Tax Advisory

Tax advisory services can help you or your business understand complex tax regulations, reduce tax liabilities, avoid potential penalties, and make informed financial decisions, ultimately saving money and ensuring compliance. 

While tax preparation focuses primarily on accurately compiling and submitting tax returns for a particular year, tax advisory offers a broader scope, looking at tax implications of financial decisions, planning for future tax scenarios, and ensuring long-term tax compliance and minimization. 

While tax software can be useful for basic tax preparation, it may not capture the nuances and opportunities of individual or business finances. Tax advisory provides personalized guidance tailored to specific financial situations and goals. 

While an annual review is common, it's beneficial to consult with a tax advisor before making significant financial decisions, such as purchasing property, starting a business, or planning retirement. For businesses, more frequent consultations can be beneficial, especially during strategic shifts or expansions. 

No. Everyone, from individuals to small businesses, can benefit from tax advisory services. Different income levels and business sizes have their unique tax considerations, and a tax advisor can offer guidance tailored to each specific scenario. 

Professional tax advisors often attend training sessions, seminars, and workshops. They also subscribe to industry publications, and many are members of professional organizations that provide updates on tax legislation and best practices. 

Typically, you should bring financial documents such as previous tax returns, pay stubs, financial statements, details of investments, and any other relevant financial information. For businesses, financial statements, payroll details, and details of business expenses and investments are essential. 

Fees can vary based on the complexity of the work and the advisor's expertise. Some advisors charge hourly, while others might offer a fixed rate for specific services. It's always a good idea to discuss fees upfront.

Many tax advisors, especially those who are Certified Public Accountants (CPAs) or Enrolled Agents (EAs), can represent clients before the IRS during audits, ensuring that the client's rights are protected and providing necessary documentation and explanations.