Who is a Tax Consultant?
A tax consultant is a professional who assists individuals and businesses with both the legal and accounting aspects of taxes. A tax consultant represents you in tax negotiation against the IRS and the state to resolve your back taxes, lift your tax liens or levies, halt wage garnishment, etc. On the accounting side, a tax consultant helps you with filing taxes, determining the deductions and credits you qualify for, creating a financial plan to minimize your tax liabilities and meet your financial goals, etc.
Benefits of Tax Consultation
A tax consultant can advocate for you in federal and state audits, or negotiations. He or she also helps you understand the complex and ever-changing tax rules and guide you through tax filing, financial plan, income & corporate taxes, and tax compliance so that you don’t face any penalties. A tax professional can also devise preventative measures that shield you from potential liabilities such as a divorce, or a small claim.
Tax Relief If You Are Behind Payments
A tax consultant represents you and negotiates with the IRS or the State to resolve your back taxes. Below are some IRS Tax Relief options:
- Offer In Compromise (OIC): this allows you to settle your back taxes with the IRS for less than the full amount you owe.
- Fresh Start Program: this may include withdrawal of tax liens and substantial deduction of your tax debt.
- Installment Agreement: this allows you to pay back the taxes you owe in increments if you cannot pay your taxes in full.
- Penalty Relief and Interest Abatement: the IRS sends you a notice by mail when they charge you a penalty. Under reasonable cause and show of good faith, a tax professional can help remove or reduce penalty or interest on your tax obligations.
Also, if you’re facing criminal charges related to tax fraud, a tax consultant can help you build a strong defense and protect your rights.
Tax Relief If You Have Updated Payments
If you have paid all your taxes and are updated with all the bills and returns of the year, you can take advantage of all the deductions, exclusions, and credits. Depending on your eligibility, the relief option will reduce taxable income or the tax bill.
- Deductions: Tax deductions allow you to reduce the total taxable income and thus the tax you owe on earnings. Deductibles items include property tax, real state tax, gambling loss, student loan interest, work-related expenses, and more. Book a free consultation with a tax consultant to find out more.
- Credits: Tax credits lower the taxable amount on a tax bill you owe to the government. Common tax credits include homeowner credit, child tax credit, foreign tax credit, and more.
- Exclusions: Exclusions are similar to deductions in which you reduce taxable income, but the difference lies in allowing you to leave an entire income stream from earnings. This only applies to income outside of the United States.
Business Tax Services
It is also important to have a business tax consultant conduct an exploratory analysis of your financial statements to determine the health of your company and provide insights into your business. A corporate tax consultant can also perform an internal audit (IA) and seeks out tax-saving options your business can leverage.
Such exploratory analysis and internal audit identify the risks across your enterprise. Some of the risk areas include:
- Financial statement risks
- Process, regulatory, and control level risks
- Market, currency, and credit risks.
After an exploratory analysis or an internal audit, the business tax consultant may recommend measures such as changing your bookkeeping and accounting system to better fit your complex cost structure and comply with your regulatory reporting requirements. The strategist may also suggest measures that ensure tax compliance such as automating internal control processes to ensure the correct calculation and filing of all necessary tax returns, conducting regular internal audits(IA) to continue to identify emerging risks and find potential revenue enhancement, etc.
Crypto Tax Services
IRS has tightened its grip on virtual currency investments. You could be liable for penalties and interest or subject to criminal charges for failing to properly report your gains from cryptocurrency transactions. A crypto tax consultant assists you in filing your cryptocurrency earnings accurately so that you stay compliant with the IRS while keeping the majority of your cryptocurrency gains.
Example – Gateway Tax Service Los Angeles
Gateway Tax Services is one of the renowned tax consulting firms that offer various services for tax relief, business taxes, and cryptocurrency tax in Los Angeles. They have expertise in updated or behind payment tax relief resolution, business exploratory analysis & internal audits, and maximization of your cryptocurrency earnings.
If you need a tax consultation in Los Angeles for tax relief, business taxes, or crypto taxes, consider services by Get A Tax Lawyer. We are a tax consulting firm that offers you tax relief resolution and business advisory services. If you feel unsure about where to start, contact us, and we will guide you through the whole process starting from a free consultation.