As tax consultants, we serve businesses and individuals alike by staying current on new tax law and positioning taxpayers for short and long term tax optimization.
A tax consultant typically expands on the role of tax preparer. While tax consultants prepare tax returns, we also often work closely with clients throughout the year to ensure client tax liability is minimized. Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the Canada Revenue Agency (CRA) last year, most taxpayers (77% of taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Tax advisers and consultants typically need a bachelor’s degree in economics, finance, business or tax law. Our senior consultants take additional coursework in estate planning, investments and risk managementl. If consultants prepare tax returns, they become a registered Tax Return Preparer with the CRA
What is a tax consultant?
Tax consultants provide their clients with financial and tax-related advice. They educate their clients on tax options, including how to legally lower tax liability or how to compute taxes based on their investments. Tax consultants might prepare and complete client tax returns and assist clients in finding the right deductions, credits and adjustments based on their financial situation. Consultants must stay up-to-date on the latest federal and state tax requirements, consult tax law handbooks and look for bulletins regarding common and atypical tax procedures.
What is bookkeeping?
Bookkeeping involves the recording, storing and retrieving of financial transactions for a company or an individual.
Common financial transactions and tasks that are involved in bookkeeping include:
- Billing for goods sold or services provided to clients.
- Recording receipts from customers.
- Verifying and recording invoices from suppliers.
- Paying suppliers.
- Processing employees' pay and the related governmental reports.
- Monitoring individual accounts receivable.
- Recording depreciation and other adjusting entries.
- Providing financial reports.
Bookkeeping requires knowledge of debits and credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.