Key Characteristics of an Effective Tax Advisor

2 Mins read

Finding a competent tax counsel might be difficult. During tax season, there are more options than usual as independent preparers and planners open up shop to satisfy the demand. How can you tell the legitimate tax consultants from those who claim to be qualified?

Finding the tax counsel for you requires knowing what questions to ask. Not sure where to start? Consider the following characteristics by Tax Advisor Vince Iannello while looking for a tax advisor.

  • Trade Experts

Different tax laws and deduction options apply to each industry. Why choose a general tax advisor in the complex and constantly shifting tax landscape? There is a trained tax advisor suitable for your particular needs, whether you are a doctor, a restaurant owner, or a small business owner.

  • Current tax laws and trends

Working with a tax expert familiar with the most updated rules is essential because tax laws are changing. To keep up with the ever-changing tax landscape, a good firm will have its team participate in training and professional development throughout the year. A good tax advisor will also consider new commercial trends and how they may affect your taxes. Maybe this year dentist’s office offered a deal for brand-new clients. These transactions should get prepared with the advice of your tax advisor.

  • Experienced & Qualified Tax Advisor

Many financial planners claim to be prepared to handle your taxes, but do they possess the education and expertise to support these claims? Never be afraid to inquire about a potential tax advisor’s years of experience. What niches and sectors do they focus on it?

  • Accessible

Finding a knowledgeable advisor is crucial, but so is finding one who will return your call when you have a query. Try to acquire a sense of the value they place on your company when choosing a tax expert. No matter how big or small your firm is, your adviser should treat you like the valued customer that you are.

  • Already thinking about the following year

A good tax advisor will assist you in planning your accounts for future years in preparing your current tax return, according to Vince Iannello. Look for a consultant who knows your objectives and cares about your success.

  • Transparent

Tax preparation is a complex process. Crucial details may get lost in ambiguity if your advisor doesn’t take the time to outline the steps. Asking your advisor the following queries is a good idea, but make sure you comprehend and feel at ease with their responses.

  1. “How are your rates set?” It refers to the fees they charge, the method of payment (hourly or commission-based), and the services covered by the rates and those with an additional charge.
  2. How soon will I get a copy of my tax return? If they do not provide a time frame, carry on your search.
  3. Could you please describe your privacy policy? A trustworthy tax advisor can know how your privacy gets safeguarded. If they pause when you ask them this, take that as a “red flag.”