What You Need to Know to Open a Tax Business

Crash Course: 3 hours, 2-5 p.m.

How to open and operate a tax office

A. Steps: Get your PTIN, EFIN,

B. Get Credentials: AFSP, EA

C. Interview Clients: Develop your Questionnaire

1. Clients with w-2 and 1099 from various sources
2. What software to use for individuals and businesses
3. How to input taxpayer’s data: Filing Status, Incomes, Adjustments, Deductions…
4. Form 8867: Earned Income credits, Child Tax, Education, Dependent Care
5. Clients with Small business
   1. Qualified Business Expenses
   2. How to use Mileage in Schedule B, C, D, E
   3. Home Office Expensing
   4. How to use Cost of Goods for clients in business of selling products
   5. Self Employed Insurance or Marketplace
   6. K-1 and Basis in business
   7. Payroll, Payroll Taxes
6. Clients with Rentals
   1. What questions to ask
   2. How to input Depreciation
   3. What expenses are qualified for Rentals
   4. Personal use and rentals: How to proportion expenses
7. Clients with Stocks and Digital Assets: How to use form 8949
8. Clients with Interest and Dividends, How to use Schedule B, in Foreign Account FinCen 114