any advisors or consultants, include them with their names and brief information consisting of roles and years of experience.

This section should describe the key personnel for your tax preparation services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

• Profit & loss statement: Describe details such as projected revenue, operational costs, and service costs in your projected profit and loss statement. Make sure to include your business’s expected net profit or loss.
• Cash flow statement: The cash flow for the first few years of your operation should be estimated and described in this section. This may include billing invoices, payment receipts, loan payments, and any other cash flow statements.
• Balance sheet: Create a projected balance sheet documenting your tax preparation business’s assets, liabilities, and equity.
• Break-even point: Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the taxation industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your tax preparation company business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample tax preparation business plan will provide an idea for writing a successful tax preparation plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our tax preparation business plan pdf .

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Frequently asked questions, why do you need a tax preparation business plan.

A business plan is an essential tool for anyone looking to start or run a successful tax preparation business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your tax preparation company.

How to get funding for your tax preparation business?

There are several ways to get funding for your tax preparation business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your tax preparation business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your tax preparation business plan and outline your vision as you have in your mind.

What is the easiest way to write your tax preparation business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any tax preparation business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Tax Preparation Business Plan Template

Written by Dave Lavinsky

Tax Preparation Business Plan

You’ve come to the right place to create your Tax Preparation business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Tax Preparation businesses.

Below is a template to help you create each section of your Tax Preparation business plan.

Executive Summary

Business overview.

Denver Tax Services, Inc. is a new tax preparation company located in downtown Denver, Colorado. We help businesses and residents prepare their taxes and are trained to provide guidance and help for a variety of tax situations. We offer the best customer service in the industry and have a guarantee of accuracy or your money back. Clients who work with us will feel supported during every step of the tax prep and filing process.

Denver Tax Services, Inc. is run by Robert Schwartz. Robert is a certified tax professional and has decades of tax preparation experience under his belt. He has worked for several other firms (including H&R Block) and has provided his services to thousands of clients. His experience and professionalism has gained him a loyal clientbase. The combination of Robert’s expertise, experience, and clientbase will ensure that Denver Tax Services, Inc. is a success.

Product Offering

Denver Tax Services, Inc. provides guidance and support through every step of the tax preparation process. We help individuals and businesses get the maximum refund possible and file their taxes on their behalf. In addition to our tax preparation services, we also provide tax planning, business consulting, estate and trust tax preparation, audit support, and IRS representation services.

Customer Focus

Denver Tax Services, Inc. will help individuals and businesses located within 20 miles of the Denver area. We expect that most of the businesses that utilize our services will be small businesses that have less than 1,000 employees and earn less than $10 million in revenue per year. Most individuals who seek out our services will be middle class or affluent in order to have the disposable income to pay for our services.

Management Team

Denver Tax Services, Inc.’s most valuable asset is the expertise and experience of its founder, Robert Schwartz. Robert has been a certified tax professional for the past 20 years. Throughout his career, he has developed a loyal client base, with many clients having stated that they will switch to Denver Tax Services, Inc. once the company is established and running. Robert’s combination of skills, tax knowledge, and loyal following will ensure that Denver Tax Services, Inc. is a successful firm.

Success Factors

Denver Tax Services, Inc. will be able to achieve success by offering the following competitive advantages:

• Robert Schwartz already has a clientbase from his twenty years of experience working with other tax firms. This clientbase will help the company grow with their repeat business and by referring their friends and loved ones to our services.
• The company will emphasize providing client-focused service so that our clients feel valued.
• The company will provide our tax preparation services at a more affordable rate than the competition.

Financial Highlights

Denver Tax Services, Inc. is currently seeking $400,000 to launch. The funding will be dedicated to the office build out, purchase of initial equipment, working capital, marketing costs, and startup overhead expenses. The breakout of the funding is below:

• Office design/build: $100,000
• Office equipment, supplies, and materials: $50,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $50,000
• Working capital: $50,000

The following graph below outlines the pro forma financial projections for Denver Tax Services, Inc.

Company Overview

Who is denver tax services, inc..

Denver Tax Services, Inc. helps the businesses and residents of Denver, Colorado with tax preparation and filing. We thoroughly analyze our clients’ tax situations to minimize their taxes and get them the biggest refund possible. We offer a guarantee of accuracy and will refund the fee for our services if our clients are not satisfied.

  In addition to helping our clients with tax preparation and filing, we also provide a suite of other tax services, including tax planning, audit support, and IRS representation. We don’t want to just help our clients out during tax time. We want to support our clients throughout the year so they don’t get any surprises come April 15th.

Denver Tax Services, Inc. is run by Robert Schwartz. Robert has decades of tax prep experience and has gained a loyal clientbase from providing his services through competing firms. After working for several tax prep firms around town, he surveyed his clientbase to see if they would be willing to switch to his new company once launched. Most of his clients responded positively, which motivated Robert to finally launch his business.

Denver Tax Services, Inc.’s History

Upon surveying his clientbase and finding a potential office, Robert Schwartz incorporated Denver Tax Services, Inc. as an S-Corporation in July 2023.

The business is currently being run out of Robert’s home office, but once the lease on Denver Tax Services, Inc.’s office location is finalized, all operations will be run from there.

Since incorporation, Denver Tax Services, Inc. has achieved the following milestones:

• Found an office space and signed Letter of Intent to lease it
• Developed the company’s name, logo, and website
• Hired an interior designer for the decor and furniture layout
• Determined equipment and fixture requirements
• Began recruiting key employees

Denver Tax Services, Inc.’s Services

Denver Tax Services, Inc.’s mission is to maximize the tax refunds of all of our clients. To do this, we help our clients through every step of the tax return process and analyze every situation to make sure each client is getting as many deductions as possible. We help our clients minimize their taxes as much as possible during tax time and provide guidance on how to minimize taxes for the following year.

In addition to tax preparation and filing, we also provide the following services:

• Tax planning
• Business consulting
• Estate and trust tax preparation
• Audit support
• IRS representation

Industry Analysis

Taxes are one of the few certainties in life. However, tax time can be one of the most confusing and stressful times of the year for Americans. As such, many Americans seek out tax preparation software or tax professionals to help them with their tax returns every year. Due to tax law becoming increasingly complicated, the tax preparation industry has become an essential industry for the American economy. As such, the industry is expected to thrive for the foreseeable future.

The tax preparation industry helps citizens and businesses make sense of their tax returns to minimize their taxes and maximize their deductions. These professionals go through every applicable tax form and ask about every possible situation to ensure that customers are getting the biggest refund possible. In addition to tax preparation and filing, these companies also provide a full suite of other tax services, such as planning, consultation, and audit support.

According to IBIS World, the tax preparation industry has been growing steadily at a CAGR of 4.3% for the past several years. The demand for these services only continues to grow as tax law becomes more complicated. Therefore, this growth is expected to continue, meaning that Denver Tax Services, Inc. can expect to be successful in the following years.

Customer Analysis

Demographic profile of target market.

Customer Segmentation

Denver Tax Services, Inc. will primarily target the following customer profiles:

• Small and medium-sized businesses
• Middle class residents and families
• Affluent residents and families

Competitive Analysis

Direct and indirect competitors.

Denver Tax Services, Inc. will face competition from other companies with similar business profiles. A description of each competitor company is below.

H&R Block

H&R Block has been a king in the tax prep industry for several decades. With thousands of locations around the country and thousands of professionals available online, customers of H&R Block can get the tax prep and guidance they need with ease. H&R Block offers software and online tax prep services but also has in person services for those who would rather work with a professional. H&R Block has several offices in the Denver area, so we expect them to be a major competitor.

TurboTax is the most popular tax preparation service in the market. TurboTax provides easy- to-use software so the average American can file their taxes with ease. For those that have more complicated tax situations, TurboTax also offers consultations with tax professionals for an additional fee. Whether customers are doing their taxes on their own or with a professional, TurboTax provides all the support they need to make tax filing a smooth process.

Though TurboTax will continue to be popular, the company’s reputation has tarnished in recent years. The company has been sued several times for misleading their customers and lying about their pricing. These practices have made TurboTax untrustworthy. As such, many former customers of TurboTax will be eager to get the help of a local and reputable tax professional such as those that work for Denver Tax Services, Inc.

Jackson Hewitt

Jackson Hewitt is another major competitor that has prepared and filed millions of tax returns during their 40 year tenure. Like H&R Block, they offer both online and in person tax services to create the most convenient experience possible for their clients. They are well regarded for their refund guarantee as well as their professionalism and customer service. As such, they will be another major competitor for Denver Tax Services, Inc.

Competitive Advantage

Denver Tax Services, Inc. will be able to offer the following advantages over the competition:

• Client-oriented service : Denver Tax Services, Inc. will put a focus on customer service and maintaining long-term relationships. We aim to be the best tax preparation firm in the area by catering to our customer’s needs and developing a strong connection with them.
• Management : Robert has been extremely successful working in the tax preparation sector and will be able to use his previous experience to help his clients better than the competition.
• Competitive pricing : Denver Tax Services Inc.’s pricing is more affordable than our competitors.
• Relationships : Having lived in the community for 20 years, Robert Schwartz knows many of the local leaders, newspapers and other influencers. As such, it will be relatively easy to build a large clientbase over the next several years.

Marketing Plan

Brand & value proposition.

Denver Tax Services, Inc. will offer a unique value proposition to its clientele:

• Client-focused tax prep services, where the company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for Denver Tax Services, Inc. is as follows:

Targeted Cold Calls

Denver Tax Services, Inc. will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting individuals in areas and occupations that are most likely to need tax prep services. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.

Denver Tax Services, Inc. understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other businesses and individuals by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Denver Tax Services, Inc. will invest heavily in a social media advertising campaign. The company will create social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Denver Tax Services, Inc. will invest heavily in developing a professional website that displays all of the company’s services. It will also invest heavily in SEO so that the firm’s website will appear at the top of search engine results.

Denver Tax Services, Inc.’s fees will be moderate and competitive so clients feel they are receiving great value when utilizing our tax prep services.

Operations Plan

The following will be the operations plan for Denver Tax Services, Inc. Operation Functions:

• Robert Schwartz will be the Owner of Denver Tax Services, Inc.. In addition to providing tax prep services, he will also manage the general operations of the business.
• Robert Schwartz is joined by a full-time administrative assistant, Rebecca Hackett, who will take charge of the administrative tasks for the company. She will also be available to answer client questions and will be the primary employee in charge of client communications.
• As the company builds its client base, Robert will hire more tax professionals to provide the company’s services, attract more clients, and grow our business further.

Milestones:

Denver Tax Services, Inc. will have the following milestones completed in the next six months.

• 9/2023 Finalize lease agreement
• 10/2023 Design and build out Denver Tax Services, Inc.
• 11/2023 Hire and train initial staff
• 12/2023 Kickoff of promotional campaign
• 1/2024 Launch Denver Tax Services, Inc.
• 2/2024 Reach break-even

Denver Tax Services, Inc.’s most valuable asset is the expertise and experience of its founder, Robert Schwartz. Robert has been a certified tax professional for the past 20 years and gained his experience and clientbase by working for competing firms. After years of working with large firms (such as H&R Block), Robert decided he wanted to run his own tax prep firm where he can provide quality services in a small firm environment. He surveyed his clientbase and found that many clients would be willing to transition to his business once established. Robert’s combination of skills, tax knowledge, and loyal clientbase will ensure that Denver Tax Services, Inc. is a successful firm.

Though he has never run his own business, Robert Schwartz has worked as a tax professional long enough to gain an in-depth knowledge of the operations (e.g., running day-to-day operations) and the business (e.g., staffing, marketing, etc.) sides of the industry. He also already has a starting client base that he served while working for other tax prep firms. He will hire several other employees who can help him run the aspects of the business that he is unfamiliar with.

Financial Plan

Key revenue & costs.

Denver Tax Services, Inc.’s revenues will primarily come from charging clients for the tax preparation services we provide. We will charge our clients an hourly rate that will vary depending on the type of tax return they are filing. Clients who owe money on their tax return will be charged directly for our services. Clients who are expecting a refund have the option to either pay us directly or let us take the fee from their refund.

The notable cost drivers for the company will include labor expenses, overhead, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Number of clients per year:
• Year 4: 100
• Year 5: 140
• Annual Rent: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Tax Preparation Business Plan FAQs

What is a tax preparation business plan.

A tax preparation business plan is a plan to start and/or grow your tax preparation business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Tax Preparation business plan using our Tax Preparation Business Plan Template here .

What are the Main Types of Tax Preparation Businesses? 

There are a number of different kinds of tax preparation businesses , some examples include: Certified Public Accountant (CPA), Tax Attorney, and Enrolled Agent (EA).

How Do You Get Funding for Your Tax Preparation Business Plan?

Tax Preparation businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Tax Preparation Business?

Starting a tax preparation business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Tax Preparation Business Plan - The first step in starting a business is to create a detailed tax preparation business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your tax preparation business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your tax preparation business is in compliance with local laws.

3. Register Your Tax Preparation Business - Once you have chosen a legal structure, the next step is to register your tax preparation business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your tax preparation business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Tax Preparation Equipment & Supplies - In order to start your tax preparation business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your tax preparation business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Business Plan Template for Tax Preparers

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

As a tax preparer, staying organized and focused is crucial for success in a highly regulated industry. With ClickUp's Business Plan Template for Tax Preparers, you can streamline your operations and take your tax preparation business to new heights.

This template is designed to help tax preparers:

• Define clear business goals and strategies to stay on track
• Create comprehensive financial projections for better financial management
• Identify target clients and develop effective marketing strategies
• Ensure compliance with tax laws and regulations

With ClickUp's Business Plan Template for Tax Preparers, you can have a solid foundation for your tax preparation business and confidently navigate the ever-changing tax landscape. Don't wait, get started today and watch your business thrive!

Business Plan Template for Tax Preparers Benefits

Preparing tax returns can be complex, but having a solid business plan template specifically designed for tax preparers can streamline your operations and set you up for success. Here are some benefits of using a business plan template:

• Clearly define your business goals and objectives
• Develop effective strategies to attract new clients and retain existing ones
• Create financial projections to ensure profitability and manage expenses
• Stay compliant with tax laws and regulations
• Streamline your operations and improve efficiency
• Secure funding or investment for your tax preparation business
• Easily communicate your business model and value proposition to stakeholders.

Main Elements of Tax Preparers Business Plan Template

Are you a tax preparer looking to streamline your business planning process? ClickUp’s Business Plan Template for Tax Preparers has got you covered!

Here are the key elements of this template:

• Custom Statuses: Keep track of the progress of each section of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do.
• Custom Fields: Use fields like Reference, Approved, and Section to add important information to your business plan and easily organize your data.
• Custom Views: Access different views such as Topics, Status, Timeline, Business Plan, and Getting Started Guide to navigate through your business plan with ease and visualize your progress.
• Collaboration and Documentation: Utilize ClickUp's Docs feature to collaborate with your team, store important documents, and create a comprehensive tax preparation business plan.
• Task Management: Assign tasks, set due dates, and track progress to ensure that your business plan is completed on time.
• Integration: Seamlessly integrate ClickUp with other tools you use for tax preparation such as email, AI, and other integrations to enhance your workflow.

With ClickUp’s Business Plan Template for Tax Preparers, you can efficiently create and manage your business plan, saving time and ensuring compliance with tax laws and regulations.

How To Use Business Plan Template for Tax Preparers

If you're a tax preparer looking to create a comprehensive business plan, follow these steps to make the most of the Business Plan Template in ClickUp:

1. Define your services and target market

Start by clearly defining the services you offer as a tax preparer. Are you specializing in personal tax returns, small business taxes, or both? Next, identify your target market. Who are your ideal clients? Are they individuals, small businesses, or specific industries? Understanding your services and target market will help you tailor your business plan accordingly.

Use the Docs feature in ClickUp to outline your services and target market.

2. Conduct a competitive analysis

Research and analyze your competition to gain insights into their strengths, weaknesses, and strategies. This will help you identify gaps in the market and differentiate yourself from competitors. Look for areas where you can offer unique services or provide better value to your clients.

Utilize the Table view in ClickUp to create a competitive analysis matrix and track information about your competitors.

3. Set financial goals and projections

Determine your financial goals and projections for your tax preparation business. This includes setting revenue targets, estimating expenses, and projecting profits. Consider factors such as marketing and advertising costs, office rent, software subscriptions, and employee salaries. Having clear financial goals and projections will help you track your progress and make informed business decisions.

Use the Goals feature in ClickUp to set and track your financial goals and milestones.

4. Develop a marketing strategy

Create a comprehensive marketing strategy to promote your tax preparation services and attract clients. Identify the most effective channels to reach your target market, such as social media, online advertising, networking events, or partnerships. Develop a consistent brand message and establish your online presence through a professional website and social media profiles.

Utilize the Calendar view in ClickUp to plan and schedule your marketing activities, including content creation, social media posts, and networking events.

By following these steps and utilizing the Business Plan Template in ClickUp, you'll be well-equipped to create a strategic and effective business plan for your tax preparation business.

Get Started with ClickUp’s Business Plan Template for Tax Preparers

Tax preparers can use the ClickUp Business Plan Template to streamline their business planning process and stay organized throughout the year.

To get started, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

• Use the Topics View to outline different sections of your business plan, such as marketing strategies, financial projections, and client acquisition plans
• The Status View will help you track the progress of each section, whether it's Complete, In Progress, Needs Revision, or To Do
• The Timeline View will allow you to set deadlines and milestones for each section of your business plan
• The Business Plan View provides a comprehensive overview of your entire plan, allowing you to easily navigate between sections and make updates
• The Getting Started Guide View will provide you with step-by-step instructions on how to use the template and create an effective business plan
• Customize the template by adding custom fields like Reference, Approved, and Section to track additional information and ensure accuracy
• Update statuses and custom fields as you make progress and receive approvals to keep stakeholders informed and ensure accountability
• Monitor and analyze your business plan using the different views to ensure maximum productivity and success.
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Tax Preparation Business Plan Template

Written by Dave Lavinsky

If you’re looking to create a tax preparation business plan, you’ve come to the right place!

Over the past 25 years, the PlanPros team has helped over 1 million entrepreneurs and business owners write business plans….and many of them have started and grown successful tax preparation businesses. Our tax preparation business plan example below is sure to help you!

Tax Preparation Business Plan Example

Below is our tax preparation business plan template and sample plan created using our business plan generator :  

I. Executive Summary

Company overview.

Our company, Secure Ledger Tax Advisors, is the newest tax preparation service located in Rohnert Park, CA, where we aim to provide the community with reliable and affordable tax services. With a focus on excellence and customer care, we offer individual tax preparation for $200, business tax services for $350, e-filing for $35, and comprehensive tax planning and consulting for $800. Our physical presence in Rohnert Park allows us to offer personalized services tailored to the specific tax needs of our customers, ensuring precision and care in every interaction.

Success Factors

At Secure Ledger Tax Advisors, our success is driven by the extensive experience of our founder and a skilled, dedicated team that ensures our services stand out in Rohnert Park. Since our inception on January 6, 2024, as a C Corporation, we’ve developed a strong brand identity, secured a prime location, and committed ourselves to provide high-quality tax services. These achievements, combined with our focus on quality and client satisfaction, position us as the premier tax advisory firm in our community.

Industry Analysis

The Tax Preparation industry in the U.S. is robust, with a market size of $10.2 billion in 2020 and an expected CAGR of 5.2% from 2021 to 2028. The industry’s growth is fueled by complex tax regulations, the rise of self-employment, and increasing income levels. Secure Ledger Tax Advisors stands to benefit from the trend towards digital tax solutions and the growing demand for expert tax advice. Our online tax preparation services and personalized approach position us to capitalize on these industry shifts and establish ourselves as a trusted provider in Rohnert Park, CA.

Customer Analysis

We at Secure Ledger Tax Advisors target Rohnert Park residents, families, small business owners, freelancers, and remote workers, offering them personalized tax services tailored to their unique financial situations. Our expertise in small business accounting and tax laws ensures that we provide valuable support to entrepreneurs, building long-term relationships. As the workforce evolves, we’re prepared to address the challenges faced by freelancers and remote workers, making us a proactive partner in managing complex tax situations.

Competitive Analysis

Our competitors include Deanna Elrod’s Tax Service, known for personalized services, H&R Block with its brand recognition and extensive network, and STAG Tax and Accounting with specialized knowledge. We distinguish ourselves through our meticulous approach, ensuring clients benefit from available tax deductions and savings. Our highly skilled team, including CPAs and Enrolled Agents, and our commitment to staying updated on tax laws provide us with a competitive edge, establishing us as a trusted financial partner.

Marketing Plan

Secure Ledger Tax Advisors offers a range of tax services including individual tax preparation at $200, business tax preparation at $350, e-filing for $35, and tax planning and consulting at $800. We are dedicated to providing exceptional value and convenience to our clients in Rohnert Park and beyond, ensuring they can navigate their tax affairs with ease.

Our promotional strategy encompasses online marketing through SEO, email campaigns, and PPC advertising, while also engaging with the local community through events and partnerships. A referral program will incentivize word-of-mouth, and we will focus on client retention and satisfaction. Public relations efforts will further our reputation as tax preparation leaders in our area.

Operations Plan

Our day-to-day operations at Secure Ledger Tax Advisors include client onboarding, appointment scheduling, and maintaining clear communication. We prioritize data security, rigorous document management, and compliance with tax laws. By investing in our staff’s training and employing robust financial management, we enhance our service quality and efficiency. Upcoming milestones include obtaining business licenses, securing a physical location, developing cybersecurity infrastructure, launching a marketing campaign, and achieving a target revenue of $15,000 per month.

Management Team

Leading Secure Ledger Tax Advisors is President Savannah Wood, whose vast experience in tax preparation business leadership equips her with the strategic insight needed to navigate the sector. Her ability to blend tax law knowledge with business acumen positions us to deliver exceptional tax advisory services and solidify lasting client relationships.

Financial Plan

To achieve our growth goals, Secure Ledger Tax Advisors requires $106,000 in funding. This will be allocated across various capital and non-capital investments such as location buildout, equipment, working capital, staff salaries, initial marketing, and more, ensuring the successful launch and operation of our firm.

Below is an overview of our expected financial performance over the next five years:

II. Company Overview

Our products & services.

We offer a comprehensive suite of tax-related services to meet the diverse needs of our clients. Our individual tax preparation services are competitively priced at $200, ensuring personal attention and accuracy for your filings. For businesses, our tax preparation service is available at $350, providing the expertise needed to handle complex business tax scenarios. To streamline the filing process, we also offer Electronic Filing (e-filing) for a nominal fee of $35. In addition, our tax planning and consulting services, available at $800, are designed to optimize your tax strategy and improve your financial health for the long term.

Our Location

Our home base is in Rohnert Park, CA, and we are dedicated to serving customers right here in our community. We are committed to being readily accessible to our clients, ensuring convenience and personal service.

Why We Will Succeed

Our success is built on a foundation of expertise and service excellence. The founder brings a wealth of experience from running a successful tax preparation business, ensuring that Secure Ledger Tax Advisors is equipped to handle your tax needs with professionalism. Our team’s high skill level and experience mean that we provide superior tax preparation services when compared to our competitors. Our commitment to excellence is unwavering, and our clients’ satisfaction remains our top priority.

Our Journey So Far

Since our founding on January 6, 2024, Secure Ledger Tax Advisors has taken significant strides as a C Corporation. We’ve successfully developed a unique company name, designed a distinctive logo, and secured a prime location for our operations. Each accomplishment has been a step towards positioning ourselves as a leading tax advisory firm in Rohnert Park, CA.

III. Industry Analysis

The Tax Preparation industry in the United States is a significant and thriving market. According to recent data, the industry generated approximately $10.2 billion in revenue in 2020. This impressive size of the market highlights the importance of tax services for individuals and businesses alike. Furthermore, the market is expected to experience substantial growth in the coming years.

Projections indicate that the Tax Preparation industry will continue to expand steadily over the next five years. The market is estimated to grow at a compound annual growth rate (CAGR) of 4.6% between 2021 and 2026. This growth is attributed to various factors, including an increasing number of individuals seeking professional assistance to navigate the complex tax landscape and changing tax regulations. With such positive market growth prospects, the Tax Preparation industry presents an attractive opportunity for businesses in this sector.

Secure Ledger Tax Advisors, as a new Tax Preparation service provider in Rohnert Park, CA, is well-positioned to capitalize on the favorable trends within the industry. Notably, there is a growing demand for personalized and tailored tax services that cater to individual needs. Customers are increasingly seeking trusted professionals who can provide expert advice and ensure compliance with tax laws while maximizing deductions and minimizing liabilities. Secure Ledger Tax Advisors’ commitment to delivering high-quality services and their location in a vibrant business hub like Rohnert Park, CA, make them well-suited to meet the evolving needs of the local market and establish a strong presence in the Tax Preparation industry.

IV. Customer Analysis

Below is a description of our target customers and their core needs.

Target Customers

Secure Ledger Tax Advisors will target the local residents of Rohnert Park, CA, a diverse community that encompasses individuals and families in need of tax preparation services. Given the mixture of professionals, small business owners, and retirees in the area, the firm will tailor its services to cater to a wide range of personal and business tax requirements. The company will leverage its expertise to offer comprehensive tax solutions that are particularly appealing to the local demographic.

The firm will also focus on the burgeoning population of freelancers and remote workers, who often face unique tax challenges due to their non-traditional employment structures. As the gig economy continues to grow, Secure Ledger Tax Advisors is positioned to become a trusted resource for independent contractors seeking tax advice and compliance assistance. They will provide specialized services that address the complexities of self-employment taxes, deductions, and credits.

In addition to the aforementioned segments, Secure Ledger Tax Advisors will extend its services to students attending local colleges and universities. These younger clients often require assistance with filing their first tax returns or managing education-related deductions and credits. The firm will offer tailored guidance to ensure that student clients understand their tax obligations and benefit from all applicable tax advantages.

Customer Needs

Secure Ledger Tax Advisors caters to residents who seek dependable tax preparation services, ensuring accuracy and compliance with the latest tax laws and regulations. Clients can expect a thorough understanding of their financial situation, enabling personalized and strategic tax planning. The primary need for reliability is met through meticulous attention to detail and up-to-date knowledge of tax codes.

Aside from the essentials of tax preparation, customers can also find convenience and peace of mind. Secure Ledger Tax Advisors streamlines the process with easy appointment scheduling and clear communication, reducing the stress commonly associated with tax season. Clients have access to experts who can demystify complex tax situations, allowing them to make informed decisions about their finances.

Moreover, Secure Ledger Tax Advisors understands the importance of security in handling sensitive financial information. Clients can trust that their data is protected with the highest standards of confidentiality and cybersecurity measures. This commitment to security builds a foundation of trust, which is crucial for a long-term professional relationship.

V. Competitive Analysis

Direct competitors.

Secure Ledger Tax Advisors’s competitors include the following companies:

Deanna Elrod’s Tax Service

Deanna Elrod’s Tax Service offers personalized tax preparation and planning services. They cater to individual taxpayers and small businesses, providing them with a variety of services such as income tax filing, tax planning, and IRS audit assistance. The price points for their services vary depending on the complexity of the tax situation, with a focus on competitive rates to attract cost-conscious clients.

The company operates primarily in the local area, serving the Rohnert Park community and surrounding regions. Deanna Elrod’s Tax Service prides itself on its personalized approach and extensive knowledge of local tax regulations. However, its reach is limited geographically, which may be a weakness when competing with larger firms that have a broader presence.

H&R Block

H&R Block is a well-known national tax preparation company that offers a wide range of products and services. These include in-office tax preparation, online tax filing software, and additional financial services such as refund advances and audit defense. Their prices are tiered based on the service level, making them accessible to a broad range of customers.

H&R Block reports significant annual revenues, which reflects its expansive network of locations and large customer base. They serve customers across the United States, including those in Rohnert Park, CA. A key strength of H&R Block is its brand recognition and established reputation, but a potential weakness is the less personalized service due to its size.

STAG Tax and Accounting

STAG Tax and Accounting focuses on providing tax services and financial consulting to individuals and small to medium-sized businesses. Their offerings include tax preparation, bookkeeping, payroll services, and business consulting. Their pricing structure is designed to be competitive, aiming to provide value to their clients.

The company operates primarily within the local market, which allows them to maintain a strong relationship with their client base. STAG Tax and Accounting is known for its tailored service and expertise in complex tax matters. While they have a strong understanding of local tax issues, their limited geographical reach could be seen as a weakness when compared to national chains.

Competitive Advantages

At Secure Ledger Tax Advisors, we understand that navigating tax laws can be complex and overwhelming. Our commitment to providing superior tax preparation services sets us apart from competitors. We leverage the latest tax software and technologies to ensure accuracy and efficiency, allowing us to optimize returns and minimize liabilities for our clients. Equipped with up-to-date knowledge on ever-changing tax regulations, we offer personalized advice tailored to each client’s unique financial situation. This attention to detail and precision reflects our dedication to excellence and positions us as a trusted partner in our clients’ financial well-being.

Our highly skilled and experienced team is the backbone of Secure Ledger Tax Advisors. Each member brings a wealth of knowledge and expertise, which translates into comprehensive tax strategies for our clients. We actively invest in continuous education and training to stay ahead of industry trends, ensuring that we can navigate even the most complex tax scenarios. Our proactive approach to tax planning means we can identify opportunities that may save our clients money in the long run. With a strong emphasis on customer service, we establish lasting relationships with our clients, who can rely on us for reliable and expert tax advice year after year.

VI. Marketing Plan

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products, Services & Pricing

Individual tax preparation.

Secure Ledger Tax Advisors offers comprehensive Individual Tax Preparation services designed to assist clients in navigating the complex world of personal taxes. Their experienced team ensures accuracy and maximizes potential refunds or minimizes liabilities, all for an average price of $200. This service is tailored to cater to the unique circumstances of each client, ensuring a personalized approach to tax filing.

Business Tax Preparation

For businesses of varying sizes, Secure Ledger Tax Advisors provides Business Tax Preparation services. Understanding the intricacies of business tax codes, their professionals help companies maintain compliance and optimize their tax strategy. These services are available for an average fee of $350, a competitive rate for the peace of mind and expertise offered.

Electronic Filing (e-filing)

In the digital age, speed and efficiency are paramount. Secure Ledger Tax Advisors facilitates this through their Electronic Filing (e-filing) service. E-filing ensures that tax returns are submitted promptly, and clients can expect faster processing times for their refunds. This convenience is available for a nominal fee of $35, allowing clients to benefit from a swift and secure tax filing process.

Tax Planning and Consulting

The firm’s Tax Planning and Consulting service is aimed at individuals and businesses seeking forward-looking strategies to manage their taxes. The service includes a deep dive into the client’s financial situation to identify opportunities for tax savings and strategic planning for future tax years. At an average price of $800, clients receive tailored advice that can lead to significant long-term benefits.

Promotions Plan

Secure Ledger Tax Advisors understands the importance of a comprehensive promotional strategy to attract customers in the competitive tax preparation market of Rohnert Park, CA. The company’s primary focus will be on building a robust online marketing presence to connect with potential clients.

Online Marketing

To begin with, Secure Ledger Tax Advisors will establish a professional website, serving as the digital storefront for the business. The website will feature user-friendly navigation, essential information on services offered, and will be optimized for search engines (SEO) to ensure high visibility in search results related to tax preparation services in Rohnert Park, CA.

Alongside the website, the firm will manage active social media profiles on platforms such as LinkedIn, Facebook, and Twitter, engaging with the community and sharing valuable tax tips to build trust and authority in the field. Social media advertising campaigns will be executed to target local individuals and businesses that may require tax services.

Email marketing campaigns will also be a critical component, providing subscribers with seasonal tax-filing reminders, updates to tax laws, and exclusive offers designed to convert leads into clients.

Community Engagement and Partnerships

Secure Ledger Tax Advisors will also seek to engage with the local community through participation in events and partnerships with local businesses. Hosting free tax workshops and seminars will position the firm as a knowledgeable and helpful resource within the community.

Referral Program

To leverage word-of-mouth, a referral program will be introduced, rewarding existing customers for referring new clients, thus creating a network of personal endorsements that will expand the customer base.

Local Advertising

Local advertising will complement online efforts, with advertisements placed in regional newspapers, local radio stations, and community bulletin boards. Targeted direct mail campaigns will send out promotional materials to Rohnert Park residents, offering introductory rates and highlighting the benefits of choosing Secure Ledger Tax Advisors.

Client Reviews and Testimonials

Recognizing the power of social proof, the firm will encourage satisfied customers to leave positive reviews on platforms such as Google My Business and Yelp. These testimonials will serve to reassure potential clients of the quality and reliability of the services provided.

Loyalty Discounts

Finally, Secure Ledger Tax Advisors will offer loyalty discounts to repeat customers, acknowledging their continued business and encouraging them to remain with the firm for future tax preparation needs.

By implementing these promotional methods and tactics, Secure Ledger Tax Advisors will effectively attract customers and establish a strong presence in the Rohnert Park community.

VII. Operations Plan

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

• Client Onboarding: Efficiently gather client information, including previous tax returns, personal identification, and financial records, to establish a comprehensive client profile.
• Appointment Scheduling: Utilize a reliable scheduling system to manage appointments, ensuring clients can easily book, modify, or cancel meetings as needed.
• Communication: Maintain consistent and clear communication channels with clients, providing updates on tax filing status, requesting additional documentation, and answering inquiries.
• Data Security: Implement stringent data protection measures to safeguard sensitive client information against unauthorized access, breaches, and cyber threats.
• Document Management: Organize and store tax documents, both physical and digital, with a focus on accessibility and compliance with regulatory requirements.
• Regulatory Compliance: Stay up-to-date with federal, state, and local tax laws to ensure accurate tax preparation and compliance on behalf of clients.
• Quality Assurance: Regularly review tax filings before submission to identify and correct any errors or inconsistencies.
• Training and Development: Provide ongoing education and training to staff to maintain proficiency in tax software and current tax legislation.
• Financial Management: Monitor the firm’s own finances, including invoicing, expense tracking, and budgeting to maintain healthy cash flow and profitability.
• Client Education: Offer resources and guidance to clients to improve their understanding of tax-related matters and foster financial literacy.
• Feedback Collection: Collect and analyze client feedback to identify areas for service improvement and to adapt services to better meet client needs.
• Marketing and Outreach: Execute marketing strategies to attract new clients and retain existing ones, including social media engagement, community involvement, and networking events.
• Technology Optimization: Regularly evaluate and upgrade tax preparation software and office technologies to enhance efficiency and service quality.
• Professional Networking: Engage with other tax professionals and industry associations to stay informed of best practices and emerging trends.

Secure Ledger Tax Advisors expects to complete the following milestones in the coming months in order to ensure its success:

• Obtain necessary business licenses and tax preparer certifications specific to California’s regulations to legally offer tax preparation services.
• Establish a physical office location in Rohnert Park, CA to serve as a base of operations and client consultation space.
• Develop and launch a user-friendly and secure website that allows clients to learn about services, book appointments, and upload confidential documents safely.
• Implement robust cybersecurity measures to protect client data and comply with legal standards, reducing the risk of data breaches and enhancing client trust.
• Hire and train qualified tax professionals who are adept with local, state, and federal tax laws to ensure accurate and efficient tax preparation services.
• Set up an efficient client management system to track client information, appointments, and document submissions, which improves service delivery and reduces errors.
• Create strategic marketing campaigns targeting Rohnert Park residents and nearby communities to build brand awareness and attract initial customers.
• Establish partnerships with local businesses and financial institutions to gain referrals and widen the customer base.
• Launch the tax preparation services officially, providing promotional offers to early customers to stimulate business growth.
• Achieve a steady flow of clientele to reach $15,000/month in revenue within the first 18-24 months of operation.

VIII. Management Team

Our management team has the experience and expertise to successfully execute on our business plan.

Management Team Members

Secure Ledger Tax Advisors management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Savannah Wood, President

Savannah Wood, President of Secure Ledger Tax Advisors, brings a wealth of experience and a proven track record of success to the company. With her extensive background in tax preparation and business management, Savannah has previously demonstrated her capability by successfully running a tax preparation business. Her experience in the industry equips her with the insight and knowledge necessary to lead Secure Ledger Tax Advisors. Her strategic vision and leadership skills are pivotal in guiding the company towards achieving its goals and ensuring that clients receive exceptional tax advice and services.

IX. Financial Plan

Funding requirements/use of funds.

To accomplish our growth goals, Secure Ledger Tax Advisors needs $106,000 in funding. Key uses of this funding will be as follows:

Financial Projections

5 Year Annual Income Statement

5 Year Annual Balance Sheet

5 Year Annual Cash Flow Statement

What Is a Tax Preparation Business Plan?

A tax preparation business plan is a document that outlines the strategies you have developed to start and/or grow your tax preparation business. Among other things, it details information about your industry, customers and competitors to help ensure your company is positioned properly to succeed. Your tax preparation business plan also assesses how much funding you will need to grow your business and proves, via your financial forecasts, why the business is viable.  

Why You Need a Business Plan for your Tax Preparation Business

A business plan is required if you are seeking funding for your tax preparation business. Investors and lenders will review your plan to ensure it meets their criteria before providing you with capital. In addition, a tax preparation business plan helps you and your team stay focused. It documents the strategies you must follow and gives you financial projections you should strive to achieve and against which you can judge your performance.  

Tax Preparation Business Plan Template PDF

Download our Tax Preparation Business Plan PDF to help guide you as you create your business plan for your own tax preparation business.  

Tax Preparation Business Plan Template [Updated 2024]

Tax Preparation Business Plan Template

If you want to start a Tax Preparation business or expand your current Tax business, you need a business plan.

The following Tax Preparation business plan template gives you the key elements to include in a winning Tax Service business plan.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Below are links to each of the key sections of a successful tax preparation service business plan. Once you create your plan, download it to PDF to show banks and investors.

Tax Preparation Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Tax Preparation Business Plan Sample

Published Jan.29, 2019

Updated Apr.24, 2024

By: Noor Muhammad

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Table of Content

Do you want to start tax preparation business plan?

Do you really want to start a business with a little or no tension of managing your employees with literally no startup investment and no restriction of working hours? Well, you might be wondering whether such sort of business exists.

If you really have some knowledge of accountancy or if you have done some tax-related course, then starting a tax prep business will surely meet all the requirements of your dream business. You can start this business only by preparing taxes yourself or by renting a small office, hiring some staff for you.

Whether you are starting on a small scale or a large scale to get high paying clients, the first step will always be to prepare an effective business plan. To help you in making a professional business plan covering all the details, we are providing here sample business plan of a tax preparation startup named, ‘ConsulTax.

Executive Summary

2.1 the business.

ConsulTax will be a registered and licensed tax preparation service , owned by George Brad. The office building will be located in Madison, Wisconsin, USA. Business will be based upon preparing taxes such as federal and state tax, income tax, self-employment or any other tax for households as well as business owners.

2.2 Management

Before you start a tax preparation business , you must decide on which scale are you going to extend your startup. If you are starting on a large scale, you will need a strong management system with a detailed management plan else you can go through with a simple one.

As of George, although he is starting on a small scale, yet he has prepared a complete management plan for his business for the sake of completeness.

2.3 Customers

When you are doing so many efforts to start a tax business successfully, then why ignore the important fact of exploring about your customers. You must remember you will be working with multiple customers of different temperaments at the same time, so try to understand the demands they can have with a tax preparer.

Our customers will mostly be the owners of small businesses, head of small institutes, property owners, earning members of a household etc.

2.4 Business Target

Our target is to balance the initial cost of the startup with earned profits within a year of the launch. We aim at earning a net profit margin of $10k per month by the end of the first year.

Company Summary

3.1 company owner.

ConsulTax will be owned by George Brad, a business graduate from the University of Illinois. To be a professional tax preparer, George has taken the training from Accreditation Council for Accountancy and Taxation (ACAT), has got himself registered with Internal Revenue Service (IRS) after clearing their course, and finally obtained his Preparer Tax Identification Number to enter the field with a proper professional background.

3.2 Why the Business is being started

Millions of people have to pay a tax every year as the per policy of their country which is being changed by higher office holders continuously. Large companies and notable landlords usually afford a full-time accountant whereas, small business holders and mediocre seek the services of tax preparers to do all the confusing stuff for them. Considering this demand, freedom with respect to time and his marketing skills, George is starting a tax preparation business in his city.

3.3 How the Business will be started

ConsulTax will be a small tax preparation business, operating from a small office. George has decided to hire just two tax professionals, and other staff to help him starting a tax business .

The startup summary is as follows:

The detailed startup requirements are given below:

Services for customers

Before thinking about how to start a tax preparation business , you must decide what you will offer your customers. This preplanning and knowledge about what you have to do and what level of client’s satisfaction you will have to meet will make you more observant about your business and targets.

While creating your tax preparation business plan , you must include the detail about how you will be able to provide the optimal and efficient services to meet all the client’s satisfaction and needs. If you want to have an idea which services are provided by others in the market, you can take help from this sample business plan for the tax preparation startup, ConsulTax.

The services offered by ConsulTax are:

• Income Tax Preparation
• Income Tax Return Preparation
• Standard Tax Preparation
• Capital Gains Tax Preparation
• Other financial consulting and advisory services

The services will be increased after we have established ourselves as a successful business. We want to become the number one choice for our fellow citizens, that’s why we are preparing for our services before time to ensure and guarantee the quality of our services.

Marketing Analysis of Tax Preparation Business

After you have decided the services you will provide to your customers, the next step is to make marketing plan for tax preparation business . Marketing analysis is extremely important because it gives you an idea of your position in the market.

The marketing plan includes exploring what is going on in the market, who will be your customers and competitors. While preparing your tax services business plan, tax preparation marketing should be considered seriously, especially if you are working alone.

You will need a strong marketing plan to market your services and get introduced to as many people as possible. Otherwise, you can sort out other advertisement techniques by reading tax preparation advertising samples available on the web. Another way of getting more and more ideas about business plan preparation service is to observe what others with the same or nearly same business are doing to market them.

We are also providing the sample business plan for tax preparation service of ConsulTax for your help.

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5.1 market trends.

There are several small businesses running in the United States which cannot afford a full-time tax consultant or accountant but need the assistance of a professional tax preparer almost every time they need to pay their taxes. Millions of people have to pay a tax every year as the per policy of their country which is being changed by higher office holders continuously. A person who is indulged in the day to day tasks always needs assistance with doing that tedious task, so the demand of this business is really high.

According to a report by U.S. Bureau of Labor Statistics, there were more than 90 thousand jobs for the tax preparers in the country in 2014. The value has increased by a significant amount in 2018. According to IBISWorld, there are about 118,890 registered and licensed Tax Preparation firms running in the United States of America alone. More than 292 thousand have got their employment through this business, generating a revenue of $10 billion annually. Moreover, the business is forecasted to increase by the rate of 4.5% annually. These stats show that you will not be at loss, provided that you plan your business successfully.

5.2 Marketing Segmentation

It is very important to analyze the market segmentation of the future customers of your services before developing your business plan. Our experts have identified the following type of target audience which can become our future consumers:

The detailed marketing segmentation of our target audience is as follows:

5.2.1 Corporate Sector: The biggest consumer of our services will be the corporate sector in Madison, who needs a lot of documentation and following of policies while preparing for their different types of taxes. During the initial stages of our business, we will mainly focus on the small companies to get us introduced to big dealers with much experience.

5.2.2 Earning Members: Our second target group comprises of the workers servicing in Madison, we will do the work of tax preparations for them to save them from the trouble of doing things by themselves about which they know nothing.

5.2.3 Property Owners: Our third target group consists of small and large property owners in Madison. We will advertise our services to get work offers from property owners for tax preparation.

The detailed market analysis of our potential customers is given in the following table:

Business Target

Our target is to balance the startup cost of our business with the earned profits within a year of the launch and; to earn the profit margin of $10k per month by the end of the first year.

5.4 Product Pricing

At the very initial stage of your business, product pricing must be decided by analyzing both the market demands and the position of your competitors. After great research and interpretation, George has decided to keep the prices of his services initially low as to get introduced to a wider scale of customers and building long-lasting relations with them.

Great service

Great service. Good turnaround time and quality work. Thanks!

Sales strategy must be developed and properly written in your tax preparer business plan as it is the stepwise guide for you to enhance and extend your business to approach your business target. It consists of an effective advertisement plan and a competitive approach which you can better understand from this sample tax preparation business plan .

6.1 Competitive Analysis

There are a lot of tax preparation businesses running all around here. However, we are passionate that with our unparalleled and exceptionally good service, we will soon be able to make our place in the market. To get introduced to our customers and to interact with more and more people we have decided to keep our prices low at the initial stages of the startup.

6.2 Sales Strategy

To introduce ourselves to the target market, we have come up with the following ideas of advertisement,

• We will distribute our brochures to our neighboring facilities and expected customers
• We will put our ads in newspapers and magazines
• We will start our campaign through social media sites
• We will be giving a 20 % discount on the second offering by the same client

6.3 Sales Monthly

6.4 Sales Yearly

6.5 Sales Forecast

Personnel plan

Here comes the most influencing and effective step from one of the steps to starting a tax business and that is your required staff.

George has developed the following personnel plan for his company.

7.1 Company Staff

George himself will handle the management tasks and will initially hire the following people:

• 1 Accountant to maintain records
• 2 Tax Preparers to help him in tax related services
• 1 Assistant to assist in day to day work
• 1 Front Desk Officer to receive calls, and attend customers
• 2 Drivers for quick transport when needed while preparing taxes

7.2 Average Salary of Employees

Financial Plan

If you are going to start tax preparer business , you might be wondering that what do i need to start a tax preparation business ? It is luckily the business with the lowest startup costs and can be run successfully by a small team. But it doesn’t matter whether you are starting your business on a large scale, hiring too many people, investing too much on the advertisement, or on a small scale, you will need to prepare a financial plan. A financial plan maps the company’s expenses with the earnings and answers the questions like how the startup costs will be balanced, how the company will be able to meet its financial targets.

If you too are wondering how to start a tax service business , just be systematic and organized to cover all the steps successful people usually take. First prepare your business plan, like the one of ConsulTax that we have shown you here. Focus on your advertising strategy for business plan as well as a detailed financial plan to help you through the startup phase.

Now, we are providing the financial plan of ConsulTax which was made by George himself, we are showing just a rough estimation but still, you can have a lot from it.

8.1 Important Assumptions

 8.2 Brake-even Analysis

 8.3 Projected Profit and Loss

8.3.1 Profit Monthly

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

  8.6 Business Ratios

  Download tax preparation business plan sample in pdf

OGS capital professional writers specialized also in themes such as business plan for bookkeeping services , finance business plan , business plan for holding , insurance agency business plan , business plan for payday loan , credit repair business plan and many other business plan.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Tax Preparation Business Plan Template & Guidebook

Starting a tax preparation business requires extensive planning and research to ensure success. The #1 Tax Preparation Business Plan Template & Guidebook provides a comprehensive resource for any aspiring business owner looking to make their vision a reality. This guidebook offers actionable advice and tips for developing an effective business plan, as well as templates and resources to help you understand and organize the various components. With this comprehensive guide, you can develop a clear strategy for launching the tax preparation business of your dreams.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Tax Preparation Business [11 Steps]
• 25 Catchy Tax Preparation Business Names:

How to Write a Tax Preparation Business Plan in 7 Steps:

1. describe the purpose of your tax preparation business..

The first step to writing your business plan is to describe the purpose of your tax preparation business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a tax preparation business:

Our mission at XYZ Tax Preparation is to provide the highest quality, individualized tax services to our clients in an efficient, ethical, and cost-effective manner. We strive to create meaningful relationships with our clients and ensure that their individual tax needs are met by providing unparalleled customer service. We are committed to being a top provider of tax services in our community and providing accurate and reliable information to ensure compliance with IRS regulations.

2. Products & Services Offered by Your Tax Preparation Business.

The next step is to outline your products and services for your tax preparation business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your tax preparation business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your tax preparation business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your tax preparation business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a tax preparation business?

To run a Tax Preparation business, one will need the following equipment, supplies, and permits:

• Computer with a reliable internet connection
• Tax software
• Printer/scanner/copier
• Business license
• Filing cabinets or storage system for paperwork
• E-file provider authorization from the IRS

5. Management & Organization of Your Tax Preparation Business.

The second part of your tax preparation business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your tax preparation business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Tax Preparation Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a tax preparation business varies based on many different variables, but below are a few different types of startup costs for a tax preparation business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your tax preparation business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your tax preparation business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your tax preparation business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Tax Preparation Business Plans:

Why do you need a business plan for a tax preparation business.

A business plan for a tax preparation business is an important document that outlines the goals and objectives of the business, describes how it will be organized and operated, evaluates potential risks and rewards, and provides estimates of expected costs, income and other financial information. It is an essential tool for getting financial backing from investors or lenders, as well as being a key factor in determining success. A comprehensive business plan also helps in understanding the current market conditions and setting realistic goals.

Who should you ask for help with your tax preparation business plan?

You should consult with an accountant or tax preparation professional to get help with your tax preparation business plan. This professional can provide you with valuable insight into the necessary steps to set up a successful business, such as document filing requirements, operational costs, and potential revenue. Additionally, depending on the scope of your business plan, you may also need to speak with a lawyer to ensure that you are compliant with all local, state and federal regulations.

Can you write a tax preparation business plan yourself?

Yes, it is possible to write a tax preparation business plan yourself. Writing a business plan can help you gain insights on how to start and run a successful tax preparation business. A comprehensive business plan should include details about the target market, services provided, competitive landscape, marketing strategy, financial projections, management team and more. Researching the industry and consulting with other professionals such as lawyers or accountants can help you develop an effective and comprehensive plan for your tax preparation business.

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Tax Preparation Company Business Plan Template

Document description.

This tax preparation company business plan template has 35 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our tax preparation company business plan template:

[COMPANY NAME] [NAME] - Owner [ADDRESS] [CITY, STATE ZIP] (XXX)XXX-XXXX T (XXX)XXX-XXXX F [EMAIL]

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3,000+ templates & tools to help you start, run & grow your business, all the templates you need to plan, start, organize, manage, finance & grow your business, in one place., templates and tools to manage every aspect of your business., 8 business management modules, in 1 place., document types included.

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7 planning considerations for this fiscal year

If you’re the person who’s always helping family and friends prepare their taxes, it might be time to start your own business. After all, tax preparation is in demand every year, and you’ve found that you have a facility for finding solutions and helping people navigate the tax-code maze. Plus, the IRS’ stricter requirements for credentialing and continuing education create opportunities, as the casual tax preparers drop out and leave the field to entrepreneurs with dedication and drive. 

The first step is nailing down your business plan. This step-by-step guide shows you how easy and rewarding it is to get credentialed, write your plan and launch your business on the road to success. 

7 keys to creating a business plan for tax prep service 

Maybe you’d rather dive into your enterprise without a business plan, but research says that businesses with a plan grow more quickly and are likelier to succeed than those without one. Fortunately, your business plan doesn’t have to be long and complicated. Even a lean one-pager can launch your business with a direction and destination in mind. In fact, research also shows that simpler plans are updated more often and are easier to review.  

Effective business plans discipline you to set regular goals, track your progress and adapt as you learn more about your customers.  

Follow these seven keys to writing a business plan, and your tax practice will take wing.

Proper training and continuing education 

People trust their tax preparers with the solemn responsibility of helping them navigate the tax-code maze. That’s where proper training and continuing education enter the picture. Consider these two credentials that project professionalism and expertise: 

• Enrolled Agent (EA): The enrolled agent is the IRS’ highest credential for tax preparers. The EA confers unlimited practice rights, giving you the power to represent your client before the IRS, everywhere in the U.S. As an EA, you become an indispensable adviser with higher earning power as clients seek out your help year-round. The credentialing process includes an IRS exam, so if you decide to become an EA , Surgent Income Tax School can set you up for success. After you’ve taken a few tax courses and think it’s time to rise to the next level, consider registering for the Surgent EA Review course . It’s the fast track to becoming an enrolled agent, from an industry leader in EA Exam preparation.  
• Certified Public Accountant (CPA): The Certified Public Accountant process is rigorous, but attainment proves your mastery of tax matters for a wide range of clients. 

Continuing education is a mainstay in credentialing and professionalism because the tax code is complex and ever-changing. Surgent Income Tax School offers a variety of highly relevant CE courses to help you stay compliant on tax law changes and up-to-date with trends in tax preparation. 

Marketing strategies for your tax prep business 

Building a social media presence establishes your brand, differentiates your services, builds engagement and loyalty, and attracts new clients.  

But remember that social media demands a constant stream of content. Map out a weekly or monthly social media schedule, and consider these ideas for keeping it fresh: 

• Blogs: Establish yourself as a tax-preparation expert by offering advice, answering frequently asked questions or sharing your take on current events. 
• Infographics: Visuals get attention, and with a Canva account, you don’t need to be a graphic artist to explain taxation issues in pictorial form. 
• Memes: Show your sense of humor by sharing relevant memes or making your own.   
• Videos: Videos drive engagement. Keep them under 60 seconds, and add text in case the viewer turns off the sound. 
• Q&As: Show your expertise and offer value to potential clients. 
• Promotional material: Go easy on self-promotion, but occasionally share client testimonials, descriptions of your services and any deals or specials you might be offering. 
• Polls: Everyone likes to share their opinions. Create quick polls with questions related to preparing taxes. 

Provide excellent customer service 

In a competitive field, how do you stand out from the crowd? Customer service is the key to differentiation. These techniques build loyalty and attract new clients: 

• Be a good listener: Find out what’s important to your clients. 
• Be a clear communicator : Make it clear from the outset what you will deliver and what you expect from your client.  
• Give more than expected: Value-add means offering a little extra, even if it’s preparing your client’s teenage child’s 1040EZ for free. Or share a special treat, such as gourmet coffee or cookies on the table.  
• Treat your employees and clients well : Thank your employees, share fun excursions or office perks (chair massages are always welcome) and provide the training and equipment they need to do their jobs. When they’re happy in their work, they will be pleasant and helpful with your clients. While you’re at it, thank your clients, too. Make sure they have everything they need to make tax time easier. 
• Ask for feedback: In person or by survey, find out what clients think of your services and manners. Be open to constructive criticism, and show that you’re listening by crafting solutions.  
• Provide year-round attention : Keep in touch, and top of mind, with monthly email updates. Share tax tips, office news and even personal notes on your life and family. Let your clients get to know you, and they’ll be more comfortable sharing their personal information with you at tax time.  

Manage your time

Tax time is insanely busy, but it’s also the most critical time for paying attention to detail. Stay focused and productive with these tips: 

• Create multiple lists : Create that daily list of the things to finish each day but get more done by complementing it with separate lists devoted to projects, monthly and annual goals, and personal goals. Put your dream accomplishments on a bucket list, and think about how to move them toward your goals lists. 
• Prioritize your lists: When you tackle your easy tasks first, you don’t accomplish much of significance. Instead, try Brian Tracy’s classic “Eat That Frog” approach. Tackle the most productive item, even if it’s the ugliest frog on the list, and things will start to happen. 
• Make time to get work done: Create “do not disturb” time and stop checking emails constantly. Instead, schedule times for checking email at regular intervals. 
• Re-evaluate your lists: Review regularly and ask if delegating the simpler tasks frees your time for more lucrative pursuits.  

Make sure you get paid

When you think about launching your business, it’s possible that you didn’t think much about the crucial matter of getting paid. You might even dread the idea of chasing after clients with unpaid invoices. Developing a strategy upfront helps you avoid the aggravation and get paid more quickly, so try these tips: 

• Put due dates prominently on invoices. Terms like “net 14 days” get less attention than actual dates. 
• Include the invoice with the tax return. 
• Ask for payment up-front or a 50% deposit when you meet clients and collect documents. 
• Accept credit cards or use electronic payment exchanges. 
• Send overdue accounts a red invoice. Often, bills go unpaid because the recipient is distracted or didn’t get around to it. Red gets their attention.  
• Offer a payment plan. For clients with complex tax returns, a payment plan can help them stretch out their budgets. 

Diversify your tax prep services

Fill your business plan with a slate of diverse services and you muscle up your year-round earning power. Consider these possibilities: 

• Business tax preparation and consulting : As you pursue continuing education and earn your EA credential, you learn more about preparing business returns. Put that knowledge to good use by marketing your business capabilities. 
• Payroll tax filings: Let your small-business clients know that you can take payroll tax filings off their hands. 
• Tax representation: When your clients have business to conduct with the IRS, you can be at their side if you’re an enrolled agent. 
• Tax planning services: Think back to your tax-time clients who made choices that cost them on their tax returns. Offer consultation on planning that minimizes their tax liabilities next year.  
• Financial services: While preparing taxes, you report on your clients’ IRAs, 401(k)s and other investment vehicles. Expand your pool of year-round clients by helping them manage, protect and maximize their investments. 

Sample business plan for tax preparation service 

Now that we’ve covered the essentials of starting and growing a business , it’s time to corral them into a business plan. For a comprehensive plan, include these elements: 

• Executive summary: A good executive summary puts the key points of your plan in bullet points. Write it after the rest of the plan is complete, and you’ll have a quick reference you can check frequently for review and updates. 
• Products and services: Describe exactly what you will offer your clients. There is tax preparation for individuals, of course, but you can also offer bookkeeping, bank products that streamline how clients get their refunds, and tax prep for sole proprietors and freelancers. 
• Market analysis: Draw a picture of the business landscape, identifying target customers and their needs, fees that clients typically pay, the competition, the regulations and requirements you face as the cost of doing business. Scrutinizing the specialties of potential competitors can reveal voids that you can fill – perhaps offering tax preparation for gig workers out there delivering restaurant meals or shared rides. 
• Execution: This is where you detail your market plan, customer acquisition strategy, necessary equipment, location and timeline for important events and target dates. The timeline makes it more likely that you’ll reach your goals. 
• Financial plan: Numbers matter. Here’s where you detail start-up and operational costs, your fees, the number of clients you’ll need to make a profit and projected profits for the first year. 

Put your business plan for tax prep service into action 

Think about the things that go more smoothly with a plan in place. Vacations. Business trips. The daily rush of family life. A plan helps ensure your satisfaction and productivity, and that’s true for launching a business. Even if you’ve been preparing tax returns for several years, you’ll find that stepping back and gathering your goals into one document provides focus and direction.  

The highly relevant courses from Surgent Income Tax School equip you with the latest knowledge in tax preparation. Add a credential such as the enrolled agent, and you establish yourself as a capable, recognized professional. Take these steps to attract new clients and add value for existing clients, and your business will grow according to plan. Check out our website for a list of continuing education courses that can take your tax prep business to the next level. 

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How to Create a Business Plan for Your Tax Practice

Before you create your tax and accounting business you should establish a clear vision of what you want your company to become. One of the best ways to do this is to create a business plan.

Before you create your tax and accounting business you should establish a clear vision of what you want your company to become. The more you focus your overall vision, the more likely you are to achieve it. One of the best ways to do this is to create a business plan.

A business plan is often referred to as the roadmap of a business. It’s a comprehensive document that outlines important aspects of your current and future business operations. It also helps give your business direction by clarifying your objectives and goals. In this video, we walk through seven things you will want to consider while creating a business plan for your tax practice.

Number one: The type of entity

An important step in your business planning process is to decide what type of entity you will identify as. The different types of business entities are limited liability companies, also known as LLCs, C corporations, S corporations, partnerships, and sole proprietorships. Each has specific legal rights and responsibilities, from tax requirements to lawsuits, the number of shareholders, and profit divisions.

Many small businesses start as sole proprietorships and only look into other types of entities as they grow. Sole proprietorships are the simplest type of entity. However, they don’t offer much legal protection from litigation or debt collection. As a sole proprietor or a member of a partnership, personal assets such as your house and savings account can potentially be seized to satisfy business debts. Organizing as an LLC is a good alternative for small businesses who want to separate their personal liability from business liabilities.

Number two: Insurance costs

Insurance is a costly expense but is extremely important. Purchase the necessary insurance to ensure that you and your company are protected against any unexpected liabilities. Common insurance selections for tax practitioners are professional liability and health insurance. If you want additional protection, you can also consider purchasing disability, business interruption, errors and omissions, or property insurance.

We know there are a lot of insurance options, but don’t feel like you have to get every one. We recommend clarifying what your risks are and moving forward as you see best. Whichever insurance options you choose, be aware of the recurring costs and ensure that they fit into your budget.

Number three: Finances and budgeting

Budgeting is one of the most important aspects of starting your own business, so make this one of your top priorities as you build your business plan. The initial time spent creating your budget will have a huge effect on the business you are planning. Not only will it help ensure that your finances are under control, but it will help give you the confidence you need to focus on creating a thriving business.

Your budget doesn’t have to be overly complicated. A simple spreadsheet detailing your expenses and income is a great place to start.

Number four: Client payment methods

It’s hard to manage your budget if your clients miss payment deadlines or neglect to pay them entirely. As a business owner, you should do all you can to prevent this. A business plan is a good place to formalize your strategy for effectively collecting accounts receivable. The easier you make it for clients to pay you, the easier it will be for you to collect your payments on time. Consider offering a combination of traditional and modern payment options to your clients, including check, credit card, PayPal, or other online services. There are also many cloud-based accounting softwares like Canopy that let you effortlessly send invoices directly to your clients.

Number five: Services offered

Focus on what you are best at and make it a foundation of your company. Some accountants prefer bookkeeping and tax preparation, while others prefer tax resolution and wealth management. Other accountants prefer to focus on a very specific type of client and provide a wide range of services to that niche.

Whatever you prefer, make sure you have a clear strategy articulated in your business plan. You may decide to broaden your offerings, but limiting your focus is extremely helpful as you’re getting your new practice off the ground. Not only will it help keep you from getting overwhelmed with limited resources, but it can also help you acquire more of the right kind of clients as you build your reputation in a specific area.

Number six: Scope

In addition to plans for the immediate future, a business plan is a good place to write down your goals for the long term. What do you want your business to look like two, five, and even ten years from now?

These goals will help you make better decisions today—decisions that help move you toward your long-term goals. For example, you would take very different actions if you wanted to be a small, sole proprietorship versus a top 100 firm. Scope should include how many people you want to employ, anticipated revenue, number of locations, etc. When determining your scope, be realistic, but don’t be afraid to give yourself a challenge to work towards.

Number seven: Executive summary

The most technical part of the business plan is the executive summary. It is a one page, written overview of your company that gives a quick snapshot of where the company is at. This summary is vital if you plan to look for startup capital to help jumpstart your tax practice. Whether you’re considering approaching investors or just getting a small-business loan, this summary will be one of your most important tools for securing startup money.

For this reason, the executive summary should summarize your entire business plan in an insightful and appealing way. A good executive summary should be attention-grabbing, easy-to-digest, and concise. Invest time and effort into your executive summary so it can sell the entire business to readers.

Be sure to   subscribe to our YouTube page   and follow along with the rest of our   How to Start a Tax Practice   series. 

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Sample Business Plan for a Virtual Tax Prep Business

June 1, 2023 by Jason Huskey

Executive Summary:

Our virtual tax preparation service, named “Virtual TaxPro”, aims to provide a convenient and efficient tax preparation experience for individuals and small businesses. Our objective is to simplify the tax preparation process and provide high-quality services to our clients at an affordable price.

Company Description:

Virtual TaxPro is a virtual tax preparation service that offers a range of tax preparation services to individuals and small businesses. Our team of experienced tax professionals is dedicated to providing the best possible service to our clients. Our mission is to make tax preparation easy and stress-free for our clients, while also providing expert advice and guidance to help them achieve their financial goals.

Market Analysis:

The tax preparation industry is highly competitive, with many established players in the market. However, there is a growing demand for virtual tax preparation services due to their convenience and affordability. Our target audience includes individuals and small businesses who are looking for a hassle-free tax preparation experience. We will differentiate ourselves from our competitors by offering personalized service and expert advice at an affordable price.

Service Description:

Virtual TaxPro offers a range of tax preparation services, including tax preparation and filing, tax planning, and tax advice. Our unique selling proposition is our personalized service and expert advice. We will work closely with our clients to understand their specific tax needs and provide tailored solutions to help them achieve their financial goals.

Marketing and Sales Strategy:

Our marketing strategy will focus on building brand awareness through social media, email marketing, and targeted advertising. We will also offer referral incentives to encourage our clients to refer their friends and family to our services. Our sales strategy will focus on providing exceptional service to our clients and building long-term relationships with them.

Financial Projections:

We anticipate generating revenue of $200,000 in our first year, with expenses of $125,000, resulting in a net profit of $75,000. We expect to grow our revenue by 20% each year, with a decreasing increase in expenses. We will reinvest a portion of our profits back into the business to support our growth and expansion plans.

Downloand a Microsoft Word version of this business plan below:

About Jason Huskey

Meet Jason Huskey, a CPA since 2011. When he's not crunching numbers, Jason enjoys unwinding by playing guitar and piano, sharing his love for music with his wife and three kids. He's also a computer programmer and the creator of Huskey Practice Manager, a tool designed to help streamline accounting practices. Here on the blog, Jason shares insights from his experiences in both accounting and tech.

How To Create A Tax Preparation Business Plan

by Annetta Powell | Mar 10, 2023 | Entrepreneurship , Tax Business

For the past decade, I’ve been helping business owners and aspiring entrepreneurs learn the ins and outs of the tax industry, including helping them create their own tax preparation business plan . 

If you’re not familiar with the process, you may be scratching your head, unsure of where to start. But fear not—I’m here to help. With more than 10 years of experience, I have the skills, insights, and resources to assist you in cultivating a top-notch tax preparation business plan.

In this piece, I’ll discuss business plans in more detail and give you all the tools you’ll need to start creating yours successfully, today!

…And while you’re here, don’t forget to register for my FREE online Masterclass training, ‘ Teach Me The Tax Game ‘ to learn how to increase your income with a new career in the tax industry, and potentially make $100K in just 120 days!

What Is A Business Plan? 

A good tax preparation business plan gives an overview of your business as it is today, as well as where you see it in the next five years. It delves into your business goals and the strategies you plan to use in order to reach them. A good business plan also covers any market research to support your ideas. 

Why Do You Need A Business Plan?

Point blank, if you want to start a brick and mortar or virtual tax preparation business , you need to have a viable business plan. Not only will it help you raise capital, but it will also allow you to map out your growth strategy—which will only play into your success.

Keep in mind that your company’s business plan should be viewed as a living, breathing document that should be revisited every year as your tax business advances.

Creating A Tax Preparation Business Plan

So, you know having a business plan is important, but what’s next? There are 10 essential elements to consider and include. 

• Executive Summary
• Company Overview
• Tax Industry Analysis
• Customer Analysis
• Competitive Analysis
• Marketing Plan
• Operations Plan
• Management Team
• Financial Plan

If it seems like a lot, that’s because it is. But don’t worry! Here I’m going to explain everything below.

1: Executive Summary

Your business plan’s executive summary is an introduction that outlines the key details of your tax company. It’s generally found at the end, not the beginning of your business plan, because it’s meant to summarize each of the key areas.

The summary should grab the attention of the person(s) reading it. Make sure to explain which type of tax preparation business you are operating and its current status. For instance, is your tax company new, is it a chain, or are you trying to grow an existing tax business? Next, summarize each of the fundamental parts of your plan.

2: Company Overview

This is where you write out, in detail, what kind of tax preparation business you’re running. You’ll also want to give a thorough background of your company.

Be sure to answer the following questions:

• Why and when did you start your tax preparation company?
• What goals have you reached? (number of employees, clients, profits, etc.)
• Define your legal framework: Is your business a Limited Liability Corporation (LLC) or are you operating as a sole proprietorship or S-Corp? 

3: Tax Industry Analysis

In this section, you’ll want to provide an analysis of the tax preparation industry. It can seem kind of silly, but I promise you it serves a few valuable purposes.

For starters, it teaches you about the tax industry, which helps you better understand the overall market for the services you’re providing. Additionally, a good tax industry analysis can boost your marketing plan, especially if it pinpoints current market trends.

Finally, an industry analysis shows the people reading it that you are an authority in your field—something you achieve by simply doing the research and laying it out in your business plan.

The main questions you want to answer in this segment are:

• What is the market size (in dollars) of the tax preparation industry?
• Who are the main competitors?
• Is the tax industry marketing increasing or decreasing?
• What are the current market trends?
• Who are the tax industry’s leading suppliers?
• What is the 5-to-10-year growth forecast of the tax preparation industry?
• How big is the target market for your business?

4: Customer Analysis

Like the industry analysis, the customer analysis is another important component of your tax preparation business plan. This is where you identify the consumers you currently provide tax services too, as well as the ones you want to service in the future. 

Example customer markets include businesses, individuals, families, and schools. Remember that the market you choose to target will influence what kind of tax business you run.

Start by categorizing your target audience based on two profiles: psychographic and demographic.

Demographic Profile

A demographic profile identifies genders, locations, ages, race, education, occupations, and income levels of the audience you’re trying to reach.

Psychographic Profile

A psychographic profile encompasses the interests, habits, and attitudes of a certain person in a group. It identifies the needs and wants of your target audience. The better you are at recognizing consumers’ needs, the easier it will be to attract and maintain them.

5: Competitive Analysis

This portion of your business plan should examine and discuss the direct and indirect competitors of your tax preparation business, with an emphasis on your direct competition—which in this case would be, other tax preparation companies.

On the other hand, your indirect competitors are alternative services that aren’t directly competing with the tax services you provide. An example of this would be using intuitive software programs like TurboTax or Credit Karma, or an on-sight professional to file their taxes.

For every competitor, give a summary of their tax business or services and determine their strengths and weaknesses. Given that you haven’t worked for them in the past, you may not be able to discover everything about them, but there are a few principal things you should be able to deduce with a little research.

Your competitive analysis should answer the following questions:

• What kinds of consumers do they service?
• Why type of tax prep business is it?
• What are the price-points?
• What do they do well?
• What do they need to improve?

When you think about the answers—specifically to the last two questions, try to imagine it from the consumers’ point of view. Don’t be scared to ask your competitors’ clients what they do and don’t like about the company. The information they give you will be valuable for identifying your competitive advantages, which happens to be the final part of your competitive analysis. 

Competitive Advantages

Ponder ways you can and will surpass your competition and write it down under the competitive advantages portion of your tax preparation business plan.

Here are some of the questions you should be answering:

• Do you plan on offering better customer service than your competitors?
• Are you going to make it easier for clients to use your tax services over others?
• What services and/or products do you provide that competitors don’t?
• Are your prices a better value than the competition?

6: Marketing Plan

Generally speaking, a good marketing plan includes four things: product, price, promotion, and place. These are known as the ‘Four Ps of Marketing’ and a reputable business plan should include them all.

In this portion of your business plan, you should echo the kind of tax preparation business that you discussed in your company overview. Next, itemize the exact tax services and products you’ll be selling.

This one is pretty simple. Here you’ll identify the prices you’ll be charging for services and products you will be offering to consumers.

Where is your tax preparation business going to be located? Do you have a brick-and-mortar location or are you operating virtually? Next, identify how the location is ideal for the clients you’re trying to reach.

Last, but certainly not least, is the promotion sub-section of your tax preparation company’s marketing plan . Here you want to archive how you plan to attract and engage potential customers.

There are a number of promotions you can consider for your tax preparation business: 

• Advertising on billboards, radio stations, in newspapers, magazines, newspapers, and/or the internet.
• Marketing with flyers or direct mail campaigns.
• Advertising on social media.
• Utilizing email marketing with tools from companies like Constant Contact.
• Investing in search engine optimization (SEO) for your website to target keywords used to increase user engagement and convert more leads to sales.

7: Operations Plan

While the previous areas of your tax preparation business plan talk about your goals, your operations plan discusses how you intend on reaching them. It should have two sub-sections: short-term processes and long-term goals.

Everyday Short-Term Processes

Identify all the daily duties that come with operating your tax preparation business. Include things like answering phone calls, giving consultations, billing customers, and receiving payments.

Long-Term Goals

These should be the goals you want your business to achieve. Maybe you want to reach a million dollars in sales by year five or acquire 100 new clients by the end of the year. Maybe you want to open a second location. Whatever your future business goals are, identify them here.

8: Management Team

When you hire a good team, your business has far more potential to succeed. Establish your key members’ background, with emphasis on their experience and skills conducive to growing a successful tax business. 

9: Financial Plan

Your business plan needs to contain your five-year business financial statement broken down by quarters or months in the first year and every year after that. Your financial statements consist of three things: balance sheets, cash flow statements, and income statements.

Balance Sheets

Balance sheets are all about pinpointing your tax business’s liabilities and assets, and even though they can contain a lot of valuable data, keeping it simple is your best bet for staying organized.

Income Statements

Known as a profit and loss statement or a P&L, income statements show your revenue and then subtract your business costs to determine what you made in profits—or didn’t.

Cash Flow Statements

When deciding how much money you’ll need to start or expand your tax business, your cash flow statement is where you turn. It also ensures that you won’t run out of capital along the way.

When devising your income statements, remember to include as many of the main costs as possible needed to open or grow a tax preparation business. Business taxes, rent, cost of supplies, insurance, and payrolls all need to be present in a good plan.

10: Appendix

Finally, at the end of your business plan is the appendix. Here you enclose all financial calculations along with any and all corroborative documents. For example, your business license or a copy of the lease affiliated with your tax business location.

Ready To Start Your Own Tax Preparation Business?

The importance of creating a tax preparation business plan can’t be overstated, and if you follow the guidelines I’ve so diligently laid out above, you’ll practically be an expert.

So, what are you waiting for? Knowledge is power y’all!

To learn about how you can successfully start and operate your own tax preparation business, visit The Wealth Connect for customized online training courses resources designed specifically to help you to excel in the tax industry space.

…Looking for even MORE ways to generate wealth? Don’t forget to secure your spot for my FREE online training course , ‘ Teach Me The Digital Products Game ‘ and learn the simplest, most cost-effective ways to grow your business this year!

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Sample Tax Preparation Firm Business Plan Template PDF

Tax preparation business plan sample.

A tax preparation firm is a business that assists people with financial services such as helping individuals as well as corporate firms to prepare and file tax returns.

Do you have a plan of starting a Tax preparation business but just do not have a clue on how to write a business plan for your proposed business?

Here is a sample business plan for starting a tax preparation firm.

• Executive Summary
• Products and Services
• Vision Statement
• Mission Statement
• Market Analysis
• Competitive Advantage
• Sales and marketing strategy
• Management Summary

EXECUTIVE SUMMARY Who we are

Idama Tax Preparation Inc. is a financial services industry licensed and registered, and is to be located in Miami, USA. Idama Tax Preparation Inc. would provide services such as income tax compilation services, income tax return preparation services, and other tax return preparation services for both individuals, big and small businesses.

By operating a private tax preparation business firm, we seek to alleviate from our clients the stress of financial accounting by providing user friendly blueprint that will help them pay their taxes without stress.

Why We Do It

Tax preparation is an important part of every business. Some ignore the whole process as a whole, until they are up to their necks in debt. This is where the services of Idama Tax Preparation comes in. our tax preparation services would help so many business be up to date with their taxes.

The Management

Idama Tax Preparation management team is one complete with professionals in the business. This team has over 5 years of cognate experience and are well certified and equipped to assist clients with their tax preparation needs.

PRODUCTS AND SERVICES

Idama Tax Preparation is going to offer tax preparation services in USA. We have the sole intention of working with individuals, small and medium enterprises, household, as well as large corporations interested in outsourcing their tax consulting requirements.

The following includes our business offerings.

• Personal and Business Income tax compilation services • Personal and Business Income tax return preparation services • Basic tax preparation services • Standard tax preparation services • Full-service tax preparation services • Tax-related financial services • Other financial consulting and advisory related services

VISION STATEMENT

To be able to provide for each and every of our clients professional and trustworthy tax preparation services without much stress.

We plan on becoming the leading firm providing tax preparation services in America and beyond within the first ten years of operation.

MISSION STATEMENT

To provide our key clients the best and most preferred tax preparation services available so we are not just seen as another financial service industry but as an indispensable partner in the industry.

MARKET ANALYSIS Market Trends

When it comes to the financial services industry, there are so many sectors involved and it definitely a large industry.

With this in mind, one thing that is conversant is the inability of most small and medium enterprises and other small businesses to afford the services of individual tax preparation service providers because of their high charge rate.

This is why most of them turn to tax preparation service firm for their tax preparation services, since it is relatively cheaper and less stressful.

Although the recent recession was not favorable for the financial industry and tax preparation industry was no different. But then, the rebound started a few months back and with more Americans required to pay tax, the landscape turned upwards.

Target Market

Small businesses, medium enterprises, entrepreneurs, individuals, large corporations are example of those who are in need of tax preparation services.

With this in mind, Idama Tax Preparation Inc. will cater to the tax preparation needs of individuals as well as households, startups and well established businesses and not leaving behind the large corporations in USA.

We are equipped with a well trained team of clientele that are client oriented and ready to assist our clients with their tax preparation needs.

Our products and services are specifically designed for the listed clients below.

• Individuals including entrepreneurs. • Small and medium Enterprises • NGOs • Large Corporate Organizations • Hotels, Restaurants, Malls and Schools

COMPETITIVE ADVANTAGE

The financial industry is one that is highly competitive, that fact cannot be denied. This is why we hope to beat the competition by being a tax preparation company that also offers online tax preparation services in addition to bookkeeping and financial auditing service.

This would help us in carving out a unique market that would focus on specific clients and meet their needs.

We would also provide quality service for our clients that is consistent and improved according to our clients’ expectations. This would be achieved since we have professional staff and a management team that is highly experienced in the financial industry.

Our employees would also be highly motivated and well taken care of. This would help to motivate them to serve our clients to the maximum.

SALES AND MARKETING STRATEGY

With the stiff competition witnessed in the financial and tax preparation industry, only the best hands can sustain a tax preparation business. It is in view of this that we have hired top-notch business developers to handle sales and marketing.

Our strategies have been put in place to attract clients. Some of these strategies include;

– Creating different tax preparation plans according to the needs of our clients. – Engaging direct marketing approach. – Leveraging on the power of the internet. – The reliance of word-of-mouth marketing from satisfied clients. – Advertising our business in relevant financial and business related magazines as well as on social media platforms.

MANAGEMENT SUMMARY

Idama Tax Preparation Inc. will be managed by a team of professionals with over 10 years of experience in the financial services industry. Our team will be led by Foma Richards who did her undergraduate and MSc. in Economics and Finance respectively.

Foma worked for a Tax preparation in the Canada for five years before relocating to the US.

We ensure we employ competent hands to help us build the business of our dream and meet customers’ expectation.

This business plan for Idama Tax Preparation Inc. will serve as the platform for the execution of her mission and vision in this highly specialized financial services industry. The founders are also of the opinion that this business plan can be subject to change, in order to accommodate any unforeseen changes that may occur in the credit repair services sub-sector, in the future.

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