Posted by BrendaTX on 10/29/04 11:33am
Msg #10629

Been in Tax Prep School

3 weeks down, and, only another 6 weeks to go (I think). I am doing the HR Block classes.

It's kinda funny....You know how really easy it is to use software to prepare your taxes, and you feel confident that you could do it without your computer as long as you had a calculator and instructions?

Well...it has been humbling to fumble around a bit until I found the method to fit my best learning skills. And, you do have to do it all by hand to figure out where all the numbers go to and come from.

I thought it would be a piece of cake...and it IS actually easier for me than most because I think I have actually "lived in real life" most of the situations we have covered thus far in our first 10 lessons. But, there's a lot of detail you "think" you know, and you find out that you don't always snap-to at 40-something like you did so quickly at 25.

I have been doing the neighbors and family's taxes for ten years. I decided to add this to my other songs and my dance routines. Block will begin to interview next Monday. It looks like they only have to consider 5 of the 13 in my class who will be employable at the end of the first 6 weeks. Then you go to the next 6 weeks and I suspect another few fall out, so where I am the competition does not look to be too heavy for tax season.

I will probably attempt to take 20 hours per week. If I do that, I can be assured I will have ten orders for signings per day...Murphy's law. My ultimate goal is to use the certification to be on my own. But, I am going to do my time with the usual season preparers to learn all I can.

Reply by Jon on 10/29/04 12:30pm
Msg #10630

I took the class and became registered last year. In Ca we are required to take continuing ed courses also, just finishing up this years. I think it is smart to get 1 or 2 years experience before going out on your own. I had been doing taxes for years for family and friends and decided I should get paid for it. I took an accelerated course, 60 hrs in two weeks. I will be on my own this year. I wonder if I should advertise to the board right here?

Reply by Roger Kennedy on 10/30/04 6:12pm
Msg #10665

I am income tax preparer. I have my own ERO with the IRS. I can do anything H&R Block can do. I have rapid refunds and I can get my fees deducted from the refunds too. I suggest that you file for an ERO designation so that you can be an e-filer. If you are starting out TaxCut software is sufficient but as a professional you need professional tax software. I use TaxAct software. visit www.taxact.com and you can purchase professional software at a reasonable price. By the way it may be too late to get your EFIN number but you can get a PTIN number for your tax business.

Reply by Jon on 10/30/04 6:35pm
Msg #10667

I agree, I use TaxAct also and I really like the software.

Brenda, at the very least get a PTIN. You are required to put your own tax ID on every return you do, whether you work for H&R Block or on your own. If you don't have a PTIN, you must use your SS #. Go to the www.irs.gov and you download the form. I suggest applying for the PTIN now, even before finishing your classes.

Reply by BrendaTX on 10/30/04 10:38pm
Msg #10673

Thank you guys--good advice.

I have my PTIN!! Block's student packages come with the W-7P to get that done quickly, if you are interested in working for them. I don't think I want to start doing tax returns this year outside of Block's office so I am not too concerned yet about the EFIN.

I have been using TaxCut since 2002. I have used TurboTax, TaxWise and TaxAct, and I cannot tell much difference between any of them. If I am going to be Block-involved, I will probably stay with Block's TaxCut.

I am glad to get good feedback on my decision to do this. Thanks again.

Reply by Suzanne on 10/30/04 11:06pm
Msg #10675

I am interested in being a tax preparer....

I have no previous tax backround....been working in the financial markets industry for 14 years.

Would appreciate and respect any advise and suggestion you are willing to give?

Reply by Carolanne_PA on 10/31/04 6:01am
Msg #10680

I have been a professional tax preparer for over 15 years. I would recommend you start by taking an HRB course, starting with their basic level. Follow up by working for the company or someone else for a couple of years. You will be exposed to a variety of different tax situations. The experience is invaluable.

Reply by Carolanne_PA on 10/31/04 6:18am
Msg #10681

In my area, Tax Act is being used by quite a few bookkeeping firms. I've seen it and it really is adequate for most tax preparers, especially those just starting out. A few years ago I went to an IRS semimar promoting electronic filing. Most of the Enrolled Agents were backing Drake Software. I've been using it for the last three years and have been pleased with the results. They offer a pay per return at $10 a unit with free electronic filing. Proseries is another good choice. This is an Intuit product. They are introducing two new editions this year. Their Basic Edition is under $300. The other is the Express Edition. It is geared towards the practice dealing with those clients who are using electronic filing and requesting bank products (refund anticipation loans). My only concern with any limited software is there could be forms that are not supported.