Here’s a question that Eva recently answered from someone who was in the middle of studying to pass the Enrolled Agent (EA) Exam.
OK, so I have a good foundation in accounting, and I am getting my EA. Is there anything else that’s important for me to know to build a worthwhile tax practice, dealing with business clients?
It’s good to have the basics covered. But when it comes to businesses, even someone with a Schedule C needs a tax professional who understand their particular type of business, their industry, the licensing needed in their business (local, state, federal), the tax breaks available in their entity or their particular field of operations.
There are often special credits, special deductions, and/or special allowances available on federal, state and local levels – especially when you create jobs or operate in disadvantaged areas
There are three ways to get the experience you need:
- Go to work for a firm that specializes in those clients and industries and pay close attention to everything the partners and clients teach you.
- Take lots of tax courses
- Volunteer at a VITA or TCE site. It’s excellent experience. You get client interactions. Learn tax software. And make IRS contacts. Note: Many of the TCE sites are run by AARP. Register Now
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