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As tax season approaches, most everyone (I hope) is getting ready and making appointments to prepare and file their tax returns. good for you. With the speed and convenience of retail franchises like HR Block and Liberty Tax or even online free software, most people don’t need to worry as much about where and how to get their tax return before the filing deadline. Is. But then again, there are people who dread tax filing season because:
- They have more than one source of earning such as two income households;
- they operate a business;
- they earn a lot of money;
- They have more than one type of income such as wages from a job, income from a side business, retirement income, or even income from investments;
- They own either personal or business assets that they may have sold or given away during the year
So… what do these people do? Better yet, what’s better: A Tax Preparer or Tax Consultant? let’s discuss…
a trusted advisor
Although most preparers are reliable, they are primarily available during tax season (January through April). For those working in a retail tax franchise, they are working part-time hours and have limited access beyond tax preparation hours. Tax advisors are generally available throughout the year because tax preparation and consulting is their full-time business. Another advantage of being available throughout the year is that you can consult tax advisors on transactions that may result in you paying too much or not enough in taxes.
Deep knowledge of tax code
It is generally ideal for advisors to have a deep and thorough knowledge of the tax code. Most of them either have professional credentials such as Enrolled Agent (EA), Certified Public Accountant (CPA), or certifications obtained through accredited programs such as the National Tax Training School and other professional institutions. In addition, they typically have many years of experience working with clients or through previous jobs related to tax prep or consulting. why is it important? It’s not like a tax idiot and talking in language that is difficult for anyone to understand. Absolutely not, Unlike preparers (not all, but most), advisors rely on their knowledge of the code to provide strategic options for reducing your tax bill in a way that is legal and fair. In addition, it saves you time as they are often able to locate the required reference in the code to take a certain deduction or exclusion without much effort or research.
If you’re looking for speed, convenience, and the lowest prices, definitely go with a preparer at one of the retail franchises or even complete your return online. However, if you are looking for a reliable advisor who has a thorough understanding of the codes available throughout the year, choose a tax advisor. you will not regret it.
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