BLOCK ADVISORS: Tips On Small Business Services

If you don’t enjoy the backend office work of managing your company’s finances, consider outsourcing tax preparation, bookkeeping, and payroll to a third party. Through its Block Advisors brand, H&R Block, best known for its tax preparation services, provides financial support to small businesses.

You can work with a tax specialist one-on-one or do practically everything yourself with help available through phone, live chat, or video conference. The professionals at Block Advisors are certified small business tax experts that will work with you to establish the best solution for your company.

Continue reading to find out how it works and whether it’s right for your small business.

What Block Advisors Are Good For?

Block Advisors is best suited to small enterprises and self-employed individuals looking for a low-cost tax filing solution. It’s also a good choice for people who want to outsource their financial needs year-round, such as bookkeeping and payroll.

It’s excellent for firms that desire the added security of having a trained tax professional available to answer inquiries at any time.

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Why You Should Use Block Advisors

BlockAdvisors is a service that caters specifically to small businesses. It’s ideal for companies that require assistance with tax preparation, bookkeeping, or payroll, as well as those that want to outsource these functions totally.

Block Advisors works with H&R Block’s nationwide network of 8,000 offices. Driving by local H&R Block locations or using its outstanding online tax preparation services may have already familiarized you with the company. BlockAdvisors is a logical extension of the company’s small-business tax services.

Block Advisors may be overkill for your needs if you have a straightforward tax, bookkeeping, and payroll situation. It’s great for business owners and managers who don’t want to deal with backend financial issues and instead want to focus on running their company.

Block Advisors Pricing

Aside from a $50 cost for one-hour tax consultation, BlockAdvisors does not publicly provide any price details. There is no charge for a consultation on bookkeeping or payroll. This isn’t ideal, but given each tiny firm’s uniqueness, it’s understandable. For example, a restaurant, auto repair shop, retail store, and other businesses look nothing like my small S-Corp with one employee and a couple of contractors.

For do-it-yourself tax preparation with unlimited inquiries, the cost begins at $145 + $36.99 per state. Full-service tax preparation costs extra because you can drop off your files at an office, upload them online, or meet with a tax professional in person.

DIY bookkeeping and payroll are managed through a relationship with Wave, a company that provides both free and paid bookkeeping and payroll services. Self-service payroll costs $20 per month plus $6 per employee, or $35 per month plus $6 per worker for full-service payroll.

You’ll need a quote from H&R Block for full-service bookkeeping, as the intricacy of your accounting will differ from that of other businesses.

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Block Advisors Features

Block Advisors stands behind its degree of accuracy and capacity to assist you in obtaining the maximum refund with a couple of very essential assurances. It appeals to people who seek great service while working with a tax professional due to its individualized guidance and accessible support.

Block Advisors are small business tax professionals who not only offer add-on services like audit support, but are also available all year to help with bookkeeping and payroll. Here is a list of the features obtainable on Block Advisors:

1. 100% Accuracy Guarantee

If Block Advisors makes a mistake on your return, you will be refunded for any penalties and interest incurred as a result. To be eligible, the error must not be caused by erroneous, incomplete, or inconsistent information provided by you.

2. Personalized tax assistance

Your tax advisor has been certified by Block Advisors and has an average of 12 years of expertise. They’re not only available throughout tax season, but they’ll work with you all year.

3. Bookkeeping services

Block Advisors also offers two tiers of bookkeeping services: Starter and Full-Service. Both provide free on-demand access to Xero, a small business accounting software. The Starter package starts at $50 per month and includes access to an accountant who will help you establish an action plan.

Financial statements, such as your monthly profit and loss, will be sent to you if you are a Full-Service member (P&L). Your accounts will be reconciled and transactions will be classified in real time, and your books will be finalized in time for tax season.

4. Payroll services

Block Advisors can help with payroll, drafting, and completing payroll tax forms. There is also a dedicated account manager who can assist you with setting up your account and answering any questions that arise, whether you’re a one-person team or have staff.

The Self-Employed plan starts at $59 per month and goes up to $79 per month plus $10 per employee per pay run.

Read Also: Maximum Deferral of Self Employment Tax Payments

5. Accessible support 

Support is available through phone, video, or live chat, whether you handle your own taxes with the help of an expert or work directly with a tax professional. You can meet with a tax professional in person at a location near you if you opt to file with one.

6. Small business expertise

Your Block Advisor has completed tax training for small businesses. They’ll handle everything, from Schedule C returns to profit and loss statement reviews.

7. Maximum Refund Guarantee

If you find an error on your return that entitles you to a bigger refund or lower tax burden, Block Advisors will refund your tax prep fee and file an updated return for free.

8. Add-on services

Additional services such as year-end filing, business tax audit help, and anticipated quarterly tax payment evaluation are available for a cost.

Plan Options And What They Cover

Each of the three main services comes in two versions: One where you can completely outsource to Block Advisors, and one where you do some of the work yourself with support from Block Advisors or Wave.

Tax preparation

• DIY with help: When filling out your tax information, the do-it-yourself option allows you access to an H&R Block tax expert if you have any issues.
• File with a pro: Drop off, upload, or stop by a location. The rest will be handled by a Block Advisors tax preparer. All you have to do now is study and sign the document.

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Bookkeeping

• Manage it yourself: You take care of your bookkeeping with the help of Block Advisors, thanks to cooperation with Wave Accounting.
• Let a pro manage it: Hand over your books to a Block Advisors employee who will handle everything for you.

Payroll

• Manage it yourself: You can enter your payroll information into Wave Payroll, and the program will take care of the rest.
• Let a pro manage it: Through a committed connection with an account manager, you can also hire BlockAdvisors for full-service payroll, where they handle everything for you, including tax filings.

How Does Block Advisors Work?

H&R Block has a division called Block Advisors. The majority of services are available online, over the phone, or at an H&R Block location.

All three primary products are available in self-service or full-service versions, depending on whether you want to do most of the work yourself with some outside help. Some firms may prefer to begin with a lower level of service and gradually upgrade as their needs and budget change.

The option to work with a professional account manager in your area is a huge plus. This person will learn about your company and may be able to provide tax or money-saving measures to assist you increase your profits. Of course, higher levels of service come at a higher price. For many businesses, though, it may be well worth the investment.

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Is BlockAdvisors Safe And Reliable?

H&R Block and Block Advisors are well-known and reputable companies. H&R Block is a significant, publicly traded firm established in 1955. You don’t have to worry about security as long as you follow proper password habits and keep your files safe at work.

H&R Block and Wave are both reputable and trustworthy firms in their respective fields of competence. If you decide to continue further after your consultation, they should do an excellent job for your company.

SEE ALSO: What Is Nonemployee Compensation? All You Need To Know

Are There Any Downsides To Using BlockAdvisors?

Block Advisors’ services are provided in highly competitive industries. Other nationwide providers, local franchises, or local small company owners can also assist you with your financial administrative needs.

Block Advisors aren’t always the most affordable solution. You might be able to discover a small, local accountant who can provide you with more customized care than a large corporation like H&R Block. If you’re thinking about joining up for BlockAdvisors, it could be a good idea to shop about and check other local possibilities first.

Who Block Advisors Is Not A Good Fit For

If your business falls under any of the three categories listed below, just know that Block Advisors isn’t the best to use at the moment.

• Businesses that want to use desktop software to prepare their taxes: H&R Block, Block Advisors’ parent firm, offers desktop software to help you file your taxes. It also includes Online Assist, which provides you with unlimited help from a live tax professional.
• Businesses looking for affordable tax software with expert assistance: TaxSlayer is a less-priced choice than Block Advisors, and the Premium and Self-Employed editions include live service from tax specialists.
• Businesses seeking various levels of tax aid: If you’re searching for a greater choice of tax assistance alternatives, we recommend TurboTax, which offers DIY, assisted, and full-service tax assistance.

Conclusion

Block Advisors allows you to either fully or partially outsource your tax preparation, bookkeeping, and payroll services. With the option of customizing a plan that works for your business, it’s best for small business owners and self-employed individuals. Block Advisors’ personalized assistance and accessible support allow you the ability to reach out for help at any time. Combined with its accuracy guarantee, it’s a great option if you’re looking for reliable and efficient support.

Frequently Asked Questions On Block Advisors

References

• businessinsider.com – BlockAdvisors review: Tax, bookkeeping, and payroll services for small businesses from H&R Block
• fitsmallbusiness.com – Block Advisors Review: Features and Pricing 2022

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