Business Strategy
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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…
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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…
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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…
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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…
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Tips for Attracting More Clients
As a tax preparer, one of your primary goals is likely to attract more clients. After all, a growing client base is not only a sign of a successful business, but also a means to greater financial stability and professional growth. In today’s digital age, achieving this goal requires a multifaceted approach that combines a…
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Mission Statement for Tax Preparation Businesses
A well-crafted mission statement not only defines your purpose and values as a tax preparer, but also communicates your commitment to clients and stakeholders. Whether you’re an independent tax preparer or a tax preparation firm, we at Drake hope to provide you with insights to create a mission statement that reflects your identity and resonates…
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Due Diligence Checklist for Tax Preparers
As tax professionals, we understand that it can be a meandering process to go from documents to declarations, fraught with potential pitfalls. Because of this, a robust due diligence strategy isn’t just a matter of regulatory compliance—it’s an embodiment of the commitment to your clients’ financial well-being and professional integrity as a tax preparer. In…
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Jobs for Tax Preparers: Building a Career as a Tax Professional
While this post is intended to help preparers implement best practices throughout their careers, we also understand the importance of seeking career opportunities for themselves as tax professionals. If you’d like to read more about job ideas for tax preparers in the off-season, visit our blog here. The industry for tax professionals can naturally…
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Choose the Best Tax Preparation Software
In our current digital age, tax preparation software has become an indispensable tool for tax preparers, streamlining workflow and enhancing efficiency of offered services. With a myriad of options available in the market, it can be daunting for tax professionals to choose the best tax preparation software that aligns with their needs and preferences. At…