M. Arthur & Associates LLC | Application Preview
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General Information
Business Registration Number: 0013567001
Location: Philadelphia, PA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
It’s essential to allocate resources effectively to ensure the success and sustainability of your tax service agency. 1. Salaries: Ensuring fair compensation for your team members is crucial. Their expertise and dedication contribute significantly to the quality of service you provide. 2. Rents: A stable and functional workspace is essential for serving clients efficiently. Rent covers the cost of your office, where you meet clients, organize workshops, and manage day-to-day operations. 3. Utilities: Reliable utilities (electricity, water, etc.) keep your office running smoothly. They enable seamless communication, research, and document preparation. 4. Supplies: o Paper: Necessary for printing tax forms, client documents, and educational materials. o Client Folders: Organizing client information systematically. o Toner, Pens, and Highlighters: Everyday tools for administrative tasks. 5. Communications: o Phone Services: Keeping lines of communication open with clients and partners. o Internet: Vital for research, e-filing, and email communication. 6. Marketing: o Boosting Facebook Marketing: Utilize social media platforms like Facebook to reach a broader audience. Promote your moderately priced tax services and community workshops effectively. o Community Outreach: Informing the general public and various communities about your services is essential. Consider workshops, webinars, or informational sessions to engage with potential clients.
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Business Plan
Here’s how MA&A Tax Solutions plans to grow its business over the next 5 years: Competitive Fee Schedule: We will continue to offer an attractive fee schedule for our tax clients. By providing affordable services, we aim to attract more clients and build long-term relationships. Off-Season Marketing: We recognize the importance of reaching a wider audience. Our off-season marketing efforts will introduce our company to the public, increasing brand visibility and attracting new clients. Financial Education Workshops: During the off-season, we will host financial education workshops. These workshops serve as an excellent platform to engage with potential clients and provide valuable information. Expansion to Southern New Jersey: As we achieve our goals in Philadelphia, our strategic plan includes opening an additional site in Southern New Jersey by 2025. This expansion will allow us to serve a broader geographic area and tap into new markets. Leveraging Successful Strategies: Drawing from my experience as the President/CEO of the nonprofit Campaign for Working Families, I will apply similar successful marketing strategies to promote MAA Tax Solutions. Our goal is to replicate the growth achieved during my tenure at the nonprofit. Comprehensive Tax Services: MAA Tax Solutions offers a range of services, including preparing and e-filing current federal and state taxes, amending returns, assisting with prior-year returns, handling small business returns, and addressing IRS correspondence. Each service has a clear price point associated with it, ensuring transparency for our clients. By combining these strategies, we are confident in our ability to expand our client base, enhance our reputation, and continue providing accurate and reliable tax assistance. Investing in MA&A Tax Solutions is a wise choice for several compelling reasons: 1. Expertise in Tax Assistance: o Our team boasts extensive experience from working within the IRS Volunteer Income Tax Assistance (VITA) program. o We specialize in helping low and moderate-income taxpayers complete their annual tax returns free of charge. 2. Affordable Services: o Unlike many paid preparers who charge exorbitant fees, we prioritize affordability. o The price point at MAA Tax Solutions is regulated, ensuring that taxpayers don’t pay excessive amounts. o For instance, consider a scenario where a person with two children qualifies for the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), resulting in an average refund of around $7,000. o At MAA Tax Solutions, the cost for tax preparation would be significantly lower, ranging from $150 to $200. 3. Seasoned Tax Professionals: o Our team comprises seasoned tax professionals who possess a deep understanding of both federal and Pennsylvania tax regulations. o We stay up to date with the latest changes to provide our clients with accurate and reliable guidance. Investors can trust that their investment in MA&A Tax Solutions supports a business committed to excellence, affordability, and informed tax assistance.
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Self Identified Competition
The top three competitors in the tax preparation industry: 1. H&R Block: o H&R Block is a well-known tax preparation company with a significant presence across the United States. o They emphasize low-cost tax preparation services, but it’s essential to note that their advertised fees often apply to basic returns. Rate increase as additional tax schedules are applied to the return. o State returns are typically not included in the base fee and may incur additional charges. o H&R Block operates both physical offices and an online platform. 2. Jackson Hewitt: o Jackson Hewitt is another major player in the tax preparation field. o Like H&R Block, they offer competitive pricing for basic tax returns. o However, additional complexities (such as state returns or specific deductions) may lead to higher costs. o Jackson Hewitt also has a mix of physical locations and online services. 3. Liberty Taxes: o Liberty Taxes provides tax preparation services through a franchise model. o They focus on personalized assistance and often have local offices. o While they claim to offer affordable rates, it’s crucial to inquire about any extra charges for specific situations. o Like the others, Liberty Taxes operates during the tax season, closing around April. Additionally, it’s worth noting that there are many uncertified tax preparers who operate seasonally and close their services after the tax deadline. When choosing a tax preparer, clients should consider factors beyond cost, such as expertise, certifications, and the ability to handle complex tax situations. MA&A Tax Solutions stands out from its competitors due to: 1. Experience and Excellence: o Our team brings a wealth of experience to the table. o We have worked extensively within the IRS Volunteer Income Tax Assistance (VITA) program, providing free tax assistance to low and moderate-income taxpayers. o Our commitment to excellence ensures accurate and reliable tax solutions. 2. Client-Centric Approach: o We recognize that every financial situation is unique. o Our services are tailored to meet each client’s specific needs. o Whether it’s an individual, a family, or a small business, we work closely with our clients to find the right tax solutions. 3. Optimizing Financial Outcomes: o Our mission is to empower individuals and businesses. o We go beyond mere tax preparation; we provide strategic advice to optimize financial outcomes. o By understanding our clients’ goals, we help them make informed decisions. At MAA Tax Solutions, we combine expertise, personalized service, and a commitment to our clients’ financial well-being. We’re not just about filing taxes; we’re about finding the right tax solution for each person or business.
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Contact Applicant
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