Tax Advisory: An Introduction for Curious Individuals

They say there are only a few guarantees in life: death and taxes. Even though taxes may be unavoidable, they can be properly handled so they are less of a headache. A tax advisory service can help you wade through tax problems so they are not such a hassle.  

Are a tax adviser and an accountant the same thing?

Tax advisers and accountants are not the same thing. However, there are certain elements of each profession that may bleed into the other to an extent. A tax adviser is trained in tax law and may even hold a certain degree or credentials like being a tax attorney or certified public accountant (CPA). An accountant is usually certified only as an accountant even though they may have some tax law knowledge that is used in their profession. In general, tax advisers have far more training and insight to offer in specific situations than what an accountant could. 

Why are tax advisory services important? 

In any case, when your tax situation is or becomes a little complicated, it is good to reach out to a tax adviser for professional help. These pros are highly skilled at helping individuals and especially businesses or business owners keep their tax bill as low as it can be, prepare taxes in the right way to avoid audits, and help clients stay within the guidelines of the tax laws in their state and on a federal level. The services of a tax adviser are important because they can help you:

• Avoid messy run-ins with the International Revenue Service (IRS)
• Provide valuable insight into how to save on tax bills
• Help you with previous tax mistakes 
• Make important tax decisions

How do you know you need a tax adviser?

It is a common misconception that tax advisers are only for the rich and wealthy, but that's not the case. Even the regular individual who does not have a lot of money could see a time when a tax advisory service would be of great help. You should consider hiring a tax advisory service if:

• You are self-employed or starting a business
• You have a trust fund or have inherited an estate
• You have income from rental property or gambling winnings

Overall a tax adviser can be extremely helpful to have around for a lot of different reasons. If you would like to know more, reach out to a tax advisory service for more information. 

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