If you’re studying accounting or need to hire an accountant, it’s crucial to understand what a tax accountant does. This role involves handling taxes, financial records, and audits for individuals or corporations.
Personal tax accountants who work with individual clients
Personal tax accountants assist individuals or companies. They work as employees or independent contractors. Their main tasks include tax preparation and helping clients reduce their tax obligations. They also fill out tax forms and advise on future financial decisions. For instance, in the 2017 fiscal year, property taxes contributed 45% of NYC’s tax revenue. A personal tax accountant accountant can guide clients on managing such taxes.
If a client is audited, a personal tax accountant will manage the process to ensure a smooth experience. They handle client balances, return phone calls, and seek new clients regularly.
Tax accountants who work for businesses
Tax accountants working for corporations often work as supervisors or team members in the accounting department. They must understand governmental regulations and generally accepted accounting principles. Corporate tax filings are more complex, so these accountants usually need more experience.
They review files, prepare ledgers, complete tax forms, and interact with tax agencies. They may also participate in meetings related to taxation and strategy. The role in an audit can vary depending on the corporation.
If you need a personal tax accountant or assistance with small business taxes, contact us today. We can help with all your personal or business tax needs.
