I wanted to give a brief update, as we're nearly through tax season now, on my H&R Block side-gig. It's going well, I'm learning a ton about the runnings of tax prep business, lots about multi-state taxes and about military taxes. The pay is awesome in the respect that I am 100% motivated to either go solo next year or to buy the local franchise office, haha!
I'm making $9.75/hr for payroll, 40 hours per week, but there is also a bonus program. The bonus program is based on per-return you do, and is comprised of the certification amount I talked about in my first post on this thread, an amount based on the fee-range of the return you prepared, and extras for things like selling additional audit protection, Tax ID protection, etc. Theoretically, if you're performing well, your bonus will be higher than your wages, and you get paid the extra at end of season. Right now, my bonus is running about $1500 higher than my wages. Which is decent.
What is motivating though, is that I've brought in about $24,000 in fees to the office. That is mind blowing for me. What is more mind-blowing for me is why all these amazing preparers that I'm working with (like 14-26 yrs experience!) have zero desire to go solo. And even though they've been there so many years, they aren't making tons more than I am, after all is said and done. But, to each their own.
The other big development is that the owner wants to sell this franchise office (in a coast town) and his other office (in our small hometown) to me. We don't have time yet to talk numbers, so I honestly don't even know if we'd be in the running, but I suspect that we would. So, that is an option, too, although I am really hesitant about it for multiple reasons (mostly due to my own lack of desire to run a busy storefront type business and the diverting of funds this year from our planned real estate deals). We shall see how that one turns out. I will be seeking lots of advice on it.
But, overall, I am EXTREMELY glad that I took this season to work for an office employer, and I am still planning to continue on and earn the Enrolled Agent credential with the IRS. The money for this season sucked, LOL, and honestly, I wouldn't recommend it as a long-term side gig to work for a franchise, because you just get paid so little. I suspect all the funds are going back to HR Block in franchise fees. But you get a ton of high-speed experience in a ton of areas very quickly, and that is worth considering it an education and not worrying about the low pay for a season or two.
As a home-based side-gig, as long as you're competent and in compliance with all the laws and regs, I see very few downfalls to this. I'm extremely excited about the future and glad we took this route, even though there have been some crazy developments!
And, if you read my blog thread, my husband finally got a layoff, and he is home with the kids and I'm renting a room from one of the other preparers for $200/mo., versus the big vacation house for $1500/mo plus the uberexpensive babysitter! We got the house paid off, so now we are officially land- and homeowners! The final debt payoffs are currently being debated against a new roof for the house and shop (both are leaking), and watching closely to make sure the promised next big-pay job for the husband is really coming. It will be an exciting remainder of the year, for sure!
MB