Any of You Offering Tax Preparation Services to Clients?

[AtlantaLife&Health]

I'm thinking about offering tax prep service this season. I'll be able to offer the full spectrum from e-filing to doing a Rapid Refund Loan. (I have a good connection) We might be able to get some folks to pay for their first year's premium up front. I know I'm going after some folks in my family. I don't care if the first year premium is a few hundred bucks a pop. We can protect people and get them to put some good use to some of their tax refund. Then maybe set them up to pay it in full each year at tax time. Just a though. Anyone doing this yet?

 

[CHUMPS FROM OXFORD]

Interesting idea although comingling tax refunds and life insurance initial premiums...well.... I don't know.

 

[HarryRenard]

I'm thinking about offering tax prep service this season. I'll be able to offer the full spectrum from e-filing to doing a Rapid Refund Loan. (I have a good connection) We might be able to get some folks to pay for their first year's premium up front. I know I'm going after some folks in my family. I don't care if the first year premium is a few hundred bucks a pop. We can protect people and get them to put some good use to some of their tax refund. Then maybe set them up to pay it in full each year at tax time. Just a though. Anyone doing this yet?

Do you really think the "rapid refunders" are your ideal clients, trust me they have that money spent before they even get their w-2's.

Tax preperation is a good idea, I am just not sure your looking at it for the right reasons.

 

[Justin Bilyj]

Doesn't Padforthalunch offer the same type of HR block service? I wonder what his opinion on that new legislation the IRS and megataxprep corps are sponsoring that regulates (basically shuts down small competitors) the small scale tax biz' he intends on promoting...

 

[padthaiforlunch]

Do you really think the "rapid refunders" are your ideal clients, trust me they have that money spent before they even get their w-2's.

Tax preperation is a good idea, I am just not sure your looking at it for the right reasons.

This.


Tax prep is a great way to get new clients in the door, but you want clients with at least a little money.

Target seniors and cross-sell annuities. Or small-business owners and sell them life, annuities, and workplace benes. If you have P&C clients, use the tax return to sell annuities.

If you want to get more auto/home, then the tax-return can help you with that as well.

Going after teh refund is not a great plan.
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Doesn't Padforthalunch offer the same type of HR block service? I wonder what his opinion on that new legislation the IRS and megataxprep corps are sponsoring that regulates (basically shuts down small competitors) the small scale tax biz' he intends on promoting...

Sir,
Please don't degrade my service by comparing it to HR Block. We are experts and don't employ seasonal help.

I think it's a great thing and will be really good for the tax business. Rates will be going up as it is implemented. It'll get rid of sooo many idiots who try to make a few extra bucks with their copy of TurboTax.

And the megataxfirms will have to raise their rates to maintain profits, since they won't be able to find enough qualified people to work on a seasonal basis. There will be a shortage of preparers and more clients for those still in the game.

Which is good news for agents who want to have a tax practice. Getting new clients will be easier (not too hard now) when the new regs take effect.

Yes, it will still be possible for agents to use a tax service like mine to draw more customers.

 

[Justin Bilyj]

What is the average costs of tax returns done by a cpa or a tax firm like HR compared to your price? How long have you been in business? Do you own the company or is it a public company? Have you ever increased your fees? Will you or is it locked in? Whats the average marketing budget per customer or per 10 or 100? When should you get into the door with this and when is it to late in the year to do this?

 

[Benefits Man]

I have a friend who owns 3 liberty tax services. It's not an easy gig whatsoever and I don't think it mixes well with insurance, maybe for a couple onesies and twosies but it will not be steady.

 

[Justin Bilyj]

Can you elaborate more on this Benefits man?

 

[dlvhi]

Hello Atlanta

Not sure if you made the move this season, but perhaps you are still thinking about it.

I know a couple of CPAs who also do insurance/securities and it works out quite well for them.

 

[AtlantaLife&Health]

I stayed away from it this year. The lady was trying to burn me with the split she offered. I am looking into opening a Liberty Tax Franchise. I'd need to put down about $50,000 to open up an office. Not sure if Atlanta would be a nice spot since there are so many tax preparers here. I'd have to research the areas.