Business Strategy

  • Benefits of Offering Multiple Payment Options as a Tax Preparer

    In the fast-paced world of tax preparation, providing exceptional service goes beyond just filling out forms and crunching numbers. It’s about creating a seamless experience for clients from start to finish, including how they pay for your services. In today’s digital age, offering multiple payment options can make a significant difference in client satisfaction and…

  • What Are the Different Kinds of Tax Preparers

    If you are a tax accountant or want to become one, the many different types of tax preparers can feel overwhelming. How do you choose the right one for your workflow and tax firm? Let’s look at different tax agents to see which category best fits your needs and goals. How to become a tax…

  • How to Become a Tax Preparer: Accreditation, Pricing, and More

    So you’re thinking about becoming a tax preparer. How much does it cost to file taxes, anyway? How much should you charge? What sort of schooling or credentials do you need to get? Clients entrust tax preparers with the responsibility of accurately filing their income tax returns. This trust extends to sharing intimate details of…

  • Navigating Information with a Tax Documents Checklist

    As tax season gets closer, providing a tax documents checklist to your clients is extraordinarily helpful. Helping them gather the appropriate information before you begin preparing tax returns saves a good deal of time in the long run, building rapport with your customer base and easing your own workload. Individuals should gather the following tax…

  • How to Contact IRS Agents as a Tax Professional

    Tax season can be a daunting time for many individuals and businesses, and the Internal Revenue Service (IRS) understands the importance of providing accessible assistance to address your inquiries. To help you navigate the intricacies of tax matters, we’ll guide you through the various channels available for reaching the IRS and obtaining the information you…

  • How to Get a Tax ID Number

    What is a FEIN? Is it different from an EIN? What tax identification numbers should I pay attention to, anyway? Navigating identification numbers may seem complex, but it’s essential for tax preparation. This discussion aims to make things clearer, breaking down the terminology and explaining the importance of different tax ID numbers. Whether you’re a…

  • Retirement Contribution Amounts Increased for 2024

    The Internal Revenue Service has passed along an early Christmas present of sorts to many taxpayers by increasing the maximum contribution amounts for 401(k) plans in 2024.  The contribution hike covers those employees who take part in 401(k), 403(b), or most 457 plans. Participants in the federal Thrift Savings Plan are also included in the…

  • Time to Renew PTINs for 2024 Tax Season

    We are just weeks away from a new tax season, and that means it’s time for tax professionals to renew their Preparer Tax Identification Numbers (PTINs). This identification number expires annually on December 31st for paid tax professionals.  There are currently some 800,000 active tax preparers who prepare federal tax returns for a fee which…

  • Errors and Omissions Insurance for Tax Preparers

    Tax preparers play a crucial role in helping clients navigate the complexities of tax returns and related financial matters. Even with the most professional of preparers and a high level of care in your work, mistakes are often inevitable components of tax preparation. Because of this, it’s important to know your options before an oversight…

  • How To Grow Your Tax Business

    In our modern competitive market, growing your business is not only an industry advantage, but a necessity. Learning where to start in taking practical steps toward upward growth can be challenging, but we at Drake are here to provide applicable insights into how you can grow your business. In this post, we’ll take a three-pronged…