The Benefits of Tax Consultants
Max and Lucas are twin brothers, both seniors in college. Max has always kept up with the social trends, using his knowledge of TikTok and Meta to navigate social, political, and financial climates. Some of his favorite influencers are those in finance, making big bucks and teaching their followers how to do the same. Lucas, on the other hand, never quite understood the blind faith his brother had in influencers and instead decided to do his research when it came to his finances. In his research, Lucas discovered that he could be responsible for his defense if the IRS audits him if he uses one of the IRS tools, like a tax filing website, instead of a tax consultant. It was this revelation that started the deep dive into what tax consultants do and the benefits you receive by utilizing their expertise.
What is a Tax Consultant?
Tax consultants are professionals who specialize in taxes and minimizing a company or individual’s liability, address client objectives, and advise on all tax-related matters. These tax professionals are well-equipped with an understanding of tax law and accounting principles and are refined in their detail orientation.Â
Tax planning consultants aren’t just in accounting firms either. They may work in any institution or for any business to provide assistance and tax planning services based on the company’s unique needs. But what kinds of services do they provide? Tax consultants’ work is ever fluid, maintaining and meeting the needs of the company and businesses they are employed at. Tax planning, advising, and management are the overarching descriptions but their jobs require so much more.
What is the Need for a Tax Consultant?
Typical tax consultant duties boil down to a few key jobs:
- Research tax laws
- Tax planning consulting
- Submit tax returns
- Representing their clients in tax disputes with tax authorities
When starting with your tax planning consultant they will ask you for information regarding income and expenses to begin calculating what you owe. They will research your state’s tax laws and ensure that your business is compliant with the latest regulations and that you’re paying the correct amount.
During audits, your tax consultant will be your representative and ensure all forms are correct to minimize tax payments, reduce the time and energy invested by your company, and minimize your overall tax liability. This representation, in particular, is something not given by chosen IRS tools like tax filing companies and certified public accountants. In the event an audit occurs, these individuals and companies won’t represent you if something goes awry when filing.
Tax consultants are also professionals in their fields and are privy to giving you misinformation and bad advice, as some actors, influencers, and social media platforms provide. Instead, tax consultants want to save you money help you make the right investments, and avoid auditing. Anyone can give advice, but only trusted professionals should be trusted to make the right call.
Lucas discovers that Max might be at a real risk of losing money on bad investments and being audited if he continues to listen to strangers on the Internet. He calls Max immediately and schedules an appointment to talk with a professional tax consultant to avoid a worst-case scenario this tax season.
We understand everyone’s tax needs are unique and would love to help you make the right call this tax season. Schedule a free 30-minute consultation to find out if our tax consulting services are right for you!
