If you are anything like the tax professionals we’ve worked with then the thought of becoming a Tax Service Bureau must have crossed your mind. Maybe you are trying to grow your tax business from a seasonal side business into a full time career? Maybe you are just sick and tired of filing returns and dealing with the accompanying headaches? Regardless of why you want to earn more and become a Service Bureau, Swift Financial Partners is here for you to help you achieve that dream. In this article we discuss five ways your Service Bureau can generate revenue without filing a single tax return.
Tax Education: Tax professionals will have to undergo several hours of continuing education every year in order to maintain their status as enrollment agents with the IRS. Your Service Bureau can offer in person or online CE classes to tax professionals for a small fee. Online classes can even be hosted multiple times in a week. Click here to read one of our previous articles on the topic of continuing education for tax professionals.
Marketing Assistance/ Materials: In the process of running a successful tax office you must have picked up a few tips and tricks for marketing a tax business. Those skills you’ve developed can now be leveraged to generate revenue as a Service Bureau.
Software Sales: Selling e-file software is the most commonly known method for Service Bureaus to earn revenue. The Tax Service Bureau business model is built around selling branded e-file software to other tax preparers. Competitively priced e-file software, along with the resources needed to support tax professionals, will have your Tax Service Bureau earning substantial profits in no time.
Bank Products: If you want to start earning up to 6 figures from your service bureau then consider offering bank products to your tax professionals. Bank products enable tax preparers to offer pre-acknowledgement loans and refund advances to their clients. It also allows their clients to pay for tax preparation services from their refund instead of an out-of-pocket charge. Learn more about bank products when you click here.
Revenue Share: The final method we will cover about earning revenue as a Service Bureau is the Revenue Share model. Revenue sharing is an agreement made with a tax preparer where you receive part of the prep fee. Most tax professionals may be against sharing their revenue unless you provide substantial additional resources that directly benefit their tax business.
This list is by no means exhaustive. The Service Bureau business model is flexible and allows your tax business to earn more income in new and exciting ways. Get creative and discover all the ways your service bureau can start making six figures consistently when you sign-up for our Service Bureau program at the link below.
