Tax & Accounting Advisor
Most tax advisors have a very strong understanding of the federal IRS and state tax codes to assist individuals and businesses in reducing their tax liability to the lowest possible amount.
The distinquished jurist, Judge Learned Hand, Chief Judge of the United States Court of Appeals for the Second Circuit, was famously quoted way back in 1934 as saying, "Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes ". The majority of tax advisors would agree with Judge Hand and consequently protect their client’s assets by limiting the amount one sends to Uncle Sam!
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What Credentials Do Tax Advisors Own?
Most Tax Advisors are either an Enrolled Agent (EA) or a Certified Public Accountant (CPA). An EA is licensed by the federal government and approved to represent clients before the IRS. They mostly provide general consumer and business tax services like income tax preparation and specialized tax planning advice. A CPA, while not licensed by the federal government, is licensed through the state and is authorized to conduct tax audits for individuals and businesses.
Professionally credentialed Tax Advisors can run their own offices, work for tax-preparation firms, and some even become a Personal Financial Specialist (PFS), which is very similar to a CFP (Certified Financial Planner) credential. A competent tax advisor is usually worth many more times the fees that he or she charges for their services. First, they must understand and have a good working knowledge of the massive and complex U.S. tax code, which is over 2,600 pages long. Second, they need to find beneficial tax breaks that their clients can utilize, and third, they act as a guardian in preventing unscrupulous promoters from taking advantage of their clients.
Important Tax Advisor Characteristics
Tax Advisors counsel their clients to consider the tax ramifications for retirement planning, investment management, and small business planning. Discussing your tax issues with an experienced Tax Advisor makes great practical and financial sense. So please feel free to find a capable and skilled Tax Advisor and take Judge Hand’s advice!
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