tax consultancy business plan

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 February 01, 2023

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

Content Approved by UpCounsel

• Cost To Do Business Taxes: Everything You Need To Know
• CPA Fees for Corporate Tax Returns
• What Is Tennessee Corporate Income Tax?
• Business Taxation Meaning
• Business Taxation
• LLC Tax Rates by State
• Business Income Tax
• What Is Washington Franchise Tax?
• States With No Business Tax
• How to Start a Business: A Comprehensive Guide for Entrepreneurs

Upmetrics AI Assistant: Simplifying Business Planning through AI-Powered Insights. Learn How

• 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 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:

• 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:

Tax preparation services:.

• For instance, your services may include tax preparation, accounting, tax resolution and representation, tax planning, and tax consulting.

Marketing & sales strategies:

Financial highlights:, call to action:.

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

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

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:

• 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.

Mission statement:

Business history:.

• Additionally, If you have received any awards or recognition for excellent work, describe them.

Future goal:

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:

• 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:

Competitive analysis:, market 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:

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:

Describe the tax preparation services your business will offer. This list may include services like,

• Preparation of federal, state, and local tax returns
• Review of tax documents
• Electronic filing
• Tax planning
• Audit assistance
• Tax resolution services

Describe each service:

• Tax resolution processes, for instance, include consultation, investigation, strategy development, negotiation, resolution, and ongoing compliance.

Quality measures:

• 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:

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):

• 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:

Marketing strategies:, sales strategies:, customer retention:.

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:

Staffing & training:

Operational process:, esoftware & technology:.

• 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:

Key managers:.

• 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:

Compensation plan:, advisors/consultants:.

• 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:

Cash flow statement:, balance sheet:, break-even point:.

• This exercise will help you understand how much revenue you need to generate to sustain or be profitable.

Financing needs:

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 .

Related Posts

Bookkeeping Business Plan

Hedge Fund Business Plan

How To Conduct Consumer Analysis

Writing a Business Plan Table of Contents

10 Components of Business Plan

How to do Competitive Analysis

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

Plan your business in the shortest time possible

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Create a great Business Plan with great price.

• 400+ Business plan templates & examples
• AI Assistance & step by step guidance
• 4.8 Star rating on Trustpilot

Streamline your business planning process with Upmetrics .

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. 

おトクにキレイになる情報が満載！

• 【ためるチャレンジ】ボーナスコインGET N
• 【スタンプカード】毎日押して大量コイン☆ N
• 【プレゼント】コインが当たる！ N
• 【すごろく】1位で必ず1万円分のコイン★ N
• lytaxadvisors.com
• 800円(税込)以上の お買い物で送料無料

メンテナンスのお知らせ  | 新お買い物特典プログラム

激安価格の ★確実正規品★GUCCI Tシャツ・カットソー(メンズ)の通販 Tシャツ　豹　Sサイズ★ メンズ

ブランド: ★確実正規品★GUCCI

商品のお届けについては こちら よりご確認ください。

SHOPPING が販売、発送いたします。

当日発送可 (14:00までのご注文が対象)

• ※ ご注文内容・出荷状況によっては当日発送できない場合もございます。 詳しくは こちら よりご確認ください。
• ※ ポストにお届け / 一点のみ購入でご利用可能です。 ゆうパケットでのお届けの場合はサンプル・ノベルティが対象外となります。 ゆうパケットには破損・紛失の保証はございません。 詳しくは こちら よりご確認ください。

★★★★★ 2024-05-13 普段用 店舗で香りを確認してから購入したので間違えありませんでした。男女共使用できる素敵な香りです♪ kvr*****さん 21歳 アトピー クチコミ投稿 1件 購入品

★★★★★ 2024-05-01 神でした!! 今回、市販のマニキュアで真っ赤になり美容院に助けを求めたら緑にされ、違う美容院に行ったら赤と緑の見事なツートンヘアになりました(;_;)美容院で緑が抜けるまで待つしかないと言われましたが、とてもそれを待てる状態ではなく、色々探してるうちにこの商品に辿りつきました。半信半疑でしたが、今より酷くなる事はないだろぉと試してみたところ緑も赤も綺麗に抜けました！少しオレンジがかった色だったので、その上に市販のカラーを使いベージュ系の落ち着いた感じに仕上がりました！大満足です！レビューで、数日後に黒く戻ったとゆうのがありましたが私は大丈夫でした。シッカリ落とさないと色が戻るかもと書いてあったので3回シャンプーをしました。もしまたおかしな髪色になった時はリピしたいと思っています(*^^*) zln*****さん 25歳 アトピー クチコミ投稿 3件 購入品

★★★★★ 2024-05-19 検品があまい商品 ファスナーが半分しかおろせませんでした。ファスナー部分まで縫われていたからです。びっくりしました、、、幸い娘は細身なので着用できましたが、標準体型のお子さんだと、着用できなかったと思います。縫製があまいですし、生地も薄く若干透けます。ただ、デザインはかわいいと思います。1日限り、短時間着用には良いと思います。 jng*****さん 28歳 アトピー クチコミ投稿 4件 購入品

★★★★★ 2024-05-08 注文して直ぐに届きました。普通のキャッチだと外れてピアスをなくしてしまう事が多かったのですが外れる事は有りません。ただ外すのに時間が掛かる為に星４つにしました。 psh*****さん 26歳 アトピー クチコミ投稿 4件 購入品

★★★★★ 2024-05-18 かっこよかったです！ 急に子供の甚平が必要になりましたが、頼んだ翌日に送ってもらい助かりました。甚平も実際見るとすごくかっこよく大変気に入りました。また今後もお世話になりたいです。 zlx*****さん 50歳 アトピー クチコミ投稿 4件 購入品

★★★★★ 2024-05-16 値段ですね 他店よりも値段が安かったのが決め手です。 nxk*****さん 35歳 アトピー クチコミ投稿 4件 購入品

★★★★★ 2024-05-09 手ごろ感がjustです size的にちょっと小さいかな...とも思いましたが、毎日のsmoothieに使うのにはジャストな感じでした！お値段もお手頃で良いカンジです。 res*****さん 41歳 アトピー クチコミ投稿 5件 購入品

★★★★★ 2024-05-24 大きめです。 身長158cm体重68kgバスト100cmの上半身おデブちゃんです。19ABRサイズを購入しました。商品レビューの皆さんの意見と同じく、少し大きめ？に感じました。もうワンサイズ下でも良かった感じです。しかし、おデブちゃんがいつも失敗するのがと意外と小さくて失敗！なんてことがあるとおもいます。そんな心配はいりません。次はもつワンサイズ下のものを購入しようと思います。 nxc*****さん 41歳 アトピー クチコミ投稿 1件 購入品

★★★★★ 2024-05-08 ベージュフリルを購入 他の方がレビューに書いてあるとおりUVカット100%ではないです。商品の紹介画像の所にも99パーセントとの記載があります。商品のタグにはProtection from Ultra viovet ray 99.99%overProtection from Sun light 99.99%overと記載してます。ベージュのフリルを購入して傘の内側は外側と同じベージュでしたが内側は黒が良かったです。黒かネイビーなら内側は黒かったのかなと他の方のレビューの通り少し重いかな？と感じたり持ち手は確かにツルツルなので汗とかハンドクリームを付けていたら滑るかもしれません。でもお安いのでワンシーズン使ってみて良かったら次は黒かネイビーを買ってみるか有名な100%遮光の傘にしようかなと思ってます。 cpe*****さん 45歳 アトピー クチコミ投稿 1件 購入品

• ベビー・キッズの商品一覧を見る
• トップスの商品一覧を見る

希少■カンタベリー オールブラックス■ビッグ刺繍 スタジャン 中綿ジャケット M

☆NIKE NSW VENTILE SHIRT ジャケット

ESTNATION ホワイトパンツ

ビークルラージストックトートバッグ　ネイビー

【50cm】【8mm】【18K刻印あり】【Miami Cuban】

このカテゴリのランキングをもっと見る

この商品を見ている人におすすめ

⭐️一眼レフデビュー⭐️お得なセット‼️Canon キャノン EOS Kiss X2⭐️

Paraboot : REIMS ランス コインローファー★UK7.5

【CGC9.5】メイド服のアスナ ヴァイスシュヴァルツ WS SAO プロモ

サイドショウ　1/6　ジャンゴ•フェット　スターウォーズ

MOSCHINO モスキーノ セットアップ ベアー グレー M

化粧品・コスメのクチコミランキング&お買物

試せる、出会える、運命コスメ

ヘルプ&ガイド

• ショッピングサービス利用規約
• 個人情報の取り扱いについて
• 特定商取引法に基づく表示
• 商品に関するお問い合わせ
• お問い合わせ（メンバー用）

SHOPPINGについて

への掲載・ビジネス活用

• Start free trial
• About Canopy
• Practice Management
• Highlighted Features
• Future-Focused Firms
• Data-Driven Firm Management
• Practice Optimization
• Communication & Collaboration
• Content Hub
• Why Canopy?
• Case Studies
• Implementation
• Training & Professional Services
• Company Info

Schedule your Canopy Demo.

• Canopy Features and News
• Client Relationships
• Document Management
• Industry News
• Marketing Your Practice
• Product Updates
• Tax Preparation and Planning
• Tax Resolution

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. 

Related Content

10 Benefits of Managing a Virtual Accounting Firm

There are many reasons to consider starting a virtual accounting firm. Perhaps you are just starting up and don’t have...

8 Ways to Help Small Business Clients be Financially...

As an accountant, you work with a variety of clients with different needs. One group of clients that can help you grow...

6 Simple Steps to Make Your Accounting Practice a Success

When anyone sets out to start a business, it's normal to feel a little overwhelmed ― it seems like there are as many...

Get Our Latest Updates and News by Subscribing.

Join our email list for offers, and industry leading articles and content.

How To Write a Business Plan for Tax Consultancy: Checklist

By alex ryzhkov, resources on location independent tax consultancy.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you passionate about helping small businesses and individuals navigate the complex world of taxes? Do you dream of running a location independent tax consultancy that leverages advanced technology to offer virtual consultations and personalized tax strategies? If so, you're in luck! The accounting and remote work industry is flourishing, and there has never been a better time to start your own tax consultancy.

The accounting and remote work industry has experienced exponential growth in recent years, driven by the increasing popularity of remote work and the need for expert tax advice among small businesses and individuals. According to recent statistics, the global remote work industry is expected to reach a market value of $463.9 billion by 2027.

In this blog post, we will provide you with a step-by-step checklist on how to write a business plan for a location independent tax consultancy specializing in the accounting and remote work industry. By following these steps, you will be well on your way to starting your own successful tax consultancy and helping your clients maximize their tax savings and achieve financial success.

• Step 1: Identify the target market and define the specific services to be offered
• Step 2: Conduct market research to assess the demand and competition
• Step 3: Determine the legal structure and register the business
• Step 4: Define the business goals, objectives, and mission statement
• Step 5: Create a pricing strategy and set financial projections
• Step 6: Develop a marketing plan and create a brand identity
• Step 7: Build a network of potential clients and partners
• Step 8: Identify the necessary resources and tools for the business
• Step 9: Establish a system for tracking and managing finances and taxes

Each of these steps is crucial in developing a comprehensive business plan that will set you up for success in the location independent tax consultancy industry. So, let's get started!

Identify The Target Market And Define The Specific Services To Be Offered

When starting a location independent tax consultancy, the first step is to identify your target market . This involves understanding the specific industries or individuals that are in need of tax advisory services. For example, you could focus on small businesses in the remote work industry or individuals who work as digital nomads.

Once you have identified your target market, it is important to define the specific services that you will offer. This could include tax planning, tax preparation and filing, or even providing advice on tax-efficient financial strategies. By defining your services, you can position yourself as an expert in the field and attract clients who have specific tax-related needs.

Tips for Identifying the Target Market and Defining Services:

• Research the tax consulting needs of your target market to determine the specific services that are in demand.
• Consider your own expertise and the areas where you can provide the most value to your clients.
• Identify any niche markets within your target industry that may have unique tax requirements.
• Survey potential clients to gather insights on their pain points and tailor your services accordingly.

By clearly identifying your target market and defining the specific services you will offer, you can effectively position your location independent tax consultancy and attract clients who are in need of your expertise. This step forms the foundation of your business plan and sets the stage for further development and growth.

Conduct Market Research To Assess The Demand And Competition

Before starting a location independent tax consultancy, it is crucial to conduct thorough market research to understand the demand for your services and the competitive landscape. By conducting market research, you can identify potential clients, determine their needs, and analyze the competition to gain a competitive advantage.

Here are some important steps to follow when conducting market research:

• Identify your target market: Determine the specific industries, businesses, or individuals you want to serve. This will help you tailor your services and marketing efforts accordingly.
• Define your unique selling proposition (USP): Identify what sets your tax consultancy apart from your competitors. This could include specialized expertise, unique service offerings, or innovative technology solutions.
• Study the demand for tax consultancy services: Analyze the current market trends and demands within the accounting and remote work industry. Look for gaps or opportunities that you can leverage to meet the needs of your target market.
• Analyze the competition: Research and analyze other tax consultancies operating in the same market. Identify their strengths, weaknesses, pricing strategies, and service offerings. This will help you differentiate your business and develop a competitive pricing strategy.
• Conduct surveys and interviews: Reach out to potential clients and industry professionals to gather insights about their tax consultancy needs and preferences. This primary research will provide valuable information for developing your business strategies.
• Utilize online survey tools to gather data efficiently from a large audience.
• Join industry forums and engage with professionals in the accounting and remote work industry to gain insights and build relationships.
• Consider hiring a market research consultant or outsourcing the research if you lack the expertise or resources to conduct it internally.

By conducting comprehensive market research, you will be equipped with the necessary knowledge to understand the demand for your services, identify your target market's needs, and develop strategies to position your location independent tax consultancy as a favorable choice in a competitive industry.

Determine The Legal Structure And Register The Business

Choosing the right legal structure for your location independent tax consultancy is a critical step in establishing your business. It will determine your tax obligations, legal liabilities, and the level of control you have over your company. Here are some key considerations to help you determine the legal structure and register your business:

• Research Legal Structures: Familiarize yourself with different legal structures such as sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure comes with its own advantages and disadvantages, so it's important to understand which one aligns best with your business goals and objectives.
• Consult with Professionals: Seek advice from a tax advisor or business attorney who can provide guidance on the legal requirements and implications associated with each structure. They can help you choose the most suitable option based on your specific circumstances.
• Consider Liability Protection: If protecting your personal assets from business liabilities is a priority, forming an LLC or a corporation may be advantageous. These legal structures typically offer limited personal liability, meaning your personal assets would generally be shielded from any business debts or legal claims.
• Research Local Regulations: Look into the specific registration requirements and regulations for your location. Contact your local government agencies to obtain the necessary licenses, permits, and tax identification numbers required to operate your tax consultancy legally.
• Register Your Business: Once you have determined the most appropriate legal structure, register your business by filing the required paperwork with the relevant authorities. This may include registering with the appropriate state or provincial agencies, obtaining an Employer Identification Number (EIN), and any other necessary registrations.
• Consider the long-term goals and growth potential of your business when selecting a legal structure.
• Review the tax implications associated with each structure to ensure compliance and optimize your tax advantages.
• Keep in mind that legal structures can often be changed as your business evolves, so it's not a decision set in stone.
• Seek professional advice to ensure you incorporate your tax consultancy in the most advantageous way.

Define The Business Goals, Objectives, And Mission Statement

Defining clear business goals, objectives, and a mission statement is crucial for the success of a location independent tax consultancy. These provide a roadmap and guide the direction and focus of the business. Here are the steps to define the business goals, objectives, and mission statement:

• Identify specific goals: Begin by identifying the broad goals that you want to achieve with your tax consultancy. These may include financial goals, such as revenue targets or profit margins, as well as non-financial goals like client satisfaction or expansion into new markets.
• Create SMART objectives: SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Develop objectives that align with your goals and fulfill the SMART criteria. For example, a specific objective could be to increase client base by 20% within the next six months.
• Formulate a mission statement: Your mission statement should encapsulate the purpose and values of your tax consultancy. It should define your unique selling proposition and how you aim to serve your clients. Keep it concise, clear, and impactful.
• Involve key stakeholders, such as employees or business partners, in defining the goals and objectives to ensure alignment and collective buy-in.
• Regularly review and reassess your goals and objectives to stay adaptable and responsive to changing market dynamics.
• Consider incorporating sustainability or social responsibility goals into your mission statement to demonstrate your commitment to ethical business practices.

Create A Pricing Strategy And Set Financial Projections

Setting an appropriate pricing strategy and establishing financial projections are crucial steps in creating a successful business plan for a location independent tax consultancy. These key elements will not only help determine the financial viability of your business but also ensure that your services are priced competitively and reflect the value you provide to your clients.

1. Determine your pricing strategy:

• Consider factors such as the market demand, competition, and your unique value proposition when deciding on your pricing strategy.
• Research the pricing models used by other tax consultancies and accounting firms to gain insights into industry standards.
• Decide whether you will offer hourly rates, package deals, or a combination of both, and tailor your pricing structure to suit the specific needs of your target market.
• Ensure that your pricing strategy covers your costs, including taxes, software subscriptions, and other overhead expenses, while also allowing room for profitability.
• Consider offering different pricing tiers or packages that cater to various client needs and budgets.
• Regularly review and adjust your pricing strategy to remain competitive and aligned with the changing market dynamics.

2. Project your financials:

• Develop a comprehensive financial projection model that includes your expected revenue, expenses, and anticipated profitability over a specific period, typically the first three to five years of your business.
• Consider factors such as your target market size, growth potential, and pricing strategy when projecting your revenue.
• Identify and estimate your fixed and variable costs, including marketing expenses, software subscriptions, office supplies, and professional fees, to determine your anticipated expenses.
• Regularly review and update your financial projections as your business evolves to ensure accurate forecasting and informed decision-making.
• Consult with a financial advisor or accountant to ensure the accuracy and feasibility of your financial projections.
• Consider incorporating contingency plans in your financial projections to account for unforeseen expenses or fluctuations in the market.
• Regularly monitor your actual financial performance against your projections to identify any discrepancies and take corrective measures if necessary.

By creating a well-defined pricing strategy and setting realistic financial projections, you will be better equipped to make informed decisions about your business's financial future. These steps will help you position your location independent tax consultancy for success and ensure that you offer your clients competitive pricing while maintaining a sustainable and profitable operation.

Develop A Marketing Plan And Create A Brand Identity

Developing a marketing plan and creating a strong brand identity are essential steps for any business, including a location independent tax consultancy. These steps will help you establish a strong presence in the market, attract potential clients, and differentiate yourself from the competition.

Here are some key points to consider when developing your marketing plan:

• Identify Your Target Audience: Determine who your ideal clients are and understand their needs and pain points. This will help you tailor your marketing efforts and messages to resonate with your target audience.
• Define Your Unique Selling Proposition: Clearly articulate what sets your tax consultancy apart from others in the market. Highlight your expertise in the accounting and remote work industry, as well as your ability to provide personalized tax strategies and efficient tax preparation services.
• Select Marketing Channels: Choose the marketing channels that will best reach your target audience. Consider digital platforms such as social media, professional networking sites, and online advertising, as well as traditional marketing methods like direct mail and industry events.
• Create a Brand Identity: Develop a strong and memorable brand identity that reflects your expertise and values. This includes designing a logo, choosing brand colors and fonts, and creating consistent brand messaging across all marketing materials.
• Build an Online Presence: Establish a professional website and optimize it for search engines to increase your visibility online. Consider creating valuable content through a blog or resource center to position yourself as a thought leader in the industry.
• Engage with your target audience on social media platforms relevant to the accounting and remote work industry. Share valuable insights, answer questions, and participate in industry discussions to establish yourself as a trusted advisor.
• Consider partnering with complementary businesses, such as virtual assistants or remote work platforms, to expand your reach and offer joint promotions or cross-referral opportunities.
• Collect client testimonials and case studies to showcase the positive outcomes your tax consultancy has achieved for clients. This social proof can significantly influence potential clients' decision-making process.

By developing a comprehensive marketing plan and creating a strong brand identity, you will be well-positioned to attract and retain clients for your location independent tax consultancy. Remember to regularly evaluate your marketing efforts, track key metrics, and make adjustments as needed to ensure you are effectively reaching your target audience.

Build A Network Of Potential Clients And Partners

Building a strong network of potential clients and partners is crucial for the success of your location independent tax consultancy. Networking allows you to connect with individuals and businesses who may require your services or have the potential to refer clients to you. Here are some steps to help you build your network:

• Attend industry events and conferences: Participate in conferences, seminars, and workshops related to tax consultancy, accounting, and remote work. These events provide valuable networking opportunities where you can meet potential clients and partners who share common interests and goals.
• Join professional organizations: Become a member of relevant professional organizations such as local chambers of commerce, business associations, and tax consultant networks. These organizations often host networking events and provide a platform to connect with industry professionals and potential clients.
• Utilize online platforms: Leverage the power of social media platforms and online communities to connect with potential clients and partners. LinkedIn is particularly useful for building professional connections and showcasing your expertise in the tax consultancy field.
• Offer value-added content: Create informative blog posts, articles, or videos addressing tax-related topics and share them on your website and social media platforms. This positions you as an expert in the field and attracts potential clients who are seeking valuable information.
• Collaborate with complementary businesses: Identify businesses that offer complementary services, such as remote work platforms, virtual assistant agencies, or coworking spaces. Establish partnerships where you can cross-refer clients and collaborate on joint marketing initiatives, expanding your reach to a wider audience.
• Always follow up with potential clients and partners after networking events to nurture the relationship and explore potential collaboration opportunities.
• Consider offering a referral program to incentivize clients and partners who refer new clients to your tax consultancy.
• Be proactive in reaching out to potential clients and partners via personalized emails or LinkedIn messages. Clearly communicate how your services can benefit them and their business.
• Regularly update your network about new services, industry updates, and any special promotions or discounts to keep them engaged and informed.

Identify The Necessary Resources And Tools For The Business

When starting a location independent tax consultancy, it is crucial to identify the necessary resources and tools that will enable you to operate efficiently and effectively. Here are some key resources and tools you should consider:

• Technology: Invest in reliable hardware such as computers, laptops, and mobile devices. Additionally, ensure you have a stable internet connection and essential software for accounting, tax preparation, and communication.
• Virtual Communication Tools: As a location independent business, communication plays a vital role. Utilize virtual communication tools like video conferencing platforms, instant messaging apps, and project management software to stay connected with clients and team members.
• Cloud-Based Storage: Embrace cloud-based storage solutions to securely store and access important files and documents from anywhere. This will allow you to easily share tax-related information with clients or colleagues.
• Professional Networking Platforms: Join networking platforms like LinkedIn or industry-specific forums to connect with potential clients and partners. These platforms can help you expand your network and gain valuable insights from industry experts.
• Industry Associations and Publications: Stay updated with the latest tax regulations and industry trends by joining relevant industry associations and subscribing to authoritative publications. This will enable you to provide accurate and up-to-date tax advice to your clients.
• Research Tools: Access to reliable research tools and databases is essential for a tax consultancy. Consider subscribing to online tax research platforms and databases to enhance the quality of your services.
• Professional Development Resources: Continuous learning is crucial in the constantly evolving field of tax consultancy. Invest in resources such as online courses, webinars, and professional certifications to stay ahead and provide top-notch services.
• Backup and Security Measures: Establish a robust backup system to ensure the safety of your clients' data. Implement security measures like firewalls, antivirus software, and data encryption to protect sensitive information.
• Consider using project management tools to streamline your workflow and keep track of client deadlines and deliverables.
• Explore accounting software with integrated tax features to help manage client finances and facilitate tax preparation.
• Regularly update your technology and software to stay current with industry advancements and improve efficiency.
• Invest in backup solutions that offer off-site storage or cloud-based backups for added protection against data loss.
• Join online communities and forums to connect with fellow tax consultants and exchange insights and advice.

By identifying and investing in the necessary resources and tools, you can ensure that your location independent tax consultancy is equipped to deliver high-quality services to clients while maximizing your operational efficiency.

Establish A System For Tracking And Managing Finances And Taxes.

One of the key aspects of running a successful location independent tax consultancy is establishing a robust system for tracking and managing finances and taxes. With the right tools and processes in place, you can ensure accurate and efficient financial management, minimize errors, and maintain compliance with tax regulations. Here are some important steps to consider:

• 1. Choose the right accounting software: Invest in a reliable accounting software that suits the specific needs of your tax consultancy. Look for features such as expense tracking, invoicing, reporting, and tax calculation capabilities.
• 2. Keep financial records: Maintain organized records of all financial transactions, including income, expenses, and receipts. This will help you track your financial performance, prepare accurate tax returns, and provide necessary documentation during audits.
• 3. Separate business and personal finances: Open a separate business bank account and credit card to streamline your financial management. This will make it easier to track business expenses and avoid commingling personal and business funds.
• 4. Regularly reconcile accounts: Reconcile your bank and credit card statements regularly to ensure accuracy and identify any discrepancies. This will help prevent any financial issues and provide a clear picture of your company's financial health.
• 5. Stay updated with tax regulations: Keep yourself informed about the latest tax regulations applicable to your business and ensure compliance. This includes understanding reporting requirements, tax deductions, and deadlines.
• 6. Consult with a tax professional: Consider working with a tax professional who specializes in location independent businesses. They can provide valuable advice, help optimize your tax strategy, and ensure you are taking advantage of all available deductions and credits.
• Regularly back up your financial data to prevent any loss or data corruption.
• Set up quarterly tax estimates to avoid tax surprises at the end of the year.
• Automate recurring payments and invoices to save time and maintain consistency.
• Consider using cloud-based accounting software for easy access to financial information from anywhere.
• Review and analyze your financial reports regularly to make informed business decisions and identify areas for improvement.

In conclusion, writing a comprehensive business plan is crucial for establishing a successful location independent tax consultancy. By following the nine steps outlined in this checklist, aspiring tax consultants can effectively define their target market, conduct market research, establish a legal structure, set business goals, create a pricing strategy, develop a marketing plan, build a network, identify necessary resources, and establish a system for managing finances and taxes.

By specializing in the accounting and remote work industry and leveraging advanced technology and digital platforms, tax consultants can provide personalized tax strategies and efficient tax preparation and filing assistance to small businesses and individuals. This will enable clients to maximize their tax savings and achieve financial success while enjoying the flexibility and convenience of virtual consultations.

With a strong business plan in place, location independent tax consultants can confidently embark on their entrepreneurial journey and contribute to the success of their clients and the growth of their own business.

$169.00 $99.00 Get Template

Related Blogs

• Starting a Business
• KPI Metrics
• Running Expenses
• Startup Costs
• Pitch Deck Example
• Increasing Profitability
• Sales Strategy
• Rising Capital
• Valuing a Business
• How Much Makes
• Sell a Business
• Business Idea
• How To Avoid Mistakes

Leave a comment

Your email address will not be published. Required fields are marked *

Please note, comments must be approved before they are published

Need a business plan? Call now:

Talk to our experts:

• Business Plan for Investors
• Bank/SBA Business Plan
• Operational/Strategic Planning
• L1 Visa Business Plan
• E1 Treaty Trader Visa Business Plan
• E2 Treaty Investor Visa Business Plan
• EB1 Business Plan
• EB2 Visa Business Plan
• EB5 Business Plan
• Innovator Founder Visa Business Plan
• UK Start-Up Visa Business Plan
• UK Expansion Worker Visa Business Plan
• Manitoba MPNP Visa Business Plan
• Start-Up Visa Business Plan
• Nova Scotia NSNP Visa Business Plan
• British Columbia BC PNP Visa Business Plan
• Self-Employed Visa Business Plan
• OINP Entrepreneur Stream Business Plan
• LMIA Owner Operator Business Plan
• ICT Work Permit Business Plan
• LMIA Mobility Program – C11 Entrepreneur Business Plan
• USMCA (ex-NAFTA) Business Plan
• Franchise Business Planning 
• Landlord Business Plan 
• Nonprofit Start-Up Business Plan 
• USDA Business Plan
• Cannabis business plan 
• eCommerce business plan
• Online Boutique Business Plan
• Mobile Application Business Plan
• Daycare business plan
• Restaurant business plan
• Food Delivery Business Plan
• Real Estate Business Plan
• Business Continuity Plan
• Buy Side Due Diligence Services
• ICO whitepaper
• ICO consulting services
• Confidential Information Memorandum
• Private Placement Memorandum
• Feasibility study
• Fractional CFO
• How it works
• Business Plan Examples

Tax Preparation Business Plan Sample

Published Jan.29, 2019

Updated Apr.24, 2024

By: Noor Muhammad

Average rating 3.6 / 5. Vote count: 5

No votes so far! Be the first to rate this post.

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.

Immigration business plan

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.

Ice Vending Machine Business Plan

OGScapital at the National Citizenship and Immigration Conference

How to Start a Plumbing Business in 2024: A Detailed Guide

Vegetable Farming Business Plan

Trading Business Plan

How To Write A Textile Manufacturing Business Plan

Any questions? Get in Touch!

We have been mentioned in the press:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Search the site:

• Website Design & Development Services
• Startup Branding
• Paid Marketing
• Organic Marketing
• Market Research
• Business Plans
• Pitch Decks
• Financial Forecast
• Industry Market Research Reports
• Social Media & Website Guides
• Case Studies
• Services Marketing Website Design & Development Services Startup Branding Paid Marketing Organic Marketing Consulting Market Research Business Plans Pitch Decks Financial Forecast
• About Resources Articles Templates Industry Market Research Reports Social Media & Website Guides Case Studies Team

Tax Consultancy Practice Business Plan Template

Explore Options to Get a Business Plan.

Are you interested in starting your own tax consultancy practice  Business?

Introduction

Global market size, target market, business model, competitive landscape, legal and regulatory requirements, financing options, marketing and sales strategies, operations and logistics, human resources & management, why write a business plan.

• Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
• Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
• Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
• Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
• Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
• Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
• Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
• Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
• Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
• Business plans allow you to position your brand by understanding your company’s role in the marketplace.
• Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
• Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.

Business Plan Content

• Executive Summary
• Company Overview
• Industry Analysis
• Consumer Analysis
• Competitor Analysis & Advantages
• Marketing Strategies & Plan
• Plan of Action
• Management Team

The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at [email protected] . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.

Instructions for the Business Plan Template

To complete your perfect tax consultancy practice business plan, fill out the form below and download our tax consultancy practice business plan template. The template is a word document that can be edited to include information about your tax consultancy practice business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

Ongoing Business Planning

Want a bespoke business plan for your tax consultancy practice business, our expertise, tax consultancy practice business plan template faqs, what is a business plan for a/an tax consultancy practice business, how to customize the business plan template for a tax consultancy practice business, what financial information should be included in a tax consultancy practice business plan, are there industry-specific considerations in the tax consultancy practice business plan template, how to conduct market research for a tax consultancy practice business plan, what are the common challenges when creating a business plan for a tax consultancy practice business, how often should i update my tax consultancy practice business plan, can i use the business plan template for seeking funding for a tax consultancy practice business, what legal considerations are there in a tax consultancy practice business plan.

Business development

• Billing management software
• Court management software
• Legal calendaring solutions

Practice management & growth

• Project & knowledge management
• Workflow automation software

Corporate & business organization

• Business practice & procedure

Legal forms

• Legal form-building software

Legal data & document management

• Data management
• Data-driven insights
• Document management
• Document storage & retrieval

Drafting software, service & guidance

• Contract services
• Drafting software
• Electronic evidence

Financial management

• Outside counsel spend

Law firm marketing

• Attracting & retaining clients
• Custom legal marketing services

Legal research & guidance

• Anywhere access to reference books
• Due diligence
• Legal research technology

Trial readiness, process & case guidance

• Case management software
• Matter management

Recommended Products

Conduct legal research efficiently and confidently using trusted content, proprietary editorial enhancements, and advanced technology.

Accelerate how you find answers with powerful generative AI capabilities and the expertise of 650+ attorney editors. With Practical Law, access thousands of expertly maintained how-to guides, templates, checklists, and more across all major practice areas.

A business management tool for legal professionals that automates workflow. Simplify project management, increase profits, and improve client satisfaction.

• All products

Tax & Accounting

Audit & accounting.

• Accounting & financial management
• Audit workflow
• Engagement compilation & review
• Guidance & standards
• Internal audit & controls
• Quality control

Data & document management

• Certificate management
• Data management & mining
• Document storage & organization

Estate planning

• Estate planning & taxation
• Wealth management

Financial planning & analysis

• Financial reporting

Payroll, compensation, pension & benefits

• Payroll & workforce management services
• Healthcare plans
• Billing management
• Client management
• Cost management
• Practice management
• Workflow management

Professional development & education

• Product training & education
• Professional development

Tax planning & preparation

• Financial close
• Income tax compliance
• Tax automation
• Tax compliance
• Tax planning
• Tax preparation
• Sales & use tax
• Transfer pricing
• Fixed asset depreciation

Tax research & guidance

• Federal tax
• State & local tax
• International tax
• Tax laws & regulations
• Partnership taxation
• Research powered by AI
• Specialized industry taxation
• Credits & incentives
• Uncertain tax positions

A powerful tax and accounting research tool. Get more accurate and efficient results with the power of AI, cognitive computing, and machine learning.

Provides a full line of federal, state, and local programs. Save time with tax planning, preparation, and compliance.

Automate work paper preparation and eliminate data entry

Trade & Supply

Customs & duties management.

• Customs law compliance & administration

Global trade compliance & management

• Global export compliance & management
• Global trade analysis
• Denied party screening

Product & service classification

• Harmonized Tariff System classification

Supply chain & procurement technology

• Foreign-trade zone (FTZ) management
• Supply chain compliance

Software that keeps supply chain data in one central location. Optimize operations, connect with external partners, create reports and keep inventory accurate.

Automate sales and use tax, GST, and VAT compliance. Consolidate multiple country-specific spreadsheets into a single, customizable solution and improve tax filing and return accuracy.

Risk & Fraud

Risk & compliance management.

• Regulatory compliance management

Fraud prevention, detection & investigations

• Fraud prevention technology

Risk management & investigations

• Investigation technology
• Document retrieval & due diligence services

Search volumes of data with intuitive navigation and simple filtering parameters. Prevent, detect, and investigate crime.

Identify patterns of potentially fraudulent behavior with actionable analytics and protect resources and program integrity.

Analyze data to detect, prevent, and mitigate fraud. Focus investigation resources on the highest risks and protect programs by reducing improper payments.

News & Media

Who we serve.

• Broadcasters
• Governments
• Marketers & Advertisers
• Professionals
• Sports Media
• Corporate Communications
• Health & Pharma
• Machine Learning & AI

Content Types

• All Content Types
• Human Interest
• Business & Finance
• Entertainment & Lifestyle
• Reuters Community
• Reuters Plus - Content Studio
• Advertising Solutions
• Sponsorship
• Verification Services
• Action Images
• Reuters Connect
• World News Express
• Reuters Pictures Platform
• API & Feeds
• Reuters.com Platform

Media Solutions

• User Generated Content
• Reuters Ready
• Ready-to-Publish
• Case studies
• Reuters Partners
• Standards & values
• Leadership team
• Reuters Best
• Webinars & online events

Around the globe, with unmatched speed and scale, Reuters Connect gives you the power to serve your audiences in a whole new way.

Reuters Plus, the commercial content studio at the heart of Reuters, builds campaign content that helps you to connect with your audiences in meaningful and hyper-targeted ways.

Reuters.com provides readers with a rich, immersive multimedia experience when accessing the latest fast-moving global news and in-depth reporting.

• Reuters Media Center
• Jurisdiction
• Practice area
• View all legal
• Organization
• View all tax

Featured Products

• Blacks Law Dictionary
• Thomson Reuters ProView
• Recently updated products
• New products

Shop our latest titles

ProView Quickfinder favorite libraries

• Visit legal store
• Visit tax store

APIs by industry

• Risk & Fraud APIs
• Tax & Accounting APIs
• Trade & Supply APIs

Use case library

• Legal API use cases
• Risk & Fraud API use cases
• Tax & Accounting API use cases
• Trade & Supply API use cases

Related sites

United states support.

• Account help & support
• Communities
• Product help & support
• Product training

International support

• Legal UK, Ireland & Europe support

New releases

• Westlaw Precision
• 1040 Quickfinder Handbook

Join a TR community

• ONESOURCE community login
• Checkpoint community login
• CS community login
• TR Community

Free trials & demos

• Westlaw Edge
• Practical Law
• Checkpoint Edge
• Onvio Firm Management
• Proview eReader

How to start an accounting firm: Your checklist for successfully starting a firm

So, you're thinking of starting an accounting firm.

That's great. No doubt you have plenty of questions about how to set up a new firm and get off to a great start.

Thomson Reuters spoke with some of our industry experts to get answers to the big questions you may have.

Here's what they told us.    

Useful links

• Tax preparation software
• Accounting software
• Tax and accounting research
• Practice management software
• See all solutions

Starting your own accounting business sounds like a lot of work. Why would I want to start an accounting firm?   

Starting an accounting firm is like starting any small business – it requires a lot of work. However, industry and consulting firms list accounting firms as one of the single most profitable small businesses a person can start right now.

Here are a few questions to consider when starting a firm:

• Do you want to be a cog in the machine or own a firm? Frankly, there isn’t a wrong answer to this question, but rather a preference. However, going out on your own comes with one significant benefit: you’re getting the profit from the firm, not just your wages. You go from employee to owner.
• What’s my business purpose? While perhaps a bit esoteric, defining your business’s purpose is crucial. Why am I doing this? What’s my goal behind this? It’s not just a philosophical exercise. Knowing why you’re starting a firm can help you define your target market, whether it’s helping small businesses, real estate, or another service area.
• Do you want to be nimble and cutting edge? Small firms tend to be much more agile and have a greater ability to do new things. From adopting new technology to discovering and implementing new software or other efficiency creating tools, running your own firm lets you make the decisions about what makes your business unique—and profitable.
• Should you start a legal entity? For some, a sole proprietorship won’t require incorporation – especially if the work is centered around less complex tasks such as basic tax preparation. However, there are certain liability protections by becoming an LLC, including limiting risk for your business. Assets become owned by your business and are distinguished from personal assets. When a business is not incorporated, it becomes harder to draw that line and the entire enterprise becomes at risk.

What are the requirements to open an accounting firm? What do I need?

Starting an accounting firm is no different from starting any other small business. And while there are accounting-specific requirements, it’s important to remember that you’re starting a business first.

Start by figuring out your purpose, goal, and market. This will influence many other decisions, including the function of the services you provide, whether you want a physical or virtual location, your target demographic, and the location of your business.

Once you’ve selected a location and determined your goals, it’s time to consider the nuts and bolts of owning a business.

You’ll need to:

• Obtain Employer Identification Number (EIN) and Tax ID number
• Investigate employment laws
• Determine startup costs
• Develop a pricing structure for services
• Decide on the legal structure of your business (S-Corp, L-Corp, LLC, Partnership, LLP )
• Look at business insurance
• Create a business bank account
• Develop internal policies and rules
• Hire employees

Additionally, you’ll have to think about the day-to-day needs of running a business, including managing risk, basic administrative tasks, and general questions of how and where you will meet clients. 

Will I need to get a new EIN from the federal government ?

In most cases, owning and running an accounting firm necessitates an Employer Identification Number (EIN). However, the IRS website provides an in-depth explanation of who is required to have an EIN and when. A good rule of thumb is: if you plan on hiring employees – or plan to in the future – you’ll probably need an EIN.

That said, even if you don’t think you need one – or the website says it isn’t a requirement– most businesses are probably better off acquiring an EIN.

Luckily, the online process is fast, easy, and free. 

If I’m not a Certified Public Accountant, do I need a CPA to open an accounting firm ?

It depends.

While all CPAs are accountants, not all accountants are CPAs. There are differences between the two, including education, experience, and certain opportunities. However, the answer goes back to the question, “What services do you want to offer?”

An accounting firm can do almost everything a CPA firm can do with one exception – audits and assurance services. So, if that is a part of your goals or your target market, then it’s probably wise to think about the steps needed to become a CPA.

However, if you are looking to focus on the multitude of other services accounting firms provide, it’s likely not a necessary credential to start. And while there are certain state-by-state exceptions about what can and cannot be undertaken by a CPA, they are not a requirement for starting an accounting firm.

However, if you want to call yourself a “CPA firm” – you will need a CPA.

Can accountants work from home ?

One of the benefits of starting an accounting firm is flexibility. So, the simple answer to the question is, yes—many accountants can and do work from a home office.

All the regulations that apply to a physical location also apply to virtual or home offices. So not having a physical office does not put an accounting firm at a disadvantage.

In fact, working from home is even easier with modern technology and software solutions that help bring vital aspects of your daily workflow into one dedicated (and usually online) space. For instance, Thomson Reuters makes its CS Professional Suite of tax and accounting software available as hosted online solutions and designed its Onvio products to run entirely in the cloud.

It’s important to note: an accounting firm must have a dedicated EFIN (Electronic Filing Identification Number) for every separate location where they perform work. So, if you have a physical location and do work in a home office, you’ll need to investigate whether you’ll need a separate EFIN for home office.

The answer largely depends on how much – and the extent of the work – you do from home. Check with the IRS for further guidance. 

If I’d prefer a home-based accounting business, what should I know about starting an accounting firm from home ?

Luckily, accounting firms don’t need a physical space to operate successfully. And like the traditional brick and mortar approach, having a home-based or virtual business brings both opportunities and challenges that are unique to that approach. When considering a home-based business, it’s important to think about the unique challenges and opportunities involved.

These include:

• Shared work locations. There are many co-working locations across the country, many of which include both space for professionals to perform their tasks, as well as providing a professional, on-demand space to meet with clients. While there is usually a monthly fee to use these spaces, the benefits they provide are often worth the cost (and are significantly cheaper than leasing or purchasing office space).
• Low costs. New businesses often struggle with overhead. As you build your client list, keeping costs low is a priority. Not only does it allow you to see a profit early, but it also allows you to adjust your service menu to attract clients with lower-than-normal prices.
• Liability issues. If you choose to meet clients in your home, liability and zoning can be an issue. If a client gets hurt inside your home office, or falls outside of it, it’s important to know the laws surrounding liability.
• Zoning laws. Most cities and counties have zoning regulations. Make sure you investigate and comply with any laws to ensure your home-based business isn’t operating illegally.
• Turn limitations into unique opportunities. While not having a physical space can be challenging at times, it can also be an advantage. Consider visiting clients onsite. Not only does it solve space concerns, it communicates a message to the client—you offer a higher level of service.    

What are the key services offered by accounting firm s? 

In many ways, this question can be answered by once again looking at your goals and target market. What are the key services needed by that population? How can you serve them better? Still, while many services will be dictated by the specifics of your clients and their business, there are a few standards most accounting firms offer, including:

• Assurance services
• Bookkeeping

While these are typically the core offerings – and the ones that will provide consistent business in most accounting firms – it’s also important to investigate emerging and buzz-worthy services that are attracting bigger and more progressive accounting businesses.

From consulting and advising to outsourced CFO services (serving as the embedded strategic financial decision-maker for a client), taking a cue from the bigger firms – and anticipating what trends might trickle down to smaller and independent businesses – can increase the clients you serve and put you steps ahead of your competition. 

What should I know about running an accounting firm ?

Starting a business is filled with new and challenging decisions. However, once the business is up and running, it’s common to be unprepared for typical day-to-day operations. Anticipating (and planning for) these concerns helps make sure you’re working as efficiently as possible.

Common questions and concerns include:

• Talent acquisition and development. Frankly, finding and keeping staff is a significant challenge, which is why hiring always leads industry surveys about common needs and concerns. Even if you aren’t ready to hire a team, it’s wise to start developing a strategy early.
• Going beyond the seasonal business . Every year it gets harder and harder to operate a seasonal accounting business, especially if you’re looking to offer a variety of services. Unless you’re doing just cookie-cutter tax prep – and you avoid complex returns – you won’t be able to operate on a seasonal basis. That said, prioritizing the season and maximizing your efficiency (and your profits) during the heavy times is critical to finding success.
• Keep on top of regulatory changes. Keeping up with major regulatory changes can be a challenge – especially if you add staff. Finding a solution that helps minimize the burden and risk that otherwise exists will help stave off the constant onslaught of new information.
• Rethink the traditional role of the accounting firm. Traditional accounting firms used to meet with clients just once a year to do their tax return. More progressive firms are moving to a year-round schedule, which not only allows them to expand services for current and future clients but implies a partnership relationship that goes beyond the “one touchpoint” per year model. 

How much should an accountant charge per hour? Or should accountants charge a fixed fee ?

This, in many ways, is an unanswerable question because the only reliable advice that can be given is, “It depends.” Every context is different and is swayed by factors such as competition, location, service offerings, and level of expertise.

However, even though there isn’t a standard fee, most accounting firms are moving away from an hourly fee structure and choosing to institute to a fixed fee model that allows for better value for clients, a more manageable business plan, and eventually an increase in earnings.

Again, every context is unique, and there are certain situations when an hourly fee structure is best. These include:

• When you’re gathering information to develop a fee structure
• Gauging profitability in a newer firm and trying to determine the hours you need to work and remain profitable
• Early in your career when you need more time to complete basic tasks

Outside of those circumstances, a fixed fee is recommended and preferred. As your skill and expertise grow, so will your abilities to complete tasks quickly. With an hourly fee, this means having to take on more clients to maintain (and hopefully increase) your profits.

A fixed fee structure is about value. The expertise and skill you bring to service are of more importance than just an hour of work for clients. Pricing your abilities based on knowledge is not only good for your business but is ultimately valuable for your clients as well.

How should I price accounting and bookkeeping services ?

While there is still a debate surrounding hourly versus fixed fees in some aspects of the business, accounting and bookkeeping is not one of them.

Accounting and bookkeeping services (as well as other service lines, such as simple tax preparations) are almost universally charged as a fixed fee, and there is a market expectation for that pricing structure.

When determining a fee structure, many accountants call other firms and ask for quotes. They use the average of those quotes to determine a fair and competitive price for their services.

Another resource is local and national affiliations and associations. Many of the larger ones (such as the National Association of Tax Preparers) will distribute recommended price structures and other useful information. 

How much should a CPA charge for taxes?

While you do not have to be a CPA to prepare or file taxes, the training and expertise it requires to gain that credential matters. Simply put, you’re a CPA, and you deserve a premium for your services.

When trying to structure fees, it’s important to set a minimum job value. By setting a minimum job value at, say, $500, you won’t get mired in lower-level work that you likely don’t want to take on. Plus, that work can take up time and pull you away from more valuable work that you’d rather be doing.

Knowing what you want to charge and identifying the value you bring to your clients is critical. You are providing a service to your clients, but you’re also giving them a value based on your credentials and experience. So, it’s up to you to set the standards and have them choose between lower costs (them doing it their self) versus the value of having a CPA prepare your taxes.

That said, there’s a balance.

Many CPAs make a practice of “writing down” certain services because they know their hourly rate for larger projects can quickly become untenable for a client. Not only is this seen as a discount by the client, but it also allows you to create a fixed-fee structure for your services and show the clients the savings and value they receive.

If they need more staff, what do accounting firms look for when hiring?

When hiring, accounting firms are like many businesses and are looking for a combination of credentials, experience, and the ability to perform the necessary tasks. However, in an increasingly competitive hiring market, many firms are beginning to look at soft skills as valuable for new hires.

For decades, accounting firms have focused primarily on credentials. However, more and more, it’s less and less about certification and more about aptitude. For the most part, it’s easier to train accounting knowledge than it is to build customer service skills. When hiring, it’s important to look at the qualities a candidate can bring into a firm – not necessarily just credentials.

Of course, experience and credentials do matter. Especially when the experience sets for an accountant is specific and narrow. What types of tax returns have you prepared? What specializations do you carry? And credentials such as CPA, EA, attorneys, and state certifications (when required) are all still attractive to firms looking to hire.

How much does it cost to start an accounting firm?

Start-up costs can range from $2,500 to $25,000. Your location and your goals will determine cost in several ways, including whether you want to start a traditional brick and mortar firm or are looking to create a virtual office environment.

It’s important to remember that, besides physical (or virtual) space, accounting firms need to find and install the necessary equipment and technology to help their practice run more efficiently. That, in many ways, is the first step for a new entrepreneur. Once they’ve found a tax solution that can help them achieve their goals, they’ll be able to begin tackling the other day-to-day tasks and questions of running a business.

What’s the best business structure for accounting firms?

Finding the best business structure for your accounting firm is a critical part of not only ensuring success but helping to minimize both your tax burden and your risk.

While the circumstances of what your incorporation looks like will depend on your approach, it is considered a best practice to become incorporated right off the bat due to the legal protections it provides.

Popular options include:

• Partnership

If you’re running a solo firm, you’re likely going to be looking at an S-Corp, which allows you to pay yourself as an employee. However, if you are working with other partners, a partnership might be more preferential, as it provides a little more flexibility with payment. You are permitted to take draws or distributions, and it doesn’t necessarily require a payroll department because it’s not considered “wages” per se.

Whichever structure you choose at the beginning, know that it will likely evolve throughout the maturity of your firm. For instance, a firm might accept the risk and start as unincorporated to avoid the incorporation fees. Then they might transition to S-Corp. Over time, as additional owners move into the entity structure, the firm can add additional shareholders or can reorganize as a partnership.

It’s better to have a separate legal entity than to not and better to have separate federal filing than to not.

How do I get accounting clients?

The consensus is word of mouth. However, while a strong work ethic, exceptional service, and competitive pricing will undoubtedly attract clients, a successful business always requires more than just good luck.

Here are a few tips on how to increase your client base:

• Be a business owner, not just an accountant. This means focusing on solid business practices and looking for ways to ensure both stability and growth.
• Market yourself . This goes beyond starting a business and hoping people show up. Look for ways to partner with other companies and firms, as well as networking opportunities in the community. The local chamber of commerce is an excellent resource.
• Don’t forget about friends and family. While they won’t be able to maintain your business over the long haul, friends and family are a great starting place not only for initial clients but also for referrals.
• Take advantage of easy and cheap technology . Google Ads can be capped at $20 and make for productive investments to help drive local searches for accounting firm.
• Be in the community. Look for professional speaking engagements that you can offer to local groups for free. Create thought leadership presentations, teach community education classes and provide a venue to show your skills and knowledge.

You’ll find other ideas in our blog post on finding new clients .

How about social media and online presence for accountants – is it worth the effort?

Websites, social media, and various other online presences are a great way to establish credibility in the market.

For the most part, a simple online presence is relatively easy to start with minimal start-up costs. And while an online presence won’t guarantee an increase in exposure, not having one can have a negative impact and can discredit you to a potential client. In many cases, website and social media become an augmentation to your word of mouth referrals. Most people won’t simply call a number without the opportunity to do some basic online research.

However, there is a difference between a website presence and social media. In most cases, a website is static and allows businesses to transmit basic, evergreen information such as phone number, services provided, and credentials. Social media, on the other hand, can drive business in a longer and more indirect fashion.

Auto-posting any relevant story or information can help create a brand on social media – one where you’re seen as an authority on tax and accounting subjects. Posting constant content can help with visibility and, ultimately, increasing your customer base.  

If you think you may need help with this, take a look at our social media and other digital marketing solutions for accounting firms .

Some firms focus on a specific accounting specialization. Should I consider a niche accounting service?

Put simply, the more specialized you are, the more profitable you are. However, it’s not as much a question of “should you” but “can you.”

Many – if not most – firms will start as generalists and then slowly make their way a more niche practice. Sometimes a firm will intentionally build clients in one area. Others realize they have, say, many construction clients and then move to the particular niche.

If moving toward a niche practice, consider:

• What’s your timeline? When should you plan to transition to a specialized practice? When is the right time to stop chasing general clients?
• Partnering with more generalist firms can help take on other needs from clients while you take only the niche side of their business.
• Gaining professional affiliations is important. They can help distinguish you in a competitive market and further signal your niche work.

What’s the most popular accounting niche?

Niches, like many things, are often dependent on location, interest, and understanding where there is a need across different businesses. However, some of the most successful niches are the ones serving fellow professionals such as doctors, dentists, attorneys.

Services based niches as opposed to manufacturing-based are also on the rise. For example, real estate professionals, landscapers, and farming clients are becoming a more prosperous and unique way to do business.

However, it’s important to remember that you have to target businesses where you have the right location and the right skills. Again, farming has particular needs and goals. If you can fill them, then you have a specialization that is highly valuable to that market.

What do prospective clients consider when deciding how to choose an accountant? What do they look for in a CPA?

What are the things that are most likely to influence a client’s perception of you in the little amount of information they’re able to get from a flyer, website, or social media? While the idea that “first impressions matter” may seem a little cliché, they still matter to your clients. As a result, making sure your communication is direct, pleasing, and engaging is critical to your success.

Some important deciding factors include:

• Aesthetics. What’s the aesthetic of your website? Is it mobile compliant? Does it seem modern? Do your documents use color and seem to be professionally designed? Take care to control the new prospective client’s perception of you and what they think they see in you.
• Have a professional place to meet. Whether you operate a brick-and-mortar business or a virtual one, having a professional place to meet with clients is essential.
• Clients want comfort and assurance . Clients want the assurance that, if the IRS or another regulatory authority comes after them, that you be my defender and stand between them and the organization? Extending that sense of comfort is going to help influence them.
• Know your target market . Know what your market is looking for and make it very clear that’s what you can provide them.    

Thanks to our subject matter experts Jordan Kleinsmith and Mo Arbas for their input into this article.

Bring more value to your clients.

Home › Services › Tax › Business Tax

Business Tax

Our Business Tax Services Team is dedicated to providing companies with the highest quality corporate tax preparation, planning, and consulting services and to helping reduce business tax liability.

Holistic Business Tax Preparation Services

Reduce your tax liability by developing cost-effective corporate tax planning strategies.

For over 40 years, our business tax advisors have been providing business tax consulting and preparation services to companies both large and small. As a nationally recognized Top 25 tax services firm, we have ample experience with business tax planning, preparation, and compliance issues. Our tax specialists have a comprehensive understanding of international , federal, state and local tax regulations – and as an independent member of HLB, a Global Advisory and Accounting Networking, we can assist in developing cost-effective business tax strategies for organizations around the globe.

As part of our Business Tax Services, we put together a custom corporate tax planning strategy and address any related tax issues prior to year-end. We’ll also review the most recent tax law changes and interpretations in order to maximize tax savings opportunities and reduce tax liability. With an effective business tax preparation plan, companies have greater assurance of:

• Realizing substantial cost savings
• Limiting future interest and penalty payments
• Achieving desired tax results
• Reducing the likelihood of an IRS audit

Our Suite of Business Tax Services

The Withum business tax advisors are well-versed in the full spectrum of business tax services. They can assist in developing business tax planning strategies around the following areas:

Year-End Tax Planning Services

We offer a wide variety of business year-end tax planning services to help organizations stay compliant and take advantage of the latest money-saving opportunities. We’ve also created a  Year-End Tax Planning Resource Center  that acts as an on-demand one-stop-shop for corporate tax preparation tips.

International Tax Compliance Services

Businesses that operate internationally faces the unique challenge of having the stay compliant with multiple countries’ tax rules and regulations. Our international tax advisors  work with organizations to maintain tax transparency, remediate cross-border tax disputes, minimize the risk of double-taxation and achieve maximum savings through international tax incentives.

Business Tax Controversy Services

For organizations facing corporate  tax controversy  issues, our tax consultants are well-equipped to handle various issue resolutions, dispute avoidance, and more. We’ll put together a plan that describes the particular controversy, outlines a custom resolution, and establishes measures to prevent the issues from reoccurring.

Corporate Tax Accounting Services

The constantly evolving nature of national and international tax laws – and the increased scrutiny surrounding them – can make corporate income tax accounting complicated. Our tax accounting services cover stock-based compensation, tax validation projects,  valuation assessments , statement and balance sheet support, tax position consulting, and more. They also include ASC 740 consulting, preparation, remediation, internal controls assistance, transaction services, provision assistance, and training.

U.S. Tax Reform Services

Depending on the organization, tax reform laws can cause unforeseen complications, or provide promising opportunities. Withum’s business tax advisors help businesses navigate the changing waters of U.S. tax reform. Our business tax services include the creation of corporate tax planning strategies built upon the insights gained from analysis and modeling tools. We work with organizations to predict and analyze tax reform impacts and outline the options that make sense for them. For more information, check out our  Tax Reform Resource Center .

Pass-Through Tax Services

With partnerships offering the most flexibility out of any tax structure and S corporations having the most strict rules, knowledge and experience are key to businesses that operate in these structures. Our team of seasoned experts can help your business navigate the pass-through tax waters and put you in a position to succeed.

Find Out How the IRS Would Classify Your Workers

By answering a series of questions through this online questionnaire, companies can gain insights into how the IRS would classify their workers, thereby avoiding costly employment tax disputes with the government.

Why Choose Withum as Your Business Tax Team?

For more than 40 years, our team of business tax consultants have helped for-profit and nonprofit organizations with all their tax needs. Our holistic approach goes beyond simple tax preparation and includes everything from tax controversy to compliance.

For more information or to discuss your business needs, contact Withum’s Tax Services Team.

Red Bank, NJ

Whippany, NJ

East Brunswick, NJ

New York, NY

Can The Senate Finance Committee Save U.S. Research and Innovation?

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024, including the reinstitution of immediate expensing for domestic research expenditures, in a […]

How ERP Systems Can Ease Burdens for Tax Teams 

Did you know that ERP systems can be a game-changer for your tax teams, making tax-related activities a breeze and boosting overall efficiency? The tax applications within an ERP system […]

Cannabis Tax Frenzy

The cannabis tax community is abuzz with rumor and delight. The giddiness stems from a recent announcement by a publicly traded cannabis company that it obtained large tax refunds from […]

Search Withum.com

The Most Trusted Business Tax Planning

With over 30 years of experience providing full-scope business solutions, our team of consultant tax professional helps you achieve your business goals. Specializing in Startups, LLC setups, taxes, and business consulting, we will help you build a solid, scalable foundation for your business.

A Tax Consultancy Firm That Cares

We help self-employed, independent contractors and managers save on taxes and grow wealth through a custom tax planning services specific to your needs and goals. With 22 years of consultant tax planning  preparation, our IRS-certified enrolled agents have helped clients grow businesses and increase their income. It’s time to save money, build your business, and sleep easy! We develop tax-saving and wealth management consulting strategies tailored to your goals and dreams!

Consultant Tax Professional Serving Wide Range Of Clients

Professional tax preparation.

We’ve been helping business owners, individuals, and entrepreneurs make wise business and tax-relevant decisions. Our consultant tax professional services include establishing a business model suited to your goals, setting up the right financial plan, business structure, tax preparations, and more. To help business owners achieve their dream, our expertise holds a high standard of delivering effective business consulting and accounting duties.

• Start Your Business

We help you choose your business model and advise federal and state regulations, office, equipment, tax compliance, and other aspects of starting a business.

We provide recommendations to create a successful business tax structure, including asset protection, tax savings, retirement plans, employee benefits programs, and more.

Tax Services

Business consulting, bookkeeping, make a difference with our professional american business tax planning services.

#1 Asset protection.  Let’s protect everything you have worked so hard for.

#2 Tax savings.  An LLC will pay for itself with tax savings.

#3 Financial Planning.  An LLC offers opportunities to provide coverage for life’s challenges while getting you lower prices and creating opportunities for growth, investing and diversification.

#4 When you run a business like a business, it pays you like a business.  When you run a business like a hobby, it pays you like a hobby.  A proper foundation leads to success.

• Protection for life’s troubles
• Reduced costs
• Tax Savings
• More income
• We teach the client 
• We help clients make informed decisions about their business, financial and tax situations
• Two heads are better than one.  We work with you to make sure all bases are covered so you can make the best choice (for you and your business) to help you reach your financial goals.
• Our service teaches you how to run your business and how to keep your books at a basic level.  You get a free education and the tools needed to reduce your taxes while getting a personal consultant to help you as you grow your business.

We will help you develop a plan to achieve all of the following:

• Increased income
• Confidence you are doing the right thing
• Reaching your goals
• Increased growth opportunities

We are beside you the entire way to answer questions, research your specific issue (when needed), and adjust the plan or course when life changes.  We are your partner at the start, throughout the process, and at the end when it is time to retire.

Testimonials

These are some resources and articles and updates to help you and your business.

What Does an Investment Consultant Do?

Photo by Andrea Piacquadio from Pexels As a business owner,...

Advantages of Hiring the Best Accounting Firms for Startups

Photo by cottonbro studio from Pexels If you are in...

Choosing the Best LLC Formation Service in the US: A Comprehensive Guide

Photo by fauxels from Pexels Forming a startup LLC business...

A Business Owner’s Guide to Tax Consultancy Services in the US

Photo by Andrea Piacquadio from Pexels Since business taxation accounts...

Your One-Stop Tax Planning Service and Business Tax Solutions

Biz Tax Strategy aims to assist business owners in resolving their issues and providing solutions to ensure a development strategy and sustainable growth. We also want to help you overcome challenges, create better working environments, and equip you with the resources and education needed to be successful. Whether you’re a startup entrepreneur or a seasoned business owner, we provide a wide range of business, tax preparation, accounting, and wealth-building solutions. Contact us to learn more about our professional services.

Start Your Research Here!

• LLC/INC Setup
• Financial Planning (Link to consulting)

• 602-357-3275
• [email protected]

Mon - Fri: 9am - 4pm (AZ)

Billion-Dollar Tax Strategists

Empowering business leaders, professionals, and entrepreneurs.

Led by a seasoned tax consultant and top 1% tax strategist in the U.S., Shauna A. Wekherlien, CPA, MTax, CTC, CTP, CTS, Tax Goddess Business Services specializes in enabling business leaders, professionals, and entrepreneurs to pay less in taxes legally. We have steered clients toward monumental tax savings, surpassing a BILLION DOLLARS in total savings. Whatever your financial level and ambitions, choosing Tax Goddess will give you one guaranteed outcome: the lowest tax rate you have ever had!

Tax Strategy Mastery

Grossing more than $100M+ per year? Elevate your tax strategy to a pinnacle of efficiency, unlock a mere 6% annual tax rate, harness the full spectrum of tax advantages, and receive personalized strategic tax guidance.

Tax Strategy Advancement 

For professionals and businesses grossing $1M-$100M annually. Dive deeper into advanced tax strategies tailored to your specific goals, business structure, and operations

Tax Strategy Essentials 

For ambitious entrepreneurs netting $200,000 to $1M annually. Leverage intelligent tax strategies to reduce tax liabilities and accelerate financial growth.

Strategic Tax Coaching

Claim significant tax savings with Tax Goddess' Strategic Tax Coaching (STC), specifically designed for high-earning business owners and entrepreneurs. STC offers a legal pathway to reduce your taxes in a manner similar to that of the wealthiest Americans, making it a perfect solution if your annual tax bill exceeds $100k. Tap into strategies that have helped Tax Goddess clients claim $1 Billion+ in tax savings. Led by Shauna A. Wekherlien, CPA, MTax, CTC, CTP, CTS, our team uses 1500+ IRS and State-approved strategies to reduce your tax bill legally. Let’s help you protect and grow your wealth with strategic tax planning.

$1 Billion+

Join the ranks of savvy business owners who've collectively saved over $1 Billion in taxes with our expert strategies – a testament to our proven success in maximizing financial gains.

We've honed our expertise in utilizing over 1,500 federal, state, and local tax strategies to minimize your tax obligations legally. We continue to push the limits of innovation in the tax world for the success of our clients.

Boost your wealth or investment portfolio by leveraging our STC program, where our clients average an unbeatable 6.92% annual tax rate.

Our Best Work

Our recent case studies, from 36 to 0% tax rate, build a business empire with our future-proof tax strategy.

This selection of case studies showcases our impact. They are real-life scenarios where our tailored strategies and solutions have helped our clients achieve significant financial breakthroughs. Let’s explore these success stories together and see how Tax Goddess can make a difference for you.

We Saved A Single Mom $160k Per Year In Taxes

$350k of tax free income.

Discover The Latest Tax Trends and Tax Strategy Insights.

Fixing Tax Withholding Errors Before They Explode Your Paycheck!

How to find a tax strategist in the usa: a guide for entrepreneurs and business owners, how to reduce taxes on rental income, expert showdown: should you hire an ea or a cpa for your tax needs.

• Book an Appointment

QUICK LINKS

• Latest Blog
• Privacy Policy

SOCIAL LINKS

Copyright ©, tax goddess business services, p.c. - all rights reserved., tax goddess business service, p.c., -all rights reserved.

Please fill out the form below and press “Show Download Link” button to get the link.

Steve Moskowitz, LLM

Senior partner and tax attorney, contact steve.

415-394-7200

Email Steve

• Golden Gate University, LL.M. in Taxation
• New York Law School, J.D.
• New York University, MBA
• Drexel University, B.S. *All Degrees given with honors

Bar Admissions

• New York (inactive)
• CPA, New York (inactive)

Court Admissions

• U.S. District Court – Northern, Southern, Eastern and Central Districts of California
• U.S. Tax Court
• U.S. Court of Appeals, Ninth Circuit
• U.S. Court of Federal Claims
• California Supreme Court
• New York Supreme Court
• U.S. Supreme Court

Practice Areas

• International Tax Law
• Criminal Tax Law
• Tax Planning
• Tax Preparation

Personal Bio

Steve Moskowitz knows that clients’ lives – and livelihoods – can be upended or even destroyed when tax trouble arises. As a tax attorney for more than 30 years, Steve has made it is his personal mission to help business owners and individual clients successfully resolve tax issues and go on with their lives. With extensive knowledge of tax law, a desire for swift and vigorous defense, and decades of experience with tax authorities and in the courts, he has unusually perceptive judgment in assessing the best way forward, and the right resources to achieve resolution.

Steve started Moskowitz LLP because he saw that while big corporations were consistently navigating the tax code to their advantage, smaller businesses and individuals were not. With prior experience as a CPA at a national accounting firm, and with extensive experience in the corporate world, Steve knew he could help smaller businesses and individuals by applying what he knew, and wanted to make the critical difference in businesses and individual lives that protected them from the powerful government and enabled them to keep and enjoy the fruits of a lifetime of work that otherwise could be taken away from clients by the government in just one action.

Today – together with a full team of tax attorneys, CPAs, enrolled agents and other professional staff – Moskowitz LLP helps business and individual clients across the country and overseas to resolve a wide variety of tax matters. The Moskowitz LLP team also creates strategies to utilize the tax code and relevant treaties to clients’ benefit, and provides ongoing tax support and tax return preparation.

Steve understands that clients need high quality representation but do not have unlimited budgets, and that cost predictability is important. Unlike most firms, Moskowitz LLP clients pay a flat fee and are not subject to hourly rates.

Steve has experience resolving a broad range of tax issues for both business owners and individuals, such as:

• Tax audit proceedings and related matters
• Defense in tax-related civil and criminal proceedings
• Foreign asset and income tax defense
• Foreign tax and asset planning, including treaty utilization
• Tax planning and dispute resolution
• Defense of investors in and promoters of off-shore tax shelters
• Domestic tax planning and representation
• Payroll and sales tax disputes
• Tax opinions and appeals
• Securities & Exchange Commission and Federal Trade Commission matters
• Negotiations for businesses and individuals who cannot pay their taxes

Steve has represented clients in front of numerous administrative agencies as well as in state and federal courts, such as the following:

• Internal Revenue Service (including Civil and Criminal Investigative Divisions)
• State and local taxing authorities
• Department of Justice
• United States Tax Court
• U.S. District Courts

Prior to founding Moskowitz LLP, Steve practiced as a CPA in New York City. In addition to extensive practical experience as a tax attorney, Steve also has an MBA in accounting, an advanced law degree in tax (LL.M), and an undergraduate degree in accounting. He has served as an adjunct professor of law, tax, and accounting in law school, graduate school, and undergraduate universities.

Honors & Activities

For more than thirty years, Steve and his law firm have successfully helped tens of thousands of clients with tax representation and resolution of all types of federal and state tax situations. Steve continues to be honored and humbled by the trust his clients place in the firm.

Professor of Law, Tax & Accounting:

• Golden Gate University, School of Law San Francisco, CA 1983 - 1990
• University of San Francisco, School of Law San Francisco, CA 1983 - 1990
• San Francisco State University Tax & Accounting Principles San Francisco, CA 1983 - 1990

Congressional Activities:

Steve was honored to address members of the South Korean Government and the South Korean National Tax Service regarding United States Taxation and Collection of Tax Laws in November 2011.

Awards & Affiliations

• Adjunct professor, Golden Gate University Schools of Law, Graduate School, and Undergraduate Program – instruction in tax, business law and accounting, 1983-1990
• Adjunct professor, University of San Francisco– instruction in tax, business law and accounting, 1987-1988
• Adjunct, San Francisco State University – instruction in tax, business law and accounting principles, 1987-1988

Media & Events

For more than 30 years, Steve has been a legal commentator, author, and resource for national, local and industry-specific TV, radio, print and media outlets. Highlights include the following:

TV, radio and podcasts:

• Guest, " 1031 Exchange IRS Audits ," Real Wealth Show, 7/11/2018.
• Guest, " Vacation Homes Under the New Tax Law ," Price of Business Podcast with Kevin Price, 7/01/2018.
• Legal analyst, Comcast SportsNet TV, weekly appearances from 2010-present.
• Legal analyst, Fox Bay Area (KTVU) TV, weekly appearances from 1991-1997.
• Interviewed, KGO-AM radio, numerous times over the last 30 years.
• Interviewed, KGO 810, Consumer Talk with Michael Finney, Steve Moskowitz of Moskowitz, LLP offers Tax Topics at Mid-Year You Need to Hear.
• Interviewed, KGO 810, The Michael Finney Show, Tax Tips with Steve Moskowitz, 2/17/2018.
• Interviewed, KSFO-AM morning show with Brian Sussman & Katie Green, numerous times over the last 20 years.

Other media outlets:

• Quoted, " Avoid‌ ‌March‌ ‌Tax‌ ‌Madness‌ ‌Through‌ ‌Retirement‌ ‌Planning‌ ‌With‌ ‌Steve‌ ‌Moskowitz,‌ ‌Tax‌ ‌Attorney Yahoo Finance, 1/27/2021
• Quoted, " Avoid‌ ‌March‌ ‌Tax‌ ‌Madness‌ ‌Through‌ ‌Retirement‌ ‌Planning‌ ‌With‌ ‌Steve‌ ‌Moskowitz,‌ ‌Tax‌ ‌Attorney Digital Journal, 1/27/2021
• Quoted, " Avoid‌ ‌March‌ ‌Tax‌ ‌Madness‌ ‌Through‌ ‌Retirement‌ ‌Planning‌ ‌With‌ ‌Steve‌ ‌Moskowitz,‌ ‌Tax‌ ‌Attorney Baystreet, 1/27/2021
• Quoted, " Avoid‌ ‌March‌ ‌Tax‌ ‌Madness‌ ‌Through‌ ‌Retirement‌ ‌Planning‌ ‌With‌ ‌Steve‌ ‌Moskowitz,‌ ‌Tax‌ ‌Attorney CRWE World 1/27/2021
• Quoted, " Avoid‌ ‌March‌ ‌Tax‌ ‌Madness‌ ‌Through‌ ‌Retirement‌ ‌Planning‌ ‌With‌ ‌Steve‌ ‌Moskowitz,‌ ‌Tax‌ ‌Attorney MENA FN, 1/27/2021
• Author, " Five Cryptocurrency Tax Mistakes the IRS Takes Seriously ," Greater InBusiness Phoenix Magazine, 7/01/2018.
• Author, " Real Estate Investors Quintuple Tax Deductions ," Law 360, 6/22/2018.
• Quoted, " What Trump's Disclosure Really Means for Businesses ," NBCnews.com, 5/16/2018.
• Author, " Maximizing Tax Deductions Under the New Tax Law ," Entrepreneurial Chef Magazine, 5/01/2018.
• Quoted, " Can't Pay Your Taxes? Here's What to Do Next ," San Francisco Business Times, 04/11/18.
• Quoted, "Can't Pay Your Taxes? Here's What to Do Next," Yahoo! Finance, 04/11/18.
• Author, " New Tax Law and Real Estate Investments ," Forbes Real Estate Investor Newsletter, 4/02/2018.
• Author, " Tax attorney Steve Moskowitz of Moskowitz LLP provides insight into making the most of the new tax law and getting your business ahead in 2018 ," California Business Journal, 4/01/2018.
• Author, " Tax Reform Tips for Doctors and Lawyers ," CPA Practice Advisor, 3/19/2018.
• Quoted, " Questions about the Multistate Tax Commission and (FTB) ," Northern California Record, 11/27/16.
• Quoted, " Questions About What’s in Trump’s Returns Persist ," Tax Analysts, 3/15/16.
• Quoted, " I.R.S. Is Looking Into Captive Insurance Shelters ," The New York Times, 4/10/15.
• Quoted, " The I.R.S. wants to tax your illegal income ," CNN Money, 3/7/13.
• Author, " What Happens If You Don’t File A Return? " CBS SF Bay Area, 2/4/13.
• Co-author, "A Closer Look at the Non-Willful FBAR Penalty," California Tax Lawyer, 2012.
• Quoted, " State’s tax amnesty program raises $350M ," California Watch, 11/29/11.
• Quoted, " Online Taxes: Three Ways to Stay Out of Trouble ," PC World, 3/17/10.

Steve is also an editor of the firm’s blog, Moskowitz LLP Tax Law . Authored articles include:

• "Why a Tax Attorney’s Advice is Important: Estate Planning, Gift Tax, Business Succession, and the Ability to Rely on Advice by Counsel," 2/6/15.
• "Offshore Bank Account Depositor Information Leaked," 4/9/13.
• "Modern Day Witch Hunt: How the IRS and State Taxing Authorities Purposefully Target and Make Examples out of Celebrities," 12/29/12.
• "Franchise Tax Board’s Automatic Calls – What You Need to Know," 7/12/12.
• "Yahoo Reports: Lauryn Hill Says She Didn’t Pay Taxes Because She Went ‘Underground’," 6/10/12.
• "2012 Offshore Voluntary Disclosure Program: One Size Does Not Fit All," 2/2/12.
• "Who does the Internal Revenue Service consider a Tax Preparer? Exploring Applicable Law," 1/31/12.
• "Immigration Criminal Tax Consequences of Failing to Disclose Foreign Bank Accounts and Foreign Source Income," Co-Authored with Liz Prehn 8/22/11.
• Author, "Tax Aspects of Financial Planning and Hong Kong Revenue Law" book, 1987.

Speaking Engagements

A sampling of Steve's speaking engagements:

• "China Business Studies Initiatives: Chinese Investments in California Real Estate," University of San Francisco School of Management, 10/28/15
• "Allegations of Offshore Tax Evasion: Aiding & Abetting" webinars Moskowitz LLP presentation to CPAs and Attorneys, February and March 2015
• "Captive Insurance" webinar, West Legal Edcenter, 11/13/14
• "Tax Aspects of Financial Planning Accounts," [Firm sponsored ], 2013
• "Tax Planning for Small Business," [Firm sponsors ], 2013
• "FATCA, Foreign Account Transaction Compliance Act" [Firm sponsored in conjunction with Fortis Law Group, National Speaking Events], 2013
• "Bank Secrecy Act Violations by Individuals," [ Firm Sponsored ], 2013
• "Asset Protection and Tax Planning Techniques," National Association of Plastic Surgeons, New Orleans, 2012
• Multiple presentations to South Korean Government and South Korean National Tax Service regarding U.S. taxation and collection, Seoul, Korea November 2011

Back To Professionals Archive Page

Subscribe To Our Newsletter

Get alerts. Stay current. Receive tax insights, tips and featured blog articles.

Please tell us about your case and how we can reach you.

201 California Street | Suite 640 | San Francisco, CA 94111

©2024, Moskowitz, LLP | Disclaimer | Privacy Policy | Site Credit | Attorney Advertising

How can we help you today?

We would love to hear from you. If you would like to schedule a consultation to discuss legal representation, please complete the form below.

Tax Planning & Business Consultation

Business Tax Advisors and Consultants

In today’s complex tax environment, proactive tax planning should be part of your company’s overall business and financial strategy. As tax reform continues to create sweeping tax changes, let Pinnacle’s business tax consultants advise you on how to reduce and manage your tax obligations. We work closely with you to create a strategic tax plan that can support your business goals and create opportunities for reinvestment that can be used to drive growth, increase profitability and/or fund innovation.

Your dedicated Pinnacle business tax advisors will help you implement a tax strategy that will position your company for growth. From securing valuable tax credits and incentives to making sure your company is taking full advantage of R&D tax credits, our tax consultancy services focus on identifying federal, state and regional programs that support business goals and increase profitability.

Let us help you navigate today’s shifting tax changes

Business taxes have always been complex, but today’s shifting regulatory environment make it increasingly difficult for businesses to keep up with tax changes. What may have been a sound strategy last year could suddenly increase your small business tax rate this year. And if your business operates or sells products or services in multiple states or overseas, the tax challenges and complexities your business faces increase exponentially.

That’s why partnering with Pinnacle’s experienced business tax consultants is so critical. Strategic planning ensures you proactively prepare for tax obligations throughout the year, not just during tax preparation season. The financial and tax advisor team at Pinnacle works with a wide range of businesses from startups to established middle market corporations. We consult businesses on a broad range of tax matters from calculating QBI for Section 199A deductions to small business accounting best practices.

Optimizing your financial strategy with the help of business tax advisors can therefore play an essential role in your business’s future success, regardless of the size of your organization.

Partner with Pinnacle to maximize your tax strategy.

No matter your business’s size or industry, you need an effective tax plan to succeed. At Pinnacle, we view business tax preparation as merely an outcome of strategic planning. We consider the planning process an opportunity to connect with our clients and gain an in-depth understanding of their businesses. When you secure business tax help from Pinnacle, you can expect to enjoy many benefits. Our advisors work to develop a close advisory relationship with your team to serve as an effective extension of your business. Your Pinnacle business tax consulting experts will work to gain a holistic view of your business’s needs and goals. This comprehensive understanding enables your financial and tax advisor team to provide the best possible guidance and develop the most effective strategy.

At Pinnacle, our business tax service experts have the knowledge, experience, and tools to develop a forward-thinking tax strategy that helps your business achieve both immediate and long-term goals. Our proactive approach to tax planning ensures that you minimize your business’s tax burden and maximize your company’s growth as you plan for the future.

Let Pinnacle position your business for growth.

We are deeply committed to helping our clients succeed. This commitment extends beyond individual and business tax consulting to create trusted relationships that span businesses and generations. We are truly passionate about helping you achieve what’s next.

Work with a Pinnacle business tax advisor for personalized tax consultancy services that will position your company for the future.

Contact us today for a free consultation with a highly experienced local CPA

More From Forbes

Why you should consider a specialist in tax planning.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

CEO/Founder The Concierge CPA Consulting , and TaxPlanIQ, a SaaS Tax Planning Software for Accountants.

Demystifying The Roles

Not all accountants are tax planners. There's a common misconception out there that any credentialed accountant or financial professional can handle tax planning. But here's the truth: While many professionals are qualified to prepare taxes, few specialize in tax planning. The difference in the specialization can mean the difference between average and outstanding financial outcomes (i.e., thousands upon thousands of dollars per year).

Understanding The Credentials: CPAs, EAs And CFPs

• Certified Public Accountants (CPAs): CPAs are well-versed in a variety of accounting practices. Their training might focus on anything from auditing to corporate finance, depending on where they’ve worked. While they understand the broader strokes of tax laws, not all CPAs specialize in strategic tax planning.

• Enrolled Agents (EAs): EAs are the warriors of tax preparation, trained specifically in tax regulations and capable of representing clients before the IRS. Their focus is primarily on preparation rather than proactive tax planning.

• Certified Financial Planners (CFPs): CFPs excel in wealth management and retirement planning. They are experts in crafting long-term financial strategies but may not focus on the nuances of tax planning unless it directly impacts an investment strategy.

Netflix s New 1 Movie Is An Overlooked Must Watch Crime Comedy Thriller

‘reacher’ season 3 casts a villain that looks like he ate reacher, a psychologist reveals 3 ways to master constructive disagreement, the crucial need for specialization.

The variety in training and specialization among these professionals is vast. Some may have honed their skills in audit firms, others might have deep experience with specific industries like trucking or state-specific tax issues. This diversity means that finding someone who's happened to be exposed to great tax advisory work and strategy is a must.

Introducing The Concierge Accountant

This is where the concept of the concierge accountant comes into play. I've trained hundreds of accountants to move beyond the general scope of their credentials to specialize deeply in tax planning. These aren't just any accountants; they are trained to use innovative methods like the ROI Method of Value Pricing to ensure that every financial decision is tailored to the client’s specific economic context and goals.

Why Choose A Concierge Accountant?

• Specialized Tax Planning: Unlike generalists, concierge accountants are experts in navigating complex tax landscapes to uncover opportunities for savings and growth.

• Customized Financial Guidance: They provide bespoke advice based on your unique financial situation, adapting their strategies to serve your best interests.

• Value Pricing: With the ROI Method, you're not just paying for services; you're investing in measurable financial improvement.

Concierge Vs. Generalist

A concierge accountant does more than prepare your taxes; they ensure your financial strategies are proactive, comprehensive and highly personalized. They're not just preparing documents; they're planning your financial future with precision.

• Transform Your Financial Strategy: Switching to a concierge accountant means choosing a partner that's as invested in your financial success as you are. It's about creating a strategy that evolves with your life and business, offering tailored advice that impacts your bottom line.

• How To Make The Shift: Look beyond credentials alone. Seek out a specialist focused on tax planning with proven expertise in your specific financial area. Verify their track record, ask for client testimonials and ensure they can offer personalized strategies that align with your financial goals.

Determining If Your Accountant Is A Concierge Tax Planner

Choosing the right accountant is critical, but how can you be sure they're the specialist you need? Here are some key questions to ask your accountant to determine if they truly are a concierge tax planner:

• Do You Use Value Pricing?

Ask your accountant if they employ value pricing instead of traditional hourly billing. Value pricing aligns the accountant's incentives with your outcomes, focusing on results rather than the time spent. This approach is indicative of a modern, client-focused strategy. If they still adhere to hourly billing, it might suggest a more traditional approach that could prioritize billable hours over maximizing your financial benefits.

• What Are Your Favorite Tax Strategies?

This question will help you gauge their depth of knowledge and creativity in tax planning. Listen carefully to the strategies they mention. Are they basic measures you already know, or do they propose innovative solutions tailored to your specific financial situation? If their strategies don't impress you or seem too generic, it's a signal they might not have the specialized expertise you're looking for in a tax planner.

• How Much Of Your Practice Is Focused On Tax Planning Versus Compliance?

Understanding the focus of their practice is crucial. Ideally, you want someone who dedicates a significant portion of their practice—preferably more than 50%—to proactive tax planning. If compliance dominates their time, they may not be positioned to offer the strategic insights and proactive service that a true concierge tax planner would provide.

Why These Questions Matter

Asking these questions does more than help you evaluate their services; it also sets the expectation that you are seeking a high level of specialized, proactive financial care. A true concierge accountant will welcome such inquiries and be prepared to discuss their sophisticated strategies and client-centered pricing model.

Tax Projections Vs. True Tax Planning

Tax projections estimate your future tax liability based on current data, which helps in budgeting for tax payments. True tax planning goes much further, implementing strategies to reduce tax liability during the tax year at hand. For the same freelancer, a tax planner might suggest establishing a SEP IRA to defer income or timing expenses to lower taxable income, entity analysis and selection and business deduction optimization—which is actively minimizing the tax due rather than just preparing for it.

Tax planning can be likened to the meticulous work of a detective who goes line by line through the 1040 tax form, probing and questioning every entry to uncover what might be overlooked.

This approach is not just about staying current; it's about staying ahead, ensuring that your financial planning is as dynamic and distinctive as you are.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?

• Editorial Standards
• Reprints & Permissions

Report: Boston Mayor Wu’s plan to increase commercial tax rates is bad for business

A global tax expert concluded that the mayor’s plan to tax Boston businesses beyond the state limit would not protect residential property owners as intended, and would hurt the economic health of the entire city and state.

Daniel Swift, a principal at the global tax consulting firm Ryan, sent a letter this week that petitions the Boston City Council to vote down the mayor’s plan to temporarily increase commercial tax rates , and instead provide tax mitigation to a business sector struggling with declining property values and vacant office space.

The letter was addressed to Councilors Gabriela Coletta and Benjamin Weber, chair and vice chair of the body’s Government Operations committee, which will hold a second hearing on Mayor Michelle Wu’s home rule petition on May 30.

“While the intention to protect residential taxpayers is commendable, the reality is this proposal will cause harm to both the residential and commercial property owners,” Swift wrote. “Commercial property is already sharply decreasing in market value, and increasing its tax to subsidize the residential class is not the solution.

“Focus instead should be on investing in the future of commercial properties and encouraging its revival,” his letter states, adding that providing tax relief to that sector would protect the city’s economy, vitality and future competitiveness.

The letter was accompanied by a 13-page analysis from the Ryan tax consulting firm, which asserts that homeowners would not experience the drastic increase in property taxes that  Wu has said her plan seeks to avoid next year, by shifting more of the tax burden onto commercial owners for the next four years.

The firm contends, however, that if the city were allowed to shift beyond the state limit, from 175% to 200%, as proposed by the mayor for fiscal year 2025, the change would have a long-lasting harm on the commercial sector, by increasing its already disproportionate share of property taxes and further depressing values.

Property taxes make up more than 70% of annual city budget revenue, about a third of which is paid by the commercial sector. Commercial properties make up roughly a third of total assessed value in Boston, but paid approximately 58% of the total tax levy in Boston, Swift wrote.

The mayor’s plan could spike commercial tax rates by 17%, which may leave that sector paying “twice its fair share in taxes,” the firm’s analysis found.

“The proposal alone will increase the commercial tax rate in Boston by 14%, but the actual rate increase is likely to be far greater due to value decline,” Swift wrote. “The increased rate will further depress commercial values and raise the risk profile to potential investors and make Boston a less attractive place to maintain and relocate small businesses, restaurants, retail shops and offices.”

Related Articles

• Politics | Boston mayor, police seek to curb summer spike in gun violence
• Politics | Boston Mayor Wu’s Italy trip sparks latest battle in North End outdoor dining war
• Politics | Bill Bratton calls criticism of ShotSpotter technology ‘foolish’
• Politics | Boston Police records debunk ACLU, critics’ claim that piñata activated ShotSpotter
• Politics | Warren, Markey, Pressley follow Boston Police review by pressing for federal probe of ShotSpotter

Ultimately, his firm concludes that it’s “difficult to make sense” of a plan that seeks to increase taxes on a class of property that is decreasing in market value, particularly in a city that already has the second-highest level of disproportionately between commercial and residential taxpayers in the country.

“This bill would increase the already exorbitant tax burden on commercial owners who are desperately attempting to hold onto properties through financial stress and losses caused by record-high vacancies and increased interest rates,” the firm’s report states.

“Boston should be reviewing ways to revive commercial properties through tax mitigation, not saddling them with additional disproportionate tax burden to reduce tax costs for a thriving class of property whose owners are continuing to increase their wealth.”

Swift plans to offer similar testimony at the May 30 Council hearing, and will take part in a Wednesday panel hosted by NAIOP Massachusetts, where alternative solutions to the mayor’s proposed legislation will be discussed.

The panel will also feature Jim Rooney, president and CEO of the Greater Boston Chamber of Commerce and Marty Walz, interim president of the Boston Municipal Research Bureau, both of whom oppose the mayor’s petition, which needs approval from both the City Council and state lawmakers.

©2024 MediaNews Group, Inc. Visit at bostonherald.com. Distributed by Tribune Content Agency, LLC.

About UK Tax Consulting

UK Tax Consulting was founded in 2004 as a full service tax consultancy and advisory firm, advising private and business clients alike, and assisting other professional advisers to provide the best possible tax advice to their clients.

We cover almost the entire range of tax advisory services, from income tax, capital gains tax, corporation tax and inheritance tax to VAT, SDLT, Stamp Duty and Insurance Premium Tax. The scope of our work has ranged from preparing self-assessment tax returns for private individuals and trustees to advising privately owned trading groups, the largest broker of securities and derivatives on the Moscow markets and even a Fortune 100 Bank. Our work with accountants and other professional advisers has encompassed the full range of services to SMEs and private clients, from corporate demergers to advising on the complex offshore tax affairs of ultra high net worth families.

We specialise in helping clients with seemingly intractable problems and finding practical and cost-effective solutions.

We are proud to be a firm of Chartered Tax Advisers, adhering to the professional and ethical guidelines of the Chartered Institute of Taxation.

UK Tax Consulting was named as Tax Planning Advisory Firm of the Year in the Finance Monthly Taxation Awards 2019.

OUR SERVICES

Find out more about us and the services we offer.

get in touch

Subscribe to our newsletter, sign up to receive useful tax updates and information,, recent posts.

• Transfer of Assets Abroad and the quasi-transferor
• QROPS – A guide
• Follower Notice penalties – the Corrado case

Also in our blog:

We use cookies on our website to track usage and optimise your experience..

Please confirm that you accept our tracking cookies. If you wish to decline tracking cookies, you can continue to use our website without any data being sent to third party services such as Google Analytics.

Business Plan Writers & Consultants Serving Texas

Growthink is a national business plan development company . Growthink’s business plan experts are located in several major cities across the United States. Since 1999, our business plan experts have written more than 4,000 strategic business plans for entrepreneurs, small businesses, mid-sized firms, and Fortune 500 corporations.

Our consultants work with clients located all over the country (and all over the world), including many business clients in Texas including all major Texas cities such as Houston , Dallas , San Antonio , Austin and Midland .

We have written business plans for clients in hundreds of industries. Previous Growthink clients from Texas include restaurant owners, alternative energy companies, internet/software companies, retail businesses, and business services firms.

If you are seeking professional help with your business plan, call us at 800-216-3710 or complete one of the forms below. Additional information on our Texas and nationwide business plan services is below.

Growthink Creates Plans to Help You Achieve Your Goals

Since 1999, growthink has created more than 4,000 business and strategic plans for clients who have gone on to achieve tremendous success..

Call Us Today at:

What Makes Growthink Unique​

We are in constant contact with investors and other funding sources. This enables us to develop plans that raise money. Since 1999, Growthink clients have raised more than $2.5 Billion.​

Vast Client Experience

We have developed plans for clients in over 500 industries, including startup, multi-national corporations, and non-profit organizations. We know how to develop a successful plan regardless of your stage of growth or type of business.

Better Strategies

We don't just document your ideas on paper. Our experts conduct market research and collaborate with you to create strategies for you to succeed in today's competitive environment and over the long-term.​

World Class Team

Growthink consultants have attained degrees from top universities including Harvard, Stanford, MIT, Columbia, Dartmouth, Cornell, University of Pennsylvania, University of Chicago, UCLA and the University of Michigan.

What the Media Says

Get A Free Consultation

Complete the form, or call us at:

(800) 216-3710

Who we serve, mid-sized to larger companies, early stage entrepreneurs, fortune 500 companies, small business owners, non profit and government, representative clients.

What Our Clients Say

Our Founders

Jay has over 25 years of experience in starting, building, advising and investing in high growth firms. His advisory work spans industries and market sectors, including corporate clients like Deutsche Bank, McKesson, Infospace, Samsung, Porsche, & Paramount Pictures seeking to inject entrepreneurship and innovation into their organizations. He has an MBA from the Anderson School at UCLA and a Bachelor’s degree from Stanford University.   Read more.

Dave Lavinsky

Growthink’s President, is the author of the Amazon #1 Best Seller in Entrepreneurship “ Start at the End: How Companies Can Grow Bigger and Faster be Reversing Their Business Plan ,” published by Wiley. Dave is a contributor for Enterpreneur.com and Forbes.com. BusinessWeek went so far as to call Dave ‘The Business Plan Expert.’ Dave has an MBA from the Anderson School of Management at UCLA and a Bachelor’s degree from University of Virginia.   Read More

Need Help With Your Business Plan?

Call Us Today

(800) 216 - 3710

Texas Business Plan Resources

The US Small Business Association West Texas district web page. https://www.sba.gov/district/west-texas

The US Small Business Association El Paso district web page. https://www.sba.gov/district/el-paso

The US Small Business Association Dallas – Fort Worth district web page. https://www.sba.gov/district/dallas-fort-worth

The US Small Business Association Houston district web page. https://www.sba.gov/district/houston

The US Small Business Association San Antonio district web page. https://www.sba.gov/district/san-antonio

The Greater Houston Partnership’s business resources page. https://www.houston.org/business-resources

Texas Economic Development Corporation’s business resources page. https://businessintexas.com/why-texas/small-business-innovation/

The State of Texas’ business resources page. https://gov.texas.gov/business/page/small-business

The Texas Small Business Development Center Network provides complementary and confidential business consulting,  and affordable training. https://sbdctexas.org/

SCORE is a volunteer organization where established businesspeople provide mentorships, workshops, events, and consulting for entrepreneurs. A complete listing of offices throughout Texas can be found here. https://www.score.org/contact-us?state=TX

Learn more about Growthink’s business plan consulting services and methodology. 

Cookies on GOV.UK

We use some essential cookies to make this website work.

We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.

We also use cookies set by other sites to help us deliver content from their services.

You have accepted additional cookies. You can change your cookie settings at any time.

You have rejected additional cookies. You can change your cookie settings at any time.

Business and self-employed

Tools and guidance for businesses

Popular tasks

• HMRC online services: sign in or set up an account
• Self Assessment tax returns
• Pay employers' PAYE

Includes self-employment and starting a business

Business tax

Includes Corporation Tax, Capital Gains Tax, Construction Industry Scheme (CIS) and VAT

Business finance and support

Finding finance, business support, writing a business plan

Running a limited company

Includes registering, setting up, company accounts and tax returns

Expenses and employee benefits

Includes company cars and paying tax on employee benefits

Business debt and bankruptcy

Includes bankruptcy, insolvency and recovering debt

Business premises and business rates

Includes business rates, leases, renting, planning permission, waste, and energy certificates

Food, catering and retail

Labelling and handling food, transporting, food safety

Includes moving goods in the EU and commodity codes

Exporting and doing business abroad

Licences and licence applications.

Applying for licences for events and businesses

Selling your business and closing down

Stopping self-employment, winding up or liquidating a limited company

Sale of goods and services and data protection

Includes regulations for online retailers, offering credit and Trading Standards

Childcare providers

Includes registering as a childcare provider

Manufacturing

Managing waste, health and safety, regulations

Patents, trade marks, copyright and designs

Includes registering, protecting and applying for designs and patents

Business waste and environmental impact

Includes registering as a waste carrier, classifying waste, hazardous waste

Scientific research and development

Includes funding and support scheme guidance

Maritime vessels and work at sea

Includes health and safety onboard, crew, registering vessels

Is this page useful?

• Yes this page is useful
• No this page is not useful

Help us improve GOV.UK

Don’t include personal or financial information like your National Insurance number or credit card details.

To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) .

• Company Registration in Russia

Representative and Branch Office

Russian bank account.

• Legal Address in Moscow
• Office Co-Working in Moscow
• Interim-Management in Russia

Work Permit and Visa

• Liquidation of a company in Russia
• Accounting Outsourcing in Russia
• Payroll Outsourcing in Russia
• Tax Consultancy in Russia
• IT and 1C Services
• Individual Reporting and Controlling
• Reporting according to international Standards
• Transfer Pricing
• Book a call
• Business Set-Up in Russia

Ready for growth

A Company Registration including Legal Address in Russia or expanding your current operations to the Russian market are lucrative opportunities for foreign investors. The largest country in the world offers not only an enormous, still unsaturated sales market, but also very good conditions for the setting up local production due to moderate wage costs and emerging economic regions.

For foreign companies wishing to take the first step on the Russian market there are various possibilities to registering a company in Russia. Success begins with a well-thought-out business plan. In order to be able to profit as a company from the various possibilities of the Russian market, it is therefore particularly important to be sufficiently informed about the country-specific features before starting a business. Negligent and inconsiderate actions may be costly and seriously jeopardize future success.

Company Registration Russia

Foreign investors are allowed by the Russian law to own 100% of a Russian company, and the participation of a Russian shareholder is not mandatory. The minimum share capital of the Russian limited liability company is 10.000 rubles. Although, because of double taxation treaties, it might be wise to tailor the share capital of a subsidiary company according to the relevant treaty’s minimum to reduce dividend and withholding tax.

Guideline for a Company Registration in Russia :

• Determination of the  name of the entity;
• Determination of the  entity’s sphere of activities;
• Determination of the amount of the  share capital (important note: check the double taxation treaty)
• Determination of the  legal address in Russia
• Appointment of the  general director of the entity and the chief  accountant

Do you have a question or want to register a company in Russia? Leave us a  message  or  book a call  with one of our experts now!

Foreign companies can extend their presence to Russia through a representative or a branch office without dealing with a Russian agent or setting-up a subsidiary entity. A representative office of a foreign company is allowed to perform services and to represent the company’s interests. However, the representative office may not partake  in any commercial dealings. A branch, on the contrary, can operate as a full-fledged business and raise revenue for its parent company. Both Representative and Branch offices are not legally independent entities, but are subject to and act directly on behalf of their foreign parent company. As a result, the foreign company has to take full responsibility for liabilities of its branch office and no limitation of liability occurs.

Do you have a question or want to register a representative or a branch office in Russia? Leave us a  message  or  book a cal l with one of our experts now!

All companies planning to operate in the Russian Federation must open a Russian bank account in Russian currency, i.e. in rubles. All payments between Russian entities within the country’s territory are executed exclusively in rubles, even if contracts and invoices contain payment in foreign currency.

Through many years in partnership, we have close relationships to the major international banks like UniCredit Bank, Raiffeisenbank and Commerzbank in Russia.

Do you have a question or want to open a bank account in Russia? Leave us a message  or  book a cal l with one of our experts now!

Legal Address

Every entity or accredited office requires a legal address. It is not sufficient to rent a mailbox to obtain a legal address. It is necessary to enter into a lease or sublease agreement with a landlord.

Which documents confirm the ownership of a legal address in Russia?

• Lease or sublease agreement
• Ownership certificate of the landlord
• Written confirmation by the landlord that the address may be used as a legal address

What are the features of a valid legal address and which advantages does it bring?

One of the most common problems regarding legal addresses, which do not simultaneously serve as the operational office of a company, is the danger of dealing with a landlord who registers too many companies under the same address. These so-called mass-addresses do not only have a bad reputation, but also bring unfavourable attention from the authorities, banks and business partners. In many cases, this may jeopardize the registration or accreditation of the entity by the Russian authorities. A mass-address can also be a major obstacle for the opening of a Russian bank account.

How to obtain a legal address?

• A company may rent an office. However, a document confirming the landlord’s consent for using the office as a legal address must be present.
• If the option of renting an office in Russia is not preferable, Ausserer & Consultants can provide you with a fully-fledged legal address within our own office premises.

Do you have a question or are interested in legal address services in Moscow? Leave us a  message  or  book a call  with one of our experts now!

Office Co-Working

Finding a suitable location to start a business in Russia can be a challenging task. We offer co-working office within our premises in the center of Moscow under a sublease agreement, including:

• fully furnished office including printer, Wi-Fi, phoneline and storage space
• quiet work environment in the city center
• Vienna House: a hub of international companies
• the option to use a meeting room
• cleaning services on daily basis
• spacious kitchen and bathroom

Do you have a question or want to try our co-working in Moscow? Leave us a  message  or  book a call  with one of our experts now!

Interim-Management

Interim Management is a temporary delegation of the general director function to one of our  partners or our management company . Interim management may be divided into administrative and operational interim management.

• Administrative interim managemen t is used for setting-up a business in Russia
• Operational interim management is usedfor handling internal challenges and during restructuring phases.

Do you have a question about i nterim-management services in Russia? Leave us a  message  or  book a call  with one of our experts now!

In order to work in the Russian Federation a foreign citizen requires a work as well as a valid visa. There are two different ways of obtaining a work visa for Russia, both of which coincide with applying for and issuing a valid work permit:

• Ordinary work permit and visa , which is valid always only for one year and can be renewed. The process is costly and time-consuming and lasts approximately 3-6 months.
• Work permit and visa for Highly Qualified Specialists (HQS) which is vastly popular among expats. This permit is valid for up to three years and can be renewed with little problem. It takes about 1-2 months to obtain this type of permission.

The status of a Highly Qualified Specialists (HQS) provides considerable advantages over the ordinary work visa, contact us for more information.

Liquidation of a company

In Russia, the liquidation of a limited liability company (LLC) takes place in precise guidelines, which must be followed consistently. While the insolvency of an entire company is done with the “simplified insolvency” method, in most foreign liquidations only the subsidiary abroad withdraws from the market mostly because there is a lack of demand for the products or a lack of profitability. The safest liquidation process involves the involvement of an external consultant, who knows the processing steps in accordance with Russian legislation and, above all, helps to meet deadlines.

Guidelines for winding up a company in Russia:

• Resolution on Liquidation (within three days)
• Appointment of the Liquidator
• Preparation of the Opening Balance Sheet
• Distribution of Assets to Creditors and Shareholders
• Repayment of Tax Debts and Payment of Employees
• Preparation of the Liquidation Closing Balance Sheet
• Notifying State Tax Authorities and the Commercial Register

Personal Consulting in Russia?

Testimonials.

“Since 2012, Ausserer & Consultants is located in our business center “Vienna House” in Moscow and is a mangificant business partner.”

“For many years, I have a close business relation to Ausserer & Consultants and I constantly keep on recommending them. Ausserer & Consultants is an efficient and trusting partner in all questions regarding accounting, so we can focus on our core business. That is exactly, what I can ask from an outsourcing company.”

“Since we started our cooperation with Ausserer & Consultants, the company proofed its status as a reliable partner. All kinds of tasks were solved with the right amount of carefulness for our full contentedness.”

“For many years, we are very satisfied with the services – the consulting always is perfectly customized for us in width and depth. The team puts in much effort – and this for a fair price.”

Together with Ausserer & Consultants, we managed the whole market entry and business set-up process in Russia and overtook our accounting. They were very committed to our project and eager to our common success. Thank you very much!

“I appreciate the high quality of client support, correct and timely execution of tasks and swift response to client’s inquiries. It is a pleasure to work with such a reliable business partner.”

Memberships

German-russian chamber of industry and commerce.

Chamber of Commerce Austria

Swiss Business Hub Moscow

Italian-Russian Chamber of Industry and Commerce

3E Accounting International Network

CCS Intersales Representative Russia

Abonnieren sie unseren newsletter.

Einmal pro Quartal fassen wir die wichtigsten Neuigkeiten aus den Bereichen Recht, Buchhaltung und Steuern in Russland für Sie zusammen!

Join our Newsletter

Once a quarter, we summarize the most important news from law, accounting, and taxes in Russia for your business!

Your Name (required)

Your Email (required)

Si iscriva alla Newsletter

Ogni trimestre le comunichiamo le notizie più importanti circa leggi, contabilità e tasse per la Sua attività in Russia!

Sichern Sie sich jetzt unseren kostenlosen Lohn- und Gehaltsrechner!

Finden Sie Ihre Personalkosten heraus: jetzt E-Mail eingeben und den Rechner kostenlos erhalten!

[contact-form-7 404 "Not Found"]

Sichern Sie sich jetzt unseren kostenlosen Steuerkalender!

Verpassen Sie nie die Deadline: E-Mail eingeben und den Kalender kostenlos erhalten!

Sichern Sie sich jetzt unseren kostenlosen Gewinn- und Verlustrechner!

Senken Sie Ihre Steuern: E-Mail eingeben und den Rechner kostenlos erhalten!

Scarichi il nostro calcolatore GRATIS!

Scopra il costo dei suoi dipendenti: si registri e riceverà il nostro Calcolatore delle Retribuzioni adesso!

Scarichi il nostro Calendario delle Tasse GRATIS!

Non dimentichi più le scadenze: si registri e riceverà il nostro Calendario delle Tasse adesso

Download our Profit Calculator for FREE!

Reduce your tax burden: sign up and get our free Tax Calculator now!

Download our Tax Calendar for FREE!

Never miss the deadline: sign up and get our free Tax Calendar now!

Download our Payroll Calculator for FREE!

Find out your staff costs: sign up and get our free Payroll Calculator now!

• My View My View
• Following Following
• Saved Saved

Poland fleshes out details of plan to beef up eastern border

• Medium Text

Sign up here.

Reporting by Anna Wlodarczak-Semczuk, Pawel Florkiewicz and Barbara Erling Editing by Gareth Jones

Our Standards: The Thomson Reuters Trust Principles. New Tab , opens new tab

A Ukrainian drone targeted a long-range radar deep inside Russia on Sunday, the second such strike in a week on infrastructure used by Moscow to monitor Ukraine's military activities, a Kyiv intelligence source said.

World Chevron

Five Pakistani soldiers were killed in gunbattles with Islamist militants in the country's northwest bordering Afghanistan on Monday, the Pakistan Army said.

Azerbaijan wants to borrow $5 billion from international credit institutions in the coming years for large infrastructure projects, including in territories secured in a lightning military offensive in September, the finance minister told Reuters.

North Korea said its attempt to launch a new military reconnaissance satellite ended in failure on Monday when a newly developed rocket engine exploded in flight.

Cost of living help and a future made in Australia

Investing in a future made in australia.

Investing in a Future Made in Australia and the skills to make it a reality

Print or save page

On this page

Attracting investment in key industries

Making Australians the beneficiaries of change

A Future Made in Australia is about creating new jobs and opportunities for every part of our country by maximising the economic and industrial benefits of the move to net zero and securing Australia’s place in a changing global economic and strategic landscape.

The Government’s $22.7 billion Future Made in Australia package will help facilitate the private sector investment required for Australia to be an indispensable part of the global economy.

For more information refer to the Future Made in Australia fact sheet [PDF 438KB]

Better deploying capital in priority areas

The Future Made in Australia package will realise Australia’s potential to become a renewable energy superpower, value‑add to our resources and strengthen economic security by better attracting and enabling investment in priority areas. The Government will create a Future Made in Australia Act and establish a National Interest Framework that identifies priority industries and ensures investments associated with them are responsible and targeted.

The Framework will have a focus on industries that contribute to the net zero transformation where Australia has a comparative advantage, and where Australia has national interest imperatives related to economic resilience and security.

Strengthening and streamlining approvals

This Budget provides a faster pathway to better decisions on environmental, energy, planning, cultural heritage and foreign investment approvals.

This includes:

• $134.2 million to better prioritise approvals for renewable energy projects of national significance, and support faster decisions on environment, cultural heritage and planning approvals.
• Working with the states and territories through the Energy and Climate Change Ministerial Council to accelerate electricity grid connections.
• $20.7 million to improve engagement with communities impacted by the energy transition and accelerate the delivery of key energy projects.
• $15.7 million to strengthen scrutiny of high‑risk foreign investment proposals, enhance monitoring and enforcement activities and support faster decisions.

The Government will also encourage foreign investment by providing refunds of 75 per cent of application fees for unsuccessful competitive bids.

Promoting sustainable finance

The Government is committing $17.3 million to mobilise private sector investment in sustainable activities. This includes extending Australia’s sustainable finance taxonomy to the agriculture sector and developing a labelling regime for financial products marketed as sustainable.

The Government will also examine opportunities to improve data quality and provide $1.3 million to develop and issue guidance for best practice transition plans.

Making Australia a renewable energy superpower

Powering australia with cheaper, cleaner, more reliable energy.

Australia’s potential to produce abundant renewable energy is a powerful source of comparative advantage. To realise this, the Government is unlocking more than $65 billion of investment in renewable capacity through the Capacity Investment Scheme by 2030.

This Budget helps Australians benefit from cheaper, cleaner energy sooner by investing $27.7 million to integrate consumer energy resources like batteries and solar into the grid.

The New Vehicle Efficiency Standard will save Australians around $95 billion at the bowser by 2050 and reduce transport emissions.

Unlocking investment in net zero industries and jobs

This Budget accelerates growth of new industries by establishing the $1.7 billion Future Made in Australia Innovation Fund and delivering a 10‑year extension of funding to the Australian Renewable Energy Agency. It also delivers the $44.4 million Energy Industry Jobs Plan and $134.2 million for skills and employment support in key regions.

The Future Made in Australia package establishes time‑limited incentives to invest in new industries. The Hydrogen Production Tax Incentive will make Australia’s pipeline of hydrogen projects commercial sooner, at an estimated cost of $6.7 billion over the decade. This Budget also expands the Hydrogen Headstart program by $1.3 billion.

Boosting demand for Australia’s green exports

The Government is making it easier for businesses and trading partners to source low‑emissions products by building better markets and product standards for green products.

This Budget provides $32.2 million to fast‑track the initial phase of the Guarantee of Origin scheme, focused on renewable hydrogen, and bring forward the expansion of the scheme to accredit the emissions content of green metals and low‑carbon liquid fuels. The Government is also working closely with trading partners to identify opportunities to drive greater supply chain transparency and better market recognition of high environmental, social and governance standards in the critical minerals sector.

Realising the opportunities of the net zero transformation

Australia is committed to reaching net zero greenhouse gas emissions by 2050 and is developing six sector plans covering:

• electricity and energy
• agriculture and land
• the built environment.

This Budget continues investment in effective emissions abatement, including through $63.8 million to support emissions reduction efforts in the agriculture and land sector.

The Government is also investing $399 million to establish the Net Zero Economy Authority and support the economy‑wide net zero transformation. This Budget also invests an additional $48 million in reforms to the Australian Carbon Credit Unit scheme and $20.7 million to improve community engagement.

Strengthening resources and economic security

Backing a strong resources sector.

The Government is investing $8.8 billion over the decade to add more value to our resources and strengthen critical minerals supply chains. This Budget establishes a production tax incentive for processing and refining critical minerals at an estimated cost of $7 billion over the decade. It commits up to $1.2 billion in strategic critical minerals projects through the Critical Minerals Facility and the Northern Australia Infrastructure Facility, and pre‑feasibility studies for common user precincts.

This is in addition to $566.1 million to support Geoscience Australia to map all of Australia’s critical minerals, strategic materials, groundwater and other resources essential for the transition to net zero.

Manufacturing clean energy technologies

The Government is committing $1.5 billion to manufacturing clean energy technologies, including the $1 billion Solar Sunshot and $523.2 million Battery Breakthrough Initiative. These investments will be delivered by ARENA.

Strengthening supply chains

To support the delivery of the 82 per cent renewable energy target, the Government has formed the National Renewable Energy Supply Chain Action Plan with states and territories. The Government will invest an additional $14.3 million working with trade partners to support global rules on unfair trade practices and to negotiate benchmarks for trade in high quality critical minerals.

Digital, science and innovation

Investing in new technologies and capabilities.

The Government is investing $466.4 million to partner with PsiQuantum and the Queensland Government to build the world’s first commercial‑scale quantum computer in Brisbane.

The Government will undertake a strategic examination of Australia’s research and development (R&D) system with $38.2 million invested in a range of science, technology, engineering, and maths programs.

The Government is providing $448.7 million to partner with the United States in the Landsat Next satellite program to provide access to critical data to monitor the earth’s climate, agricultural production, and natural disasters.

Modernising and digitising industries

This Budget commits $288.1 million to support Australia’s Digital ID System. A National Robotics Strategy will also be released to promote the responsible production and adoption of robotics and automation technologies for advanced manufacturing in Australia.

Reforming tertiary education

The Government is committing $1.6 billion over 5 years, and an additional $2.7 billion from 2028–29 to 2034–35 to reform the tertiary education system and deliver Australia's future workforce.

This includes $1.1 billion for reforms to university funding and tertiary system governance.

Over $500 million will be provided for skills and training in priority industries and to support women’s participation in these sectors.

The Government will set a tertiary attainment target of 80 per cent of the working‑age population by 2050.

Supporting students on placements

The Government will establish Commonwealth Prac Payments (CPP) for students undertaking mandatory placements. From 1 July 2025, the payment will provide more than 73,000 eligible students, including teachers, nurses, midwives and social workers with $319.50 per week during their placements.

Felicity is a full‑time student receiving Youth Allowance, living by herself. She is studying a Bachelor of Nursing and must stop paid work during her mandatory prac placement. During her prac, Felicity receives $712.05 per week from the Government including: $319.50 of CPP, $285.55 of Youth Allowance (YA), $103.50 of Commonwealth Rent Assistance (CRA) and $3.50 of Energy Supplement.

Felicity receives $351.55 a week more than she would have in 2023 before indexation and the changes to YA, CRA and CPP in the current and 2023–24 Budget

Broadening access to university

From January 2026, needs‑based funding will provide per student funding contributions for under‑represented students. The Government will also provide $350.3 million to fully fund university enabling courses and increase pathways for prospective students to university.

Skills pipeline for priority industries

Skills and training for Future Made in Australia industries

The Government will expand eligibility to the New Energy Apprenticeships Program to include work in the clean energy sector, including in construction and advanced manufacturing. This will provide access to $10,000 incentive payments and support our target of 10,000 new energy apprentices.

The Government will commit $30 million to turbocharge the VET teaching workforce for clean energy courses and $50 million to upgrade and expand clean energy training facilities.

The Government will invest $55.6 million to establish the Building Women’s Careers program to support women’s participation in key industries including clean energy and advanced manufacturing.

Supporting apprentices and building the construction workforce

The $5,000 support payments to apprentices in priority occupations will be maintained for another 12 months to 1 July 2025, up from $3,000 in the absence of any changes. Employers of these apprentices will receive a $5,000 hiring incentive, up from $4,000 in the absence of changes. This will provide certainty to apprentices while the Strategic Review of the Apprenticeship Incentive System is underway.

The Government will also invest $88.8 million to deliver 20,000 new fee‑free TAFE places including pre‑apprenticeships in courses relevant to the construction sector. The Government will provide $1.8 million to deliver streamlined skills assessments for around 1,900 migrants from comparable countries to work in Australia’s housing construction industry.

Strengthening our defence industry capability

An integrated and focused approach to defending Australia

The Government is investing an additional $50.3 billion over ten years to implement the 2024 National Defence Strategy to meet Australia’s strategic needs.

Overall funding for Defence will reach $765 billion over the decade. Defence’s Integrated Investment Program has been rebuilt to create a focused Australian Defence Force, accelerate delivery of priority capabilities, and provide certainty to grow Australia’s defence industry. This includes funding for the Royal Australian Navy’s surface combatant fleet and establishing a guided weapons and explosive ordnance manufacturing capability earlier.

The Government is reforming Defence’s budget to support the National Defence Strategy and delivery of priority capabilities.

Developing defence industry and skills

Industry development grants funding of $165.7 million will also help businesses to scale up and deliver the Sovereign Defence Industrial Priorities, which include continuous naval shipbuilding and sustainment, and development and integration of autonomous systems.

The Government is providing $101.8 million to attract and retain the skilled industrial workforce to support Australian shipbuilding and delivery of conventionally armed, nuclear powered submarines. This includes a pilot apprenticeship program in shipbuilding trades and technologies.

Investing in civil maritime capabilities

The Government is providing $123.8 million to maintain and enhance civil maritime security capabilities. This includes $71.2 million to increase the Australian Border Force’s on‑water response and aerial surveillance capabilities.

Securing Australia’s place in the world

Strengthening relationships and simplifying trade

A stable, prosperous and resilient Pacific region

The Government is delivering over $2 billion in development assistance to the Pacific in 2024–25. This includes the Australia‑Tuvalu Falepili Union.

Investing in our relationship with Southeast Asia

Following the launch of Australia’s Southeast Asia Economic Strategy to 2040, the Government is committing $505.9 million to deepen ties with the region.

Australia recently celebrated 50 years of partnership with the Association of Southeast Asian Nations (ASEAN). At the ASEAN‑Australia Special Summit, the Government announced a range of new and expanded initiatives, including a $2 billion Southeast Asia Investment Financing Facility to boost Australian trade and investment.

Simplifying trade

The Government will abolish 457 nuisance tariffs from 1 July 2024, streamlining $8.5 billion in annual trade and eliminating tariffs on goods such as toothbrushes, fridges, dishwashers, clothing and sanitary products.

The Government will provide $29.9 million to coordinate trade simplification and deliver the Digital Trade Accelerator program, and $10.9 million to enhance the Go Global Toolkit to support exporters.

The Government is expanding the Australia‑India Business Exchange, diversifying trade and helping more Australian businesses build commercial ties with India and across South Asia. There will be $2 million to support Australian agricultural exporters entering the Chinese markets.

Support for small businesses

Helping small businesses

This Budget’s Small Business Statement reaffirms the Government’s commitment to deliver a better deal for small businesses, with $641.4 million in targeted support.

For more information refer to the small business fact sheet [PDF 0.98MB]

Improving cash flow

The Government is providing $290 million to extend the $20,000 instant asset write‑off for 12 months. There will be $25.3 million to improve payment times to small businesses and $23.3 million to increase eInvoicing adoption.

Easing cost pressures and reducing the administrative burden

This Budget provides $3.5 billion of energy bill relief, including rebates of $325 to around one million small businesses.

The Government is reducing the administrative burden for small business by abolishing 457 nuisance tariffs and delivering $10 million to provide additional support for small business employers administering the Paid Parental Leave scheme.

Supporting confidence and resilience in the small business sector

This Budget invests a further $10.8 million in tailored, free and confidential financial and mental wellbeing supports for small business owners.

The Government is providing $20.5 million to the Fair Work Ombudsman to help small businesses understand and comply with recent workplace relations changes.

There will be $3 million to implement the Government’s response to the Review of the Franchising Code of Conduct, including remaking and enhancing the Code, and an additional $2.6 million to support more small businesses through alternative dispute resolution.

A more resilient Australia

Preparing for the future

The Government is preparing Australia for future droughts and heightened risk of natural disasters.

Disaster resilience and preparedness

The Government will provide $138.7 million to improve Australia’s response and resilience to natural hazards and disasters. Support includes: funding for the National Emergency Management Agency to supply communities with vital goods, equipment, and temporary accommodation during an emergency, aerial firefighting capability, and mental health support. This is in addition to the $11.4 billion previously committed for Disaster Recovery Funding Arrangements for the states and territories.

The Government is establishing a pilot program for Australia’s Strategic Fleet. These vessels will improve Australia’s capacity to respond and support communities and supply chains during crises.

Preparing for drought and climate change

This Budget provides $174.6 million from the National Water Grid Fund to deliver new water infrastructure projects that will enhance water security, boost agricultural production and help drought proof regional communities.

The Government will provide $519.1 million from its Future Drought Fund to help farmers and rural communities manage the impacts of climate change and prepare for future droughts.

This investment will build the drought resilience of more farmers like Victorian cropper Ed Rickard.

The Fund supported Ed in developing a better farm business plan, which identified his need for weather stations and soil moisture probes. It also helped him implement a succession plan that ensured his farm’s long-term viability.

Back to top

• Best for customer satisfaction
• Best for older adults
• Best for long-term care
• Best for high returns
• Best for agent support
• Best for term life
• How we review life insurance companies

Best Life Insurance of May 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is as complicated as the policyholders and beneficiaries who use it. That means there's no single "best" life insurance company. Instead, you can find the best option based on what you want or what you prioritize.

Best life insurance companies of 2024

While there is no such thing as the objective best life insurance policy, you will be able to find the best insurance policy for your specific needs. Here are our picks for the best life insurance companies, whether you want to use your life insurance policy to build wealth through cash value or you're just looking for a term life insurance policy .

Best life insurance for customer satisfaction

State farm life insurance.

State Farm Life Insurance gets the best life insurance ranking in J.D Power's Individual Life Insurance Study, with a score of 843/1,000. The company is also ranked A++ with AM Best for its financial stability with term, universal, and whole life insurance options. 

All State Farm policies have to be purchased through a State Farm agent. Your agent can help you bundle and save or buy one policy. State Farm is also among the companies offering "survivorship universal life insurance ," which means the policy covers two people, and it kicks in after the second person dies. Couples looking to maximize their death benefit for beneficiaries with one premium payment each month may enjoy lower overall costs.

State Farm agents can run quotes and compare options to find the right plans for each applicant. The range of options, discounts, and familiar name all contribute to the popularity of State Farm's life insurance.

Read our State Farm Life Insurance review here.

Best life insurance for older adults

Prudential vul protector life insurance.

Prudential Life Insurance is available in all states except New York. New York residents can buy the Pruco Life of New Jersey VUL Protector plan. This plan allows buyers to pull money out of their plan to pay for nursing home expenses. Cash value policy premiums are fixed, so you won't have to worry about extra costs later on. Internal costs are low, which minimizes risk. Due to age, many older adults want a safe investment option for their money. Prudential VUL Protector invests to avoid loss. That also means you're not as likely to see big increases in your available funds outside of what you deposit.

Read our Prudential Life Insurance review here.

Best life insurance for long-term care

Columbus life insurance.

Columbus Life offers a wide range of riders to customize your policy with affordable premiums. The company also allows you to convert term policies to whole life insurance policies until the end of your term (generally around age 70). For this and many other reasons, customer satisfaction is high.

When using living health benefits (otherwise known as accelerated death benefits), buyers are allowed to pull money from policies early to pay for medical bills, living costs, etc. under certain circumstances. Most companies use a discounted death benefit, which reduces your final payout using two models. Columbus uses the lien method, which makes it easier to calculate the financial impact of pulling money out early.

Best life insurance for high returns on income

Allianz life insurance.

Allianz Life plans are geared towards high-income adults looking for more tax-free income. Allianz offers a 40% multiplier bonus with a 1% annual assets charge. In short, the professionals managing your investments take 10%. Overall, your investments would pull in an extra 14%-1% asset charge. This means you end up with 3% more than what you deposit every year your life policy is active. This plan offers strong returns when using a life policy to supplement your retirement savings. Allianz also offers specialized plans to grow your income by as much as 20% according to some estimates.

Of note: Allianz also offers plans for foreign nationals, including those with H-1B visas.

Best life insurance for agents

New york life insurance.

New York Life Insurance agents go through extensive training before they ever hit the sales floor. What does this get you? Policies vary widely, and New York Life offers both large and small payouts. Some policies have significant penalties for early withdrawal, but taking a loan offers more options. Whatever your questions, New York Life agents are trained to offer comprehensive support giving you accurate information about its policies every time. The company comes in at position eight in J.D. Power's latest life insurance customer satisfaction study.

Read our New York Life Insurance review here.

Best life insurance for term life

North american life insurance.

North American Company offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more. The company allows one conversion on a 20-year policy at 15 years or 70 years old (whichever is earlier). The conversion cannot happen later than the five-year marker regardless of which policy you choose or the length. North American Company also offers a term policy with a lower premium renewable up to the age of 95 for qualifying insureds.

Summary of the best life insurance companies

• Best for customer satisfaction:   State Farm Life Insurance
• Best for older adults:   Prudential Life Insurance
• Best for agent support:   New York Life Insurance
• Best for long-term care:   Columbus Life
• Best for high returns:   Allianz Life
• Best for term life:   North American Company

How to pick the best life insurance policy for you

Finding the right fit in life insurance starts with finding a trusted insurance agent. Because there are so many state regulations, shopping for homeowners or auto insurance can be easily done online. Life insurance is not required. So it's a voluntary purchase. Many buyers don't know what they need or when they need it. Before making your selection, consider a few things:

Some companies will sell you a policy for your child as soon as they're born. While this may seem morbid, early sign-up means lower rates for a policy your child could enjoy in the future. Regardless, early sign-up equates to more policy for lower premiums and a higher likelihood of acceptance. At 20, you may be healthier and be able to pay into the policy for a longer period compared to when you're 50 with more age-related conditions.

As a general rule, never agree to more than you can afford. For the average life insurance agent, their job is to sell you a large policy with a large commission. Consider not only how much you make now, but how likely your current income is to continue. If you work on a project basis and your project is scheduled to end in 12 months, you may want to reconsider a policy premium outside your monthly savings.

How much are you prepared to buy? Some people only want a small policy to cover funerals and other end-of-life expenses. Others build a life policy into their retirement plan. Whatever direction you're going, involving a financial planner could help you make the right decisions. Depending on the carrier, customers can also compare set limits with index universal life policies, which set no limit. These policies never expire, and the value builds over the entirety of your life.

Living Benefits

Life happens unexpectedly. You could be healthy one day and in the hospital the next. Many life policies offer living benefits. These allow you to draw a limited amount out of your policy to cover medical and other bills you cannot pay while sick.

Much like a 401(k), many life insurance policies have penalties for early withdrawal. No matter what policy you want, this question is critical to an informed decision. It's a question of how early you can withdraw and how much you'll lose from the total to have the money in 10 years instead of 30 or after death.

Some policies require insured parties to pay premiums for at least one year before any significant payout would be available. Suicide exclusions are common. Even with no medical exam policies, the company may still do a check for known conditions. An insurance company has to mitigate its risk.

Flexibility

Once you've been denied a life insurance policy, a mark goes on your record. No matter the reasons, other insurance companies may deny you coverage based on the first denial. So consider your whole situation and choose your policy carefully before you submit any applications. Some policies have greater flexibility if you lose your job or otherwise can't make payments. Others will lapse if you miss even one payment.

Payment Type

Even within whole life or term life insurance policies, customers have the option to choose guaranteed fixed or variable rates. Some have guaranteed payouts, but you'll need to ask your agent for details.

What is your intended use? Why are you shopping for a life insurance policy in the first place, and what are your goals? Many successful financial planners also have a background in life insurance. So while they may not be able to find you a specific life insurance policy, financial planners can help you set out a blueprint for your purchase.

Methodology: How we review life insurance companies

In life insurance, it's easy to get "sold a bill of goods." Many life insurance agents pass a state test to be thrown into the deep end. Agents sell the company product, but not all know the products. In this vein, we look at the products each company offers. We also look at agent training.

A good life insurance agent may not volunteer all facts upfront. But a company's agents should answer questions about its products accurately and in a way the average consumer can digest. Agents should be able to inform you about the long-term benefits and limitations. This will help customers find the right policy for their long-term plan.

We consider affordability, policy sizes available, and performance for a comprehensive assessment in our insurance rating methodology . If you can, we recommend also working with a financial advisor to make a plan for your future with life insurance.

Our Expert Panel for The Best Life Insurance Companies

To inform our choices for the best life insurance companies, we spoke with the following experts:

• Paul LaPiana , head of product at MassMutual
• Barbara Pietrangelo , CFP, CLU, and chair of the nonprofit Life Happens
• Wykeeta Peel , Corporate Vice President and Market Manager, African American Market Unit at New York Life

The Experts' Advice on Choosing The Best Life Insurance for You

How much life insurance coverage do you believe the average buyer should have.

Paul LaPiana, Head of Product at MassMutual

"There are different approaches to determining how much life insurance you need. One is the 'human life' approach, which estimates the current value of your future earning potential. Another is securing specific coverage to pay off debts such as a mortgage or provide for the education of children. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement."

Barbara A. Pietrangelo, Chair of Life Happens

"There is no one-size-fits-all life insurance policy because everyone is different. One way to get a rough estimate is to multiply your income by 10 to 15; another is adding $100,00 to that amount, should you have a child and anticipate college education expenses.

Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what's right for you."

Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life

"As you consider what policy best meets your needs, it can help to answer four key questions: First, how much death benefit do you need? Second, how long will you need that coverage? Third, what is your budget (or how much monthly premium can you afford to pay?), and finally, what is your investment risk tolerance?

To determine how much death benefit makes sense, it's helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner's income to maintain a lifestyle, pay rent or a mortgage, or fund a child's education and for how long.

There are various rules of thumb regarding the right amount of Life insurance coverage. Some tips can be found online, but they only provide an estimate and don't necessarily factor in an individual's specific needs. In my opinion, human guidance, powered by technology, is required. Basically, it comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture and that is different for everyone."

What is the biggest opportunity you see for improvement in the life insurance industry?

"Increased accessibility through digital and other channels as well as through underwriting enhancements. Increased tailoring of products and features. And an increased emphasis on health and wellness programs."

"Having enough qualified insurance professionals to walk potential buyers through the multiple benefits of life insurance will be pivotal to the growth of the industry. Education is a key factor here, as professional agents also need to be able to explain life insurance and its benefits in an easy, digestible way, especially when there are so many misconceptions about life insurance."

"The need for life insurance is greater than ever. In fact, a recent New York Life Wealth Watch survey found that 37% of adults have been thinking about life insurance more often these days – and half of adults report that financial products that provide protection (50%) and reliability (50%) are more important now compared to last year. This may be especially true for middle-market and Cultural Market families.

Our organizational structure of having Cultural Market agents embedded in the communities where we live and work allows us to understand the needs of diverse communities and develop solutions that resonate with them."

What advice would you give to buyers who are debating whether or not to buy life insurance?

"It is difficult to say with any certainty how healthy you will be years from now. That's why securing life insurance, and insuring your insurability, today, when you are the youngest you'll ever be again, and perhaps your healthiest is a wise decision."

"Do you love someone? If the answer is yes, then life insurance is certainly something you should consider. Many buy gifts and experiences to express their love, but haven't considered that life insurance is just another way to say I love you. Nothing says support like ensuring your family's financial security and peace of mind."

"If you have someone depending on your income, you should consider purchasing life insurance. A death benefit from a life insurance policy can replace income from the loss of a breadwinner, ensure a family can stay in their home, fund educational or retirement expenses, address debt and so much more.

A life insurance policy can also help you grow your family's wealth over time. Once the risk of an unexpected loss has been managed, you can begin to think more broadly about your family's financial future. Life insurance can enable your mindset to shift from death to growth."

What's the most important thing buyers should look for when choosing a life insurance agent/company to buy from?

"With life insurance, you are securing a future commitment that may be decades away. Research the company behind the policy to ensure it has high financial strength ratings, longevity, and an excellent track record of paying claims."

"When looking for an insurance agent or company, be sure to do your research. When comparing companies, be sure to remember that the policy features that fit you and your loved ones best is the most important factor. Don't automatically assume you should buy from the higher-rated company.

If the policy from the other company has more of what you're looking for, it might be the better choice. If you're unsure where to start, try the Life Happens Agent Locator to find an insurance professional in your area."

• "The insurers' track record: At its core, life insurance is protection - a hedge against the unexpected - and you are paying premiums in exchange for the promise that the insurer will be there when you need them, so the financial strength and track record of the company backing your policy is critical.
• Customer service: Are service professionals available by phone and digital channels? Is there is an online dashboard where you can manage your policy? Beyond ensuring assistance is available after you purchase a policy, it's also critical to ensure you have access to trusted advice and guidance before you buy.
• Flexibility in conversion: How easy is it to change? Life can be unpredictable and while term insurance can cover your loved ones through a critical period of time, you may decide that access to cash value is an important piece of your strategy.
• Accelerated online applications : Online applications are convenient but don't replace human guidance. Keep in mind that accelerated online applications may have a maximum coverage amount, meaning that you may not be able to get all the coverage you may need exclusively through an online process.
• A range of payment options: It's important to understand how often you're required to make premium payments and whether and how often you can change the frequency of payments."

Best life insurance FAQs

According to JD Power's 2023 life insurance study, State Farm is the highest-rated life insurance company when it comes to overall customer satisfaction. However, you still may want to shop around for quotes from various insurers if you're looking to purchase a new policy.

There isn't one best life insurance company, because the best option for you will depend on the type of policy you're looking for. It's best to work with a qualified insurance agent to help you find the best coverage. If you're deciding between multiple similar options, it's also worth consulting J.D. Power's life insurance customer satisfaction study . The latest study ranks State Farm as the top pick for individual life insurance, outpacing Nationwide by three points.

The best type of life insurance policy for you will differ from someone else's, as your policy should be tailored to your needs. The best policy for you will be affordable and will offer the benefits best suited to your situation. For example, some policies are only meant to cover end-of-life expenses such as burial and funeral arrangements, whereas others include living benefits like a cash value insurance plan , which you can borrow against during your lifetime.

Some life insurance policies are advertised as "no medical exam." This doesn't mean the insurer won't ask you about known conditions or look at medical records. Policies with no medical exam also tend to offer lower benefits with higher premiums. Most companies have a network of medical examiners, some of whom can come to your home. You can find our guide on the best no exam life insurance here.

Each situation is different and requires a knowledgeable life insurance agent to assess your best options. Bring all your questions and the coverage you're looking for to an insurance agent near you to explore your options.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

• Main content