Tax advisors are qualified and experienced people whose job it is to provide assistance and guidance on tax returns, saving for retirement, insurance, and investments. These advisors can offer a wide range of advice concerning tax planning, options for reducing your tax liability, and other financial issues. Tax advisors may be employed by individual taxpayers, HSA administrators, or by large companies. In some cases, taxpayers elect to utilize the services of a tax advisor through a tax preparation company. While tax advisor services may be offered by almost any professional tax advisor, they differ in the level of training and experience that each provides.
The majority of tax advisory services are provided by accounting firms. These firms have detailed knowledge and expertise of tax codes, which enable them to provide sound tax advice to their clients. An accountancy firm may provide individual, corporate, or tax services to clients. Many accountants provide their own tax services or work as independent contractors for other firms.
Some tax advisors are self-employed, working only for themselves and collecting a fee from their clients for their tax services. Others work for larger accounting firms and advertise themselves as tax services providers. These professional tax advisors may also advise individuals or businesses on financial crimes, tax fraud, estate planning, and tax minimization. Some tax advisors work in public offices such as police departments and state tax departments. Tax advisors may also hold private tax advisory positions with local, state, or national tax agencies.
A tax attorney is someone who performs specialized legal services for tax professionals. Tax attorneys often work independently, but many are also employed by accounting firms or large law firms. Tax attorneys are certified by the American Bar Association and are licensed to practice before federal and state tax courts. Tax attorneys provide expert legal advice and comprehensive tax services to their clients, such as preparing federal and state income tax returns, reviewing financial statements, organizing tax disputes, and representing their clients in court. Some tax attorneys also prepare legal documents on behalf of businesses and individuals. Tax attorneys can serve both individuals and business clients. Learn how to strategic with your finances on this page.
A CPA is an individual who performs professional tax services. Certified Public Accountants (CPAs) may work in a number of capacities for their clients, including tax preparation, tax planning, and tax audits and reviews. Certified public accountants help clients set up a tax plan, conduct a tax audit, and propose options for minimizing their tax liabilities. CPAs can also work in payroll preparation, depending on their client. They prepare federal tax forms, perform state tax return preparation, prepare state tax reports, and work with their clients on implementing any strategies to minimize their tax liability. Read more about WealthAbility on this page.
A tax attorney is a CPA who also holds an accounting degree. Tax attorneys are required to be licensed by the US Department of the Treasury. Tax attorneys generally work with financial and business clients, assisting them with making effective tax planning and strategies. Some tax services provided by tax advisors are limited to filing tax returns and preparing federal tax forms; others provide comprehensive tax services. Their fees vary according to the scope of their work. Many tax professionals work with a team of certified public accountants, attorneys, and real estate experts. You can get more enlightened on this topic by reading here: https://en.wikipedia.org/wiki/Tax.
