Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

Department of Taxation and Finance

tax.ny.gov

572

Tax Preparation Services Company

hrblock.com

13,366

National Board of Revenue (NBR), Bangladesh

nbr.gov.bd

54,277

NCDOR

ncdor.gov

75,296

General Department of Taxation Cambodia

tax.gov.kh

86,656

Arizona Department of Revenue

azdor.gov

108,760

Anderson Advisors

andersonadvisors.com

124,948

Greenback Tax Services

greenbacktaxservices.com

166,771

Tax Preparation Services

jacksonhewitt.com

174,772

Business Portal

eservices.gov.et

225,420

Patrick Accounting

patrickaccounting.com

367,265

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a tax service business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a tax service business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

No overhead costs

To get your tax service business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

Competition is high when it comes to your tax service business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A tax service business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a tax service business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a tax service business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a tax service business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a tax service business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.