Whether you’re unsatisfied with how much you pay in taxes, want to ensure your business is taking full advantage of tax deductions and credits or have questions about the tax implications of selling an investment, you can benefit from a good tax advisor. The best services help you navigate the complicated rules and regulations surrounding both individual and business taxes, while also helping you stay legally compliant and strategically reduce your taxes.
Unlike accountants, who can perform many other types of financial services for small businesses like payroll processing or auditing, a tax advisor is focused on maximizing your money. Typically, they’re highly educated and well-versed in areas that include accounting, tax law and finance. Many have professional credentials, such as a certified public accountant (CPA), enrolled agent designation or financial advisor certification.
You should consider working with a tax advisor if you’re a high-income earner, have multiple investments, own a business or are thinking about making any major life changes. These can affect your deductions and credits, the forms you need to file and your filing status.
A tax advisor can also offer guidance on short-term planning, such as year-end strategies for reducing your taxable income. This might involve accelerating deductions, such as IRA contributions or investment losses, or postponing income, such as capital gains from the sale of property or stock options. Steuerberatung