Best Personal Finance Software You Can Use To Prepare Taxes Do You Need a Tax Preparer or a Tax Consultant?

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Do You Need a Tax Preparer or a Tax Consultant?

As tax season approaches, most everyone (I hope) is gearing up and making appointments to prepare and file their tax returns. good for you With the speed and convenience of retail franchises like HR Block and Liberty Tax or even free online software, most people don’t have to worry too much about where or how they will file their tax returns before the filing deadline. But then, there are those who dread tax filing season because:

  • They have more than one source of earning money such as having a two-income household;
  • They operate a business;
  • They make a lot of money;
  • They have more than one type of income such as wages from a job, income from a side business, retirement income or even income from investments;
  • They have personal or business assets that they could sell or give away during the year

So… what do these people do? Better yet, what’s better: a tax preparer or a tax consultant? Let’s discuss…

A trusted advisor

While most preparers are trustworthy, they are mostly available during tax season (January through April). For those who work in retail tax franchises, they are working part-time and have limited accessibility beyond the time they are preparing taxes. Tax consultants are usually available year-round because tax preparation and consulting is their full-time business. Another benefit of being available year-round is that you can consult with tax advisors about transactions that may cause you to pay too much or too little in taxes.

Deep knowledge of the Tax Code

It is usually the norm for consultants to have a thorough and thorough knowledge of the tax code. Most of them have professional credentials such as Enrolled Agents (EAs), Certified Public Accountants (CPAs), or certifications obtained through accredited programs such as the National Tax Training School and other professional institutions. In addition, they often gain many years of experience working with clients or through previous jobs related to tax preparation or consulting. Why is this important? It’s not to sound like a tax nerd and talk in jargon that’s too hard for anyone to understand. Absolutely not. Unlike preparers (not all, but most), consultants rely on their knowledge of the code to provide strategic options to reduce your tax bill that are legal and fair. Also, this saves you time because they are often able to locate the reference needed in the code to perform a certain deduction or exclusion without much effort or research.

If you’re looking for speed, convenience and the lowest possible price, go with a preparer at one of the retail franchises or perhaps complete your return online yourself. However, if you’re looking for a trusted advisor with an in-depth knowledge of the code that’s available year-round, choose a tax consultant. You won’t regret it.

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