Should You Hire a Tax Advisor?

Should You Hire a Tax Advisor?

Should You Hire a Tax Advisor?

Many high net worth individuals use a tax advisor to help them manage their wealth. So, what exactly is a tax advisor? And do you need one? First off, tax advisors work to help people reduce their taxes to the lowest possible amount. Many certified public accountants are also tax advisors. Typically, when an individual, company, corporation, or any other type of taxpayer has complicated deductions and/or investments they seek the help of a Tax Advisor in order to minimize their tax bill. Tax Advisors evaluate their clients’ situations, and then advise them how to lower their taxes.

Know the Tax Code
Tax advisors should be a certified public accountant or an accounting professional who has a sound understanding of the complex U.S. tax code. Not all tax advisors have the same level of experience, knowledge and skill. So if you’re looking for a qualified, trustworthy tax advisor make sure you do your research to hire the right one. But do you really need a tax advisor? The short is yes, if you’re high net worth individual. The difference between using a tax advisor or not can be costly. If you make large tax mistakes you could end up paying the IRS handsomely, with money that could’ve otherwise been yours.

Avoid Tax Pitfalls
For starters, as mentioned, tax advisors understand that complicated tax code. Not to mention, they keep up with the constant changes in the code from year to year. The tax code is full of all kinds of potential traps and pitfalls. If you aren’t aware of them, it could definitely cost you. A professional tax advisor will not only recognize these pitfalls, but he or she will know how you should navigate them.

More Than Just Tax Savings
Unquestionably, qualified tax advisors help you get the most out of your tax return. However, they can help you with other tax items, as well. Tax advisors also help corporations and individuals make the right choices in several other financial areas, including estate planning, retirement, business planning, and managing investments. Tax advisors can even help you deal with the tax and financial implications of major life events, such as buying a home, getting married or divorced, having a baby, or inheriting significant wealth.

Hire the Right Tax Advisor
As previously mentioned, choosing the right tax advisor is vital. If you choose a less-experienced or incompetent tax advisor you could end up paying for it. There are shady tax advisors out there, so you need to do your homework before making a choice. Experience should be a top priority in the decision-making process. Choosing an advisor that also serves as a certified financial planner is a good idea. They can give you a wider look and a more balanced approach to help guide you throughout your entire financial situation.

GROCO: Experienced Tax Advisors
If you’re looking for a qualified, experienced and trusted tax advisor, then contact GROCO. We are certified public accountants with a deep knowledge of the tax code. We offer sound tax advice and financial planning that will keep your taxes down and protect your wealth.

 

We hope you found this article about “Should You Hire a Tax Advisor?” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Insynctive | Gary Goldstein

Insynctive | Gary Goldstein

Transcript, Insynctive | Gary Goldstein Alan Welcome back. I’m visiting here today with Gary Goldstein. And Gary is the founder of instinctive. Gary, welcome to today’s show, Gary Hey thanks Alan! I appreciate you having me here today. Alan So Gary, for the listeners, can you give me your background and how you got to…

Jay Brasher; philanthropy

How I Got Into Philanthropy | Jay Brasher

  About Jay Brasher Back in the 1970’s Jay and his wife made the decision to be be involved the Indian Placement Program by taking an 8 year old Navajo girl into their home during the school year so she could attend school where the Brasher’s lived- it was a big deal at the time…

Peter Adams

The Fundamental Purpose of Technology | Peter Adams

  About Peter Adams Peter Adams is Founder & CEO of Lighthouse, having launched the firm 33 years ago while working as a deployment specialist in the health care information systems arena. In a moment of epiphany, he realized that the primary goals of his complex projects were not to make some new IT technology…

Anthony Thompson

Anthony Thompson – United Business Bank

About Anthony Thompson Anthony is a Senior Vice President, Commercial Loan Officer at United Business Bank. Prior to his career in Banking Anthony was Vice President, Director of Marketing at Proudfoot Consulting/Phillip Crosby Associates. Anthony also worked as special assistant to US Senator David D. Karnes, and the first woman elected to the US Senate,…