A tax professional is someone who has the experience and credential to help you with taxes, specifically business taxes. A tax professional is more than just a tax advisor. He/she is a financial expert with training in the tax laws. They are up to date on current tax regulation, which changes every year.
So, the question arises, whether you need a tax professional or not? A tax professional saves your money at tax time and you will have someone who can help you if you get audited. Hence even for small businesses, professional tax planning advisor is essential.
In this article, we will discuss a brief introduction of Tax professionals.
Who can be Tax Professionals?
- Tax Attorney
A Tax attorney is considered to be tax professionals as they specialize in business taxes and can able to give good advice on business-related matters.
- A Certified Public Accountant(CPA)
A licensed CPA who practise accounting in his state and has expertise in business taxes
- An Enrolled Agent
The tax professionals who have qualified to prepare taxes and represent taxpayers before the IRS. An enrolled agent cannot represent taxpayers before a tax court.
What Does A Tax Attorney Do?
A Tax professional can help you with your business tax before, after and during the tax preparation.
- Before the Tax Preparation
A tax professional can give you advice on tax planning, but tax planning isn’t just before the end of the year; it continues throughout the year You should be taking tax expert advice in order to discuss the strategic points for minimising your taxes.
- During Tax Preparation
Your tax professional will most probably be your tax preparer. If you pay business taxes through your personal tax return, the same person would be doing both returns so you can co-ordinate tax savings.
- After Tax Preparation
When your tax return is filed, there may still be work for your tax professional to do if you get audited. It makes sense to have your tax preparer be the person you turn for the help if you get a letter from IRS saying you are getting audited. Your tax preparer is the person standing by your side and represents your before the IRS during an audit.
Anyone can prepare tax returns for others, but you might want to find someone with experience. Read this informative post to learn the services of any financial advisors in great detail.