A key person that you need to include in your executive team is a tax advisor.
Preserving your wealth, no matter what the amount may be, is a smart strategy. Keeping your money in your account is generally a good thing, right? I choose to pay taxes that I legally owe. It is hard, though, for me to know all of the tax laws. That’s why I need a tax advisor.
For a lot of people and businesses, accountants are their tax advisors. Although there are many accountants who are qualified to be considered tax advisors, not all accountants are knowledgeable in the details. Your tax advisor should have a comprehensive understanding of accounting, but he or she needs to have a comprehensive understanding of tax law.
Some attorneys are very good tax advisors. Many attorneys who specialize in wills, trusts and corporations have completed the process to be a CPA. Having both qualifications provides their clients a high level of professionalism and expertise. Not only are they able to speak on the legal implications of a strategy, but they are usually able to talk about the practical side as well. Additionally, they are able to deal with the short-term and long-term questions that come up. Their advice can come at a high cost – but with excellent results.
The ability to balance both areas of study with legally-compliant, cost-effective strategies is hard to find. Especially with the ever-changing environment in tax laws, being able to accomplish this work requires quite of bit of talent and knowledge. When you find a really talented expert in this area, you’ve done very well.
Pay What You Legally Owe
Frankly, it makes no sense whatsoever to pay more taxes than what you are legally required to pay. We do not support tax-dodging, or being involved in some kind of tax evasion strategy. That’s simply being dishonest or disobedient.
But we definitely support the idea to do legally-compliant strategies which allow us to keep our wealth. This is what a tax advisor is able to provide. I am grateful to work with some talented people. They have saved me thousands of dollars a year with their strategies. And they have shared some of their strategies with me so that I can understand how and why they work. I never thought that the ideas of legal tax deductions could be fun, but they are.
Get the Most Out of the Relationship
When you work with your accountant, you need to make sure you are getting the best benefits from their hard work, especially during the tax season. Whether you are working with an accountant who understands tax strategies, or if you decide to find someone else who is a tax advisor, make sure this advisor is on your list.