In the words of Ben Franklin, “Nothing is certain except death and taxes.” Tax professionals with extensive knowledge of tax codes and regulations can help individuals and businesses manage complex financial issues. Some have expertise in areas such as small business, retirement and corporate taxation, or international taxation. Others have specialized credentials, such as being certified public accountants or enrolled agents. In addition to accounting skills, a tax consultant needs strong strategic thinking and problem-solving abilities. Computer and software skills are also important, since tax consultants use a variety of programs to complete their work.
A person may choose to become a tax consultant after completing an undergraduate degree in business or accounting and gaining experience in a related field of employment. Graduate programs in taxation provide an opportunity for additional education and specialized learning. A tax consultant can then take on professional certifications and licensure to increase his or her career prospects.
The qualifications required for a job as a tax consultant vary by employer and industry. For example, a bank or credit union might hire a tax consultant to review their loan application. Large corporations might hire tax consultants to help prepare payroll, perform bookkeeping and audit clients, or oversee the preparation of corporate income tax returns. Some government agencies require the services of a tax consultant, including the Internal Revenue Service and state or local agencies.
Having the proper qualifications to become a tax consultant requires extensive knowledge of current federal, state and local tax laws and regulations. This includes the ability to assess a client’s records and identify potential savings opportunities. It is also necessary to understand how different industries and professions are affected by tax law.
A career as a tax consultant can be lucrative, but it is not for everyone. This is a highly regulated and detail-oriented field, and it requires significant time commitments to stay up to date with changing tax laws. Tax professionals also need to have excellent interpersonal communication skills and are required to complete continuing education courses each year.
As a result, many people choose to become tax consultants after acquiring years of experience in other professional fields. They may advance into tax consulting jobs from careers as accountants or attorneys, or they may transition into the field from other types of management positions. Obtaining relevant credentials can accelerate the process of launching a career as a tax consultant.
Choosing the right tax consultant for your situation depends on your specific circumstances. A general practitioner is likely to have a broad understanding of all aspects of tax law, but a specialist can offer in-depth advice on particular areas of concern. A tax consultant can help you minimize your liabilities, maximize deductions and manage your personal tax situation. He or she can also serve as your advocate in dealings with the IRS. Some consultants charge hourly rates, while others work for a fixed fee. The fee structure can make a difference in your final bill. Steuerberater Hattingen