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This blog is dedicated to faith-based entrepreneurs who desire to Start, Grow, & Build a successful and profitable brand God's way

CEO BUSINESS BLOG

Blog written for Faith-Based business leaders who desire to start, grow, and build a profitable business God's way



When you look at the above picture what can you tell? You can tell that we are black, girls, and a certain age. By our hair and shoes, you can tell that we have different styles and more than likely, it will take three different brand messages to attract each one of us to your tax firm. Many times tax business owners think that the same message will draw everyone. In reality, your message is drawing a particilar type of client. If you want to change the type of clients you are attracting, then you must change your brand message. Before you change your message, it´s important to understand who you are targeting.


In order to start or grow a successful tax firm, it is important that you understand your client. Everybody is not the same and everyone does not require the same type of service. This is why you must conduct a research based upon demographics and location of your tax firm.


Demographics means that you can search a specific zip code, city, or state to determine the age, gender, education, income level, residence or occupation of a certain sector of people. If you are targeting individuals who will be within a 15 mile radius, you need to know the demographics of the people within that area so you can create marketing products that will attract them. Oftentimes, tax business owners create marketing material without understanding who they are targeting. New tax business owners say I just want to prepare taxes for everybody. Your tax firm is not universe. Based upon your company´s visual brand will determine the type of clients that you will attract. Do your research so you can create marketing material that will attract the type of clients that you want to work with.


Below you will find the demographic information at these location:


library

university business department

local department of commerce

chambers of commerce

census bureau

small business institutes

utility companies

local and regional planning commissions

online


Don't try to design your company's message until you understand who you are targeting.


Now that tax season is over, it is important to start preparing for the upcoming tax season especially if your dependent is turning 17 during the year, if you are expecting a raise, or if you lose your job. There are different circumstances that will affect the amount of your refund.


Here are a few tips to consider:


1. If your dependent turns 17 during the year, you will not qualify for the child tax credit. This means that your refund has the potential of being less than $1500.


2. If you make more money this year, make sure that you are getting enough federal taxes taken out of your paycheck. The more money you make, the more you should be getting deducted during the pay period.


3. If you lose your job and you take the withdrawal from your 401k, be sure to allow them to take federal and state taxes out of it. If you are below retirement age, an additional penalty will be paid when you file your taxes, thus, reducing the amount of your refund. We recommend rolling over your 401k, versus taking the withdrawal.


4. If you lose your job and you qualify for unemployment, be sure to get federal taxes taken out, otherwise, you will be responsible for paying the taxes when you file your income tax.


To learn more about Accurate Tax Services, be sure to visit www.AccurateTaxServices.net

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The IRS issued out the finally regulations expanding the long-standing Paid preparer Due diligence requirement to include individual income tax returns claiming the head of household filing status.


The additional requirement will apply starting with 2018 returns, prepared on or after November 7, 2018.


Failure to complete form 8867 and comply with the requirement, the penalty will be $520.00


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