The most certain things on this planet are air, water and taxes! Tax is indigenous to a social human and its inevitability makes it uniform across the earth.
Taxes are obligatory contributions imposed on any person or corporations by a statutory entity.
Paying taxes can be strenuous at times due to lack of financial literacy and an infirm grip on dynamic tax system.
Thus, the need for a regulatory guidance consolidates the need of a tax advisor or a tax consultant.
A tax consultant is a virtuoso of tax laws, planning and compliance. They assist businesses and individuals uniformly by staying up to date on new tax law.
The services of a tax consultant are retained to cut down the taxes while staying compliant with the tax norms.
Advantages
To hire a tax consultant is advantageous on many folds; along with getting an expert guidance, you will also be saving your time from the hustle of payments and filing returns.
Minimizing tax liability is lucrative on longer terms and the stepping in of a tax consultant will ensure this by claiming the available tax deductions.
A knowledgeable tax consultant A.K.A tax advisor can recommend you operative mediums of saving tax without defying tax norms or getting in trouble with the IRS.
A compliant citizen must necessarily plan the taxes throughout the year via a tax-saving strategic decision that will augment their tax liability.
The services of an authorized tax advisor are always safe and legal and the feather on the hat part of this is you can always benefit from his or her camaraderie even when you are not officially hiring him or her as your consultant.
Financial Material
This way, it will be possible for you to repeatedly ask them for updates or advice on any financial materials.
the filing of returns is prepared meticulously by the consultant so as to avoid any costly mistakes.
These mistakes can instigate tax audits or investigations that can lead to arduous circumstances that includes penalty.
Usually, the mistakes are outcomes of confusion over different sources of income such as interest, dividends, and others.
Tax audits can be hefty and that is where a Tax auditor enters the market to circumvent the issues if any in accuracy of financial records and safeguards the tax complying procedures of companies.
The role of the auditor and tax consultant, in general, is no cup of tea, having been placed under the responsibilities to various parties and the tasks that follows it, he is certified professional and an adherer of the code of ethics and code of professional conduct.
The auditor prepares an audit report based on the financial statements of the company that comply with the relevant provisions of the Companies Act 2013, as well as relevant accounting standards.
An auditor can form a negative opinion, wherever necessary. He makes inquiries that includes-
- The security and fairness of loans and advances made
- The clarity of loans as advances as deposits
- The compliance of financial statements relevant to accounting standards
- The entry of personal expenses (apart from the business) to the Revenue Account
An auditor can form a negative opinion, wherever necessary, based on non-compliance of these prerequisites.
Reporting of fraud is an imperative function of an auditor and the establishment of fairness with relevance to professional ethics is a legal framework of a just auditor.
Often people mix-up the roles of a tax consultant with an accountant. There is a line of difference among these two terms, and one has to comprehend their job roles in order to differentiate.
A tax consultant is a professional who has learnt the tax laws and can provide any legal tax advice or running a tax advisory firm whilst holding a certificate of practice.
An accountant is a more general, all-inclusive term that encompasses financial statements preparations, journal reconciliation, budgeting, etc.
Not all accountants do taxes and NO tax consultant carry out the functions of an accountant.
Final Words
Hiring services of such professionals in this busy world is not just a make-work-easy but also a let-go-of-hustle that will save your time, your energy, and your money on the cost of just a small amount (for return of huge amount!).
Finding these tax guides can be a tough task too but not when you are provided with online platforms for easy flow of demand and supply of tax-leads!
Qwirk is a freelance marketplace to help firms find quality finance or accounting professionals when needed and where needed.
They vouch for their trained, assessed and background verified tax advisors who are readily available across locations whenever and wherever you need!
