A tax advisor advises clients on their tax obligations, guidelines, and payment options in their local and regional jurisdictions. She is frequently hired by taxpayers to calculate their financial obligations and file the necessary documents, but she can also be hired solely as an advisor. A person in this position could work as a paid employee at an accounting or tax preparation firm or as a self-employed contractor.
Consumers who use tax advisors come in all shapes and sizes. Tax advisors are typically qualified to provide information to individuals, families, and partnerships because they are familiar with both personal and business tax laws. A tax advisor may also be sought by small businesses, corporations, and family trusts.
A tax advisor often provides ongoing counseling to clients, in addition to advising on current tax responsibilities, to keep them informed of changes in rules and regulations that may affect their tax obligations. She may recommend reorganizing businesses, investments, or exemption claims in order to reduce future tax liabilities. If a customer is required to communicate with taxing authorities, a tax advisor will frequently do so on her behalf.
A person in this position typically educates herself on tax law analysis in addition to working in an advisory capacity in order to be of service to a broader client base. She is a greater asset to her company and customers the more she understands relevant legislation and revenue requirements. When negotiating on behalf of her clients, developing a rapport with people within the taxing authority is commonly considered an advantage.
Payroll preparation, general bookkeeping, and investment planning are some of the other services that a tax advisor typically provides. Other common specialties include establishing and managing family trusts, as well as estate planning. The range of services provided is usually determined by the firm’s size and the tax advisor’s areas of expertise.
Success as a tax advisor typically necessitates exceptional research and communication abilities. To give her clients the best advice and service, she must first understand their various needs. She should also have excellent business judgment and knowledge of the most up-to-date accounting and tax software programs.
A bachelor’s degree in accounting, auditing, or business is usually required for this position. A master’s degree in business administration or accounting may be required by some employers. Because of the ever-changing regulations in the field of tax reporting and exemptions, continuing education is an essential part of a successful tax advising career. Candidates with experience in accounting or tax preparation may have an advantage.