January 15, 2022

When Do I Need Professional Tax and Advisory Services?

By Adeptus Staff

Tax Season Preparation: Know when you should look for  support in putting together your accounting records and financial statements

 

Sometimes it feels like it’s always that time of year again when we have to get our taxes done.  This holds true for businesses as well as individuals.  Usually we’re flooded with tax forms inundating our mailboxes, countless ads for tax solutions spam our social feeds and inboxes. It’s about as fun as waiting in line at the DMV and a constant reminder of what we all need to do. You’re probably asking yourself; Should I do my taxes or hire a tax professional? The short answer is; It depends on your circumstances. Do I need a Tax Preparer or Tax Advisor? What’s the difference? They may seem like they’re the same, but there is a major difference between Tax Preparers vs. Tax Advisors. Confusing, we know. Let us break this conundrum down. 

 

In short, both Tax Preparers and Tax Advisors are “tax preparers” and can prepare tax returns, but a Tax Advisor provides a more tailored experience and many more services for their clients year-round.

 

If the only service you require is to focus on reducing your tax burden today, raising your refund, adjusting your withholdings, and investing more into your retirement, then working with a Tax Preparer would be the right choice. On the flip side, if you require somebody who prepares your taxes and gives you a more bespoke experience to advise you on your best tax strategy while educating you on options to decrease your overall tax burden today and through a long-term strategy, then a Tax Advisor is what you need.

 

Here’s a deep dive on the major distinctions between Tax Preparers and Tax Advisors:

 

Tax Preparer

  • Typically, prepares Tax Returns, usually in one quick appointment.
  • Customarily only available between January – April (or September – October if you’re a late filer).
  • Normally provide limited advice on how to decrease income tax responsibility.

 

Tax Advisor

  • Prepares Tax Returns in addition to providing clients tailored experience to ensure the lowest tax liability.
  • They are available year-round and provide personalized strategies to decrease tax liabilities and maximize positive tax strategies for the future
  • Maintains contact with their clients during the year.
  • Provides tax and financial advice on business matters such as financings, international trade and services, or personal matters such as homeownership, retirement accounts, and investments to name a few.
  • Both near and long-term planning support

 

The complexity of one’s situation suggests that employing a professional Tax Preparer can save you time, reduce stress, avoid costly missteps, and conceivably unveil tax savings that even the best tax software might not reveal.

 

Tax advisers can work two ways, sometimes focusing on compliance, ensuring a client meets all tax obligations by preparing and tendering tax returns, tax calculations, and any other essential forms. As well as in an advisory capacity, supporting clients on the best tax strategies for specific desired business or personal outcomes. 

 

In closing, Adeptus’ Tax preparation encompasses federal, state, and local tax returns quickly and efficiently for corporations as well as individuals. Adeptus’ Tax advisory service entails analyzing financial and tax obstacles, formulating strategies and implementing solutions, while offering guidance intended to provide information on tax changes and their implications. Our Tax Advisors serve you by translating personal and/or business intentions into targeted actions designed to maximize the benefit of the tax strategy defined. Adeptus Tax Advisors assist our clients in financial planning and help our clients understand the tax implications of each financial decision.

 

Adeptus offers accounting, tax, and advisory services. Contact us today and let us help make the process of figuring out your best tax strategy seamless and pain free, we may even save you considerable funds to allocate to other high priority needs.

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