{"id":756,"date":"2024-03-14T09:20:21","date_gmt":"2024-03-14T09:20:21","guid":{"rendered":"https:\/\/essentialhealthgoals.com\/?p=756"},"modified":"2024-03-14T09:20:21","modified_gmt":"2024-03-14T09:20:21","slug":"tax-consultant-vs-accountant-understanding-the-difference","status":"publish","type":"post","link":"https:\/\/essentialhealthgoals.com\/tax-consultant-vs-accountant-understanding-the-difference\/","title":{"rendered":"Tax Consultant Vs. Accountant\u2013 Understanding The Difference"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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, <\/span><a href=\"https:\/\/itaagusa.com\/\"><span style=\"font-weight: 400;\">business tax consultants in Miami<\/span><\/a><span style=\"font-weight: 400;\"> help with tax returns and strategies to reduce tax obligations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><b>Who is a tax consultant?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A tax consultant is what they sound like\u2013 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A tax consultant is more experienced than a tax preparer and can provide more guidance than just doing your taxes. There are two types\u2013 personal tax consultants and business tax consultants. It is important to know that these have different areas of knowledge.\u00a0<\/span><\/p>\n<p><b>Who is an accountant?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants may be referred to by various titles, including Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Public Accountant (CPA).\u00a0<\/span><\/p>\n<p><b>Duties of a tax consultant vs. an accountant\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The duties of a tax consultant are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Discuss the financial details and client taxable income.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Preparing tax returns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identifying potential deductions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reducing tax liability as much as possible for retirement plans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Making the tax filing process go smoothly.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Help with complex tax considerations, such as capital gains.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On the other hand, here are the duties of an accountant:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prepare budget forecasts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compute taxes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Handle monthly, quarterly, and annual accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manage all transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manage balance sheets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide guidance on profit maximization and cost reduction.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Choosing the right professional for your business needs.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s financial health, then the answer is clear as well.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses require the assistance, knowledge, and expertise of various professionals. 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