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How long did it take you to become comfortable with taxes...I want to have my own business one day?

  • Hi everyone. I started tax classes last month..I have been going for around 5 weeks, now...maybe 6..I go twice a week for 3-3.5 hours each time. I have a great teacher, who is also a CPA, and I still feel like I am BARELY grasping it all. I'm not stupid..I have graduated from a nursing program..love math..love science..but this seems like a LOT of stuff to remember and I'm just wondering if I should know it all by now...how long does it take to become comfortable with this and did you do it through preparing the taxes or going to class? How many tax preps did it take for you to get feel like you were getting the hang of it? I have a 5 year plan. I want to graduate from an Associates Program in Nursing, and continue with my taxes on the side to become an EA..but I realize this doesn't just happen over night and taxes aren't as easy as they look....so I want to take it step by step, be patient, and put in some hard work..I feel I need to gain at least 3-4 years of experience before I even think of opening my own office..I know many people said they opened theirs in a year...how did you do that? Were you in tax classes all year round which gave you the experience etc? I can't imagine being self employed next year..but then again..this is my first tax season...is it common to feel like you're having to remember a million things..? I'm a perfectionist and don't want to open my own office until I know I'm at 99%+ accuracy with current clients.

  • Answer:

    I also teach the basic tax class and have had this discussion each year since I started with my students. It is very important to be in an environment where you have others that will help with issues that come up. As you get experience doing tax returns you will be more comfortable. At 6 weeks you are just a little over half way through the "basic" tax course. You still have plenty to learn so don't be anxious. Three to five years experience would be a good measure of when you could go out on your own.

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Hi..I am going on my 19th year preparing taxes. I am an EA and own my own tax office. I have also taught tax classes. You are lucky to have a good instructor. I started out working in a H&R office for 8 years before having my own business. I think it is important to work somewhere where you will be closely supervised for at least the first year. I recommend working in a busy office where you are exposed to a variety of tax situations. I have known people to own there own business without any experience. I do not recommend this. If you are going to try to earn a living preparing taxes, I would suggest 3-5 years experience first. Although tax preparers are largely unregulated, this is changing soon as there will be some ongoing education requirements. You don't have to know everything, good reference materials helps a lot. I learn stuff every year. I look up stuff often. You forget stuff. Something else to remember when you are self employed to make $50,000 you really have to make $75-80 K because of taxes plus you don't get health insurance unless you buy your own. Lastly...strive for 100% accuracy. Good luck.

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