IRS Tax Consultant

How You Can Benefit From an IRS Tax Consultant


How You Can Benefit From an IRS Tax Consultant

An IRS tax consultant or tax advisor doesn’t just help you prepare your tax return; a consultant is trained specifically in the complex area of tax law to understand federal and state regulations. Your consultant is also an expert in tax planning and compliance to help you take steps throughout the year to reduce your tax liability.
Working with a tax consultant isn’t just for the wealthy. Working closely with a tax consultant may just save you hundreds or even thousands each year by maximizing tax deductions and credits, deferring taxes into the future, managing your losses and gains on capital assets, and moving income from high tax entities to low tax entities.

Who Can Benefit from a Tax Consultant?
Most people can benefit from the services of an IRS tax consultant but there are a range of circumstances that make you an especially good candidate for expert tax advice. It’s worth talking to a tax advisor if any of the following apply to you:

  • You live or work in different states or you have moved recently. This can complicate your tax situation. Some income may be taxed in one state rather than the other and deductions can also be complicated.
  • You have inherited money. Before filing your taxes, speak with a tax consultant because it’s easy to under or overpay taxes on an inheritance.
  • You have started a business. How you file taxes in the first year after starting a business can impact you for years, even as a sole proprietor.
  • You have gotten divorced or married. A tax consultant can help you determine if you should file jointly or separately.
  • You made an error on a prior year’s return. A tax consultant can help you file an amended return and minimize any damage that has been caused.

IRS Tax Consultant

A tax consultant who is an Enrolled Agent can help you not only plan ahead to reduce your tax liability and take advantage of savings at tax time but also prepare your return and represent you if you are ever audited. If you have never worked with a tax professional before, it’s a good idea to at least sit down with a tax advisor to learn more about what you can be doing to save your hard-earned money.