Stampley McMullen 
Businesses require the assistance, knowledge, and expertise of various professionals. Two of the most important ones include a tax consultant and an accountant. Accountants help design the best financial strategies for the company. On the other hand, business tax consultants in Miami help with tax returns and strategies to reduce tax obligations.
When it comes to businesses, especially big ones, the collaborative help of both tax experts and accountants is critical. While they complement each other, they perform different duties. It is important to understand how they help your business. Read this blog to understand the significant differences between the two occupations.
Who is a tax consultant?
A tax consultant is what they sound like– someone who helps you with taxes. They do your taxes for you accurately and before the deadline. They handle the paperwork and make sure your forms are submitted on time.
A tax consultant is more experienced than a tax preparer and can provide more guidance than just doing your taxes. There are two types– personal tax consultants and business tax consultants. It is important to know that these have different areas of knowledge.
Who is an accountant?
An accountant conducts account analysis, audits, and financial statement analysis. Accountants may work for an accounting firm or independently. They manage a group of accounts that a business or an individual may own. Therefore, they are needed in all sorts of businesses, whether big or small.
Accountants may be referred to by various titles, including Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Public Accountant (CPA).
Duties of a tax consultant vs. an accountant
The duties of a tax consultant are as follows:
- Discuss the financial details and client taxable income.
- Preparing tax returns.
- Identifying potential deductions.
- Reducing tax liability as much as possible for retirement plans.
- Making the tax filing process go smoothly.
- Help with complex tax considerations, such as capital gains.
On the other hand, here are the duties of an accountant:
- Prepare budget forecasts.
- Compute taxes.
- Handle monthly, quarterly, and annual accounts.
- Manage all transactions.
- Manage balance sheets.
- Provide guidance on profit maximization and cost reduction.
Choosing the right professional for your business needs.
If you are confused between hiring a tax consultant and an accountant, knowing your needs is crucial. If your main concern is getting your taxes done, then the answer is pretty clear. And if you need someone to guide you about your business’s financial health, then the answer is clear as well.
It is important to know that some duties of an accountant and a tax consultant, but they have their own areas of specialty. Depending on what you need and what they offer best, you can make your choice.
