Today the same powerful, feature-rich tax return preparation software that is used by seasoned professional tax preparers is available to the do-it-yourself preparer. How can a preparer compete against this? Doesn't this make everyone an expert?
Does having a stethoscope and a tongue depressor make you a doctor? No.
And here's an appropriate observation from the world of fashion: "Just because they make it in your size doesn't mean you should wear it."
In other words, just because the software is available doesn't mean everyone should be using it to prepare their returns.
Sure there are some people whose returns are so simple that "even a cave man could do it." But those people are not your market. Not yet anyway. One day their financial situation may change for the better and they'll come looking for you (if they're smart).
The tax laws get more complicated each year. Capital Gains, interest, dividends, depreciation, credits, phase-ins, phase-outs, limits, exemptions, and rules and exceptions for everything--thousands of pages of tax code and regulations have become tens of thousands of pages. Even the pros have a hard time keeping up.
And now, with the Affordable Care Act (Obamacare), complexity has increased to the point of absurdity. People who have never needed a tax return preparer may be needing one soon.
I've seen many "tax simplification" acts over the years, and NONE of them simplified anything. They all spell "j-o-b-s-e-c-u-r-i-t-y" for tax return preparers.
A professional who knows how to save his or her clients money will always be in demand. Keep up with the law, keep up with technology, and keep banking your profits!
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