Tax Strategies & Preparation Articles

There are countless small business owners just like you; many have waved good-bye to full-time employment and are working tirelessly in their home offices, trying to achieve financial freedom. Unfortunately some of them are not taking advantage of tax planning in order to protect themselves, their families, and their futures. That’s where you step in.

A great way to busy yourself in the off-season is to promote your tax planning and advisory services. As you help clients take advantage of tax benefits, year-round, they can use the information you provide to better plan for self-employed necessities like health insurance, retirement, and taxes.

Health Insurance

Without an employer to provide for their health benefits, many small business owners opt not to insure themselves and their families due to the often high costs. In doing so, they put themselves at financial risk. Senior Magazine Online claims that of the 41 million uninsured Americans, 60% of them are self-employed. If small business owners cannot secure coverage through a spouse’s benefits, they should find a medical plan for themselves and their families and then open a MSA (Medical Savings Account). All the money placed in the account is tax deductible and can be used to cover out-of-pocket medical expenses. Anything they don’t use remains in the account and is sheltered until withdrawn.

Retirement

Many small business owners also view retirement as an extravagance they can’t afford to worry about in the early years of their start-up. Unfortunately, those early years often turn into decades and, before they know it, they’ve reached retirement age and have yet to prepare for it. Some small business owners expect a windfall to cushion them and their lack of planning. Either way, many of these individuals don’t contribute to a retirement account, and again, put themselves at risk. Your job is to encourage clients to prepare for their retirement by finding a vehicle that matches their needs: Kreogh Plans, SEPS (simplified employee pension plans), tax-deductive IRAS (individual retirement accounts), annuities, Roth IRAs, etc.

Taxes

Good ole Uncle Sam won’t be making automatic withdrawals from business accounts in order to cover taxes. So the loyal, self-employed taxpayer must prepare for that time of year when the government requires its cut. This is where tax planning can help the small business owner take advantage of key tax benefits while retaining and organizing all necessary receipts, bills, etc. The small business owner should also open a special tax account into which money can be deposited throughout the year so they’ll be ready to file their taxes (and pay them in full) when the time comes. Nothing can cripple a business more than owing the IRS a lot of money in unpaid taxes.

Your skills are not seasonal; they are valuable year-round. You just need to market your services so that current and potential clients recognize their value. However, there are other ways to ensure that your business doesn’t slow down once tax season ends.

UAC Can Train You to Become a Complete Business Financial

You’ll draw in more clients when you can offer them more services than just tax preparation and tax planning. Consider all your current clients who would be happy to have you manage their accounting for them as well. Or imagine all those clients who would come to you for accounting services and then also ask you to file their taxes.

And the small business is an especially lucrative market. Small businesses have special needs, and 50% of them fail; much of that failure can be attributed to poor financial management. These small business owners aren’t good with numbers like you; they go into business because they’re good at developing their own special service, and that service isn’t accounting. Most of them need professional help, a small business accountant that will guide them to a more profitable business.

Become a Professional Bookkeeper

Universal Accounting Center has been teaching small business accounting for over 25 years! They train professionals like you how to help small businesses thrive. In just 60 hours you could become a Professional Bookkeeper and have those unique skills for this great niche market! Not only that, but UAC will teach you how to market your unique skills so you can get these clients through your front door.

Become a QuickBooks Specialist

Over 80% of small business owners use Intuit’s QuickBooks software to manage their accounting. So it makes sense that a small business accountant would be well-versed in QuickBooks. Becoming a QuickBooks Specialist enables you to train clients how to use the software. This becomes an additional service that makes you invaluable to the small business owner. Not only that, but it helps you setup a system in which you get information that you can easily use to manage their books. For a small investment you can increase your services and make your job a little easier!

If you order now, you could get these two programs for one low price! In a matter of months you can expand your business into a full-time venture, providing financial services for an extremely viable niche market. Enroll today and you will save money on this special package. Don’t wait! Order now!