The one who is a trained professional with abundant experience in tax laws, financial-related issues and tax, tax counselling and advice is simply known as the “tax consultant”. They advise and counsel their client in all categories such as charity funding, insurance, estates and retirement taxes. Tax consultant in Chennai also provides up-to-date information about the latest tax requirements on any level.
Perks On Having A Tax Consultant:
- Tax-consultant travels to the client destination to reduce the burden of tax, counsel and advise on the latest information of taxes.
- They have excellent communication skills, both written and verbal.
- They provide the best strategy to solve the taxation procedures and do deep research on taxation policies and explain to the client by which they can easily understand.
- Online consultations are also carried out to safeguard ourselves from the pandemic.
Services Of A Tax-Consultant:
Let’s know about the different services provided to the client by a tax consultant:
Preparing your tax return: A professional tax consultant will know how to initiate the tax return process, when to gather all needed documents, checking all the receipts and they help with the tax refund, they will also find last year’s return. They provide a hassle-free bumper to bumper service.
Looking for deductions to lower your tax burden: A tax consultant will provide you with ideas on how to reduce the burden of your tax. They know the suitable legal strategies to deduct the tax burden.
Helping with trusts: Building trust is the main service of a tax consultant. They first build trust between the client and the tax advisor. Trust is the basement for all the procedures involved in the tax return process.
Dealing with taxes on rental property income: The Annual Taxable Value of the property is calculated by deducting municipal taxes paid, and deduction under section 24 from theactual rent received/receivable/deemed rent. Under section 24, two deductions are available: A standard deduction of 30% of the value arrived after deducting taxes from the rent. This service will also be provided by the tax consultant.
Sorting through tax implications: Based on the life events like marriages, divorces, deaths and births tax can be sorted out. Tax consultants have a clear vision of these real-life events, in what way they can sort out. As a civilized person, we do not have an idea about these events, but consultants know how to include these events and reduce our tax burden.
Basic Requirements Of A Tax-Consultant:
- A tax-consultant, generally, have at least a bachelor’s degree in the relevant field- commerce, finance, accounting.
- They do not have or require a certification course to become a tax consultant.
- They should have an enormous amount of experience in this background.
- Tax consultants should register themselves under the IRS law to become paid tax advisors.
- They should take and must crack the tax competency test known as the “Register tax preparer competency test”.
- Tax consultants who cracked the test will receive provisional status, provided by the IRS known as the PRTIN number.
- Paid tax return preparers must pass both a tax compliance check and a sustainability check. All preparers who meet these requirements become registered preparers under IRS law.
- Generally, tax consultants have licenses of EA and CPA.
- Tax consultants merely registered under the IRS can also provide tax advising without formal education to complement their tax-related knowledge.
Tips To Select The Best Tax Consultant:
- Tax consultants who have good experience, specialties, qualifications are the ones to consider. If the consultant is a fresher do check their certification and performance in this relevant field.
- Selecting one will involve a lot of homework: Do some homework on your own to select the best one. Doing a lot of homework can boost your confidence level and easily connect with your tax consultant.
- Do a lot of research on the tax consultant, check their certification and character. Character is the basement as we mentioned above. If a consultant has a good character, he might be easily get connected with the client.
- Select the one who can be easily reached at any time. Connectivity plays a great role between the client and the consultant. Select the one who can be easily connected or reached without facing any hardships in reaching the advisor.
- Ask for the history of the tax consultant, if it is satisfactory select the one. If you do a lot of homework you can easily get to know about the tax consultant. If there is any black mark you can easily know in this step. So do not skip this step to select the best one.
- Also, select a consultant who also provides online services as well. In this busy world, it is very arduous to reach a person directly, face to face. Online processes and meetings can save human energy as well as the valuable time of both client and consultant. We, the tax consultant in Chennai provides you with online service as well.
- Do check for the online review before hiring one. Google made this step of verification easy. Just type your consultant service name and look for the review and on many websites, they provide the review of the tax consultant that you are looking for. If you search for “Phoenix tax consultant”, you will get positive feedback with great reviews.
What’s The Fees For Tax Consultant:
Fees of a consultant based on several factors:
- The demand of the consultant: Based on the demand, the fees of the tax consultant incline towards a high point. If there is a huge demand for your consultant then eventually the price of the consultant will be high.
- Location of the consultant:The location of the consultant may impact or reflect on the fees. You have to pay for the travel expense of the consultant. The cost of living in the city of the consultant may also influence the rate of the consultant.
- Period of hire: Fees of the tax consultant can be collected based on the months, some do demand for monthly fees, some tax consultants prefer to get their pay on daily basis, some consultants set their fees for yearly packages.
- Based on the Requirements:Each client has different requirements in their financial planning. Based on the various need the fee structure of the consultant varies. Depends upon the consultant as well some may put charges for each service, some may collect as a package.
How To Reduce Tax Liability:
- There are some necessary steps to do before hiring a tax advisor.When tax time comes you’ll want to consider making tax deductions to minimize taxable income. You should also ask yourself whether you could benefit from a tax shelter, or whether a tax extension would be more suitable for your financial situation.
- This is the best advice that one could give to reduce your tax burden. Simply select the best tax consultant in Tambaram, Chennai. We are known as PHOENIX TAX CONSULTANT. Certified ISO: 9001-2015 consultant provides you with impeccable service.