A tax consultant is a person who works on behalf of clients to manage their taxes and help them file the proper paperwork for the Internal Revenue Service (IRS). Their primary duties include ensuring that individuals or businesses pay the correct amount of taxes. Some people in this career are employed at accounting firms, while others work as independent consultants. Others can find employment with financial institutions or in the real estate sector. The qualifications that are needed to become a tax consultant include a bachelor’s degree in accounting or business administration and certification. Postgraduate degrees are also available to enhance a career in this field, and some individuals go on to earn professional designations such as certified public accountants (CPAs) or enrolled agents.
The day-to-day responsibilities of a tax consultant include researching the latest tax regulations and identifying ways to legally minimize their clients’ tax liability. In addition to preparing and filing tax returns, a person in this role is often involved in communication with clients and the IRS and can act as their representative during audits or other issues that may arise.
Tax consultants usually work in a professional office environment. Depending on the nature of the work, they may meet with clients in person or work remotely through virtual meetings. They can also travel to meet with clients if necessary.
Filing Tax Returns
One of the primary responsibilities of a tax consultant is to prepare and file all relevant tax forms for clients. To do this, they need to collect data on a client’s income and expenses to calculate their taxes owed. They then prepare all documents and submit them to the appropriate regulatory body.
There is a spike in this type of work during tax season in the United States, which typically runs from January to mid-April. However, a tax consultant can also be called on to assist clients who file for extensions. For example, a client might realize that they made an error on their original return and need to amend the form.
Facilitating Tax Planning
A tax consultant can assist clients with minimizing their taxable income by advising them on which deductions they can take and how to report their assets accurately. In addition, they can provide advice on the legal implications of a particular situation such as a divorce.
Mathematical skills are important for a tax consultant, as are excellent organizational abilities. These are essential to managing files efficiently, both physically and digitally. Having these skills will allow the consultant to locate information quickly and avoid any errors when working with numerical data. They can also help them identify areas where a calculation has gone wrong and estimate the results of any potential changes to a client’s tax bill. Lastly, they are also useful in making recommendations to clients on how to save money through tax strategies. Steuerberater