If you’re studying for accounting or you need to hire an accountant, it’s important that you know what a tax accountant does. There are many different titles in the field of accounting, and a tax accountant will work with either individuals or corporations to handle taxes, financial records, and audits.
Personal tax accountants who work with individual clients
In tax accounting, personal tax accountants work with individuals or with companies as either direct employees or as independent contractors who run their own business. They are in charge of tax preparation where they can help clients lower their tax obligations when filing. They also help their clients fill out their tax forms and advise them about future financial moves that affect their taxes. For example, 45% of all tax dollars collected in NYC were from property taxes in the 2017 fiscal year, and a personal tax accountant can help their clients figure out how to handle that.
If an individual gets audited, personal tax accounts will handle the audit for the client to ensure that the client gets through the process unscathed. Personal tax accountants need to balance clients, return phone calls, and market to new clientele on a daily basis.
Tax accountants who work for businesses
Tax accountants working for corporations typically work as a supervisor in the accounting department or as a member of the team in the department. They need to know the governmental regulations in accounting as well as all of the generally accepted accounting principles. These tax accountants typically need more experience than others because corporate tax filings are more complicated.
It’s common for tax accountants to review files and company records, prepare ledgers, fill out tax forms, maintain contact with tax agencies, and hold meetings related to taxation and strategy. Many corporations do things differently, so if the business gets audited, their tax accountant may or may not play a role in that.
If you need a personal tax accountant or an accountant to help with your small business, you’ve come to the right place. Give us a call today so we can start helping you with your personal or business taxes.