How to Find a Tax Advisor: 5 Tips

woman thinking about getting help from a tax advisor

How to Find a Tax Advisor: 5 Tips

Although death and taxes are unavoidable, there is plenty you can do about it!

Finding a great tax counsel is one of the most critical things an entrepreneur can do to safeguard their wealth because the right advisor can save a business owner literally millions of dollars over a lifetime.

While most firms only consult with a tax advisor once or twice a year, outstanding tax consultants meet with clients on a regular basis to discuss goals and strategies. They are enthusiastic about both tax rules and their clients’ prospects. Here are five tips for identifying a tax advisor with whom to collaborate.

1. Find a Tax advisor who is passionate about helping you!

CPAs, or Certified Public Accountants, are always the ideal tax professionals. Most business owners should use a CPA since they are the most knowledgeable and passionate about tax reduction. The second alternative is an enrolled agent, and the ultimate option is mass production firms like those found in shopping malls. An enrolled agent is sufficient for some very small businesses. Serious investors and business owners should never employ a mass production corporation or handle their own taxes.

2. Find a tax advisor with the right qualifications

The education of a tax advisor can make a significant impact on long-term tax savings. For example, the finest CPAs graduated at the top of their class from prestigious colleges, worked for one of the Big Four accounting firms (Price Waterhouse Coopers, KPMG, Deloitte & Touche, and Ernst & Young), and are obsessed with legal intricacies.

3. Find an out-of-the-box thinker

While most accountants think straight, a smart accountant thinks creatively (and legally) about how to use the law to save taxpayer dollars. Unsophisticated accountants would advise you to postpone your taxes in an IRA or 401K and prepay expenses at the end of the year. The right accountant will work with you for months to design a lifelong tax plan that will result in long-term tax savings.

4. Hire an Advisor who will ask you questions

If you are forced to ask all of the questions during the initial interview, this should raise a red signal. Instead, seek a tax counsel who inquires about your long-term goals and financial dreams. Only a thorough diagnostic by a tax specialist will result in significant tax savings.

5. Invest in the best tax advisor for long-term profits.

One of the most critical decisions you will make as a business owner or individual is to hire a quality tax counselor. Look for a CPA who is interested in educating you on the rules and lowering the likelihood of an audit. The tax regime gives you a lot of flexibility in how you own your business and structure your dealings. The bottom line, hire a good tax advisor who understands the tax rules and how to save you millions of dollars over a lifetime.

The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, experienced, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.

If you are a licensed tax professional and are interested in helping others either part or full-time, or ad hoc, come on in! Happy to have you. Our marketplace has the full suite of tools to communicate with clients including compliance calendars, task and message management, and billing. You can also quickly connect to knowledgeable colleagues who can complement your services with the ones you do not provide. Register here

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