The tax preparation industry has an advantage over many other start-ups because a vast majority of people are required to file a tax return. Tax preparation is a big business. 38,287 field operated in the field last year generating 7.7 billion in annual revenue.
The IRS processed roughly 82million professionally prepared returns last year. According to an industry report, the profitability of tax preparation, bookkeeping, and payroll services was second only to privately held oil and gas extraction companies
For the most part tax preparation businesses are small. 37% are run by a single person, while 53% are operated by less than ten people. There were 128,393 total employees in the eld last year. Approximately 144 million individuals got returns last year. That leaves plenty of tax returns to go around.
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