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, 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.
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…
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.
The IRS is Not a Bully, No.4
The IRS is Not a Bully You can poke a bully in the nose. Palo Alto, CA. July 4, 2014 – This is the Fourth installment of “The IRS is Not a Bully” series, identifying taxpayer concerns and the difficult position in which Congress puts the IRS. Namely, applying ever increasing pressure to operate in…
New Jersey Dems Looking to Tax the Rich Even More
New Jersey Dems Looking to Tax the Rich Even More The rich are already taxed enough, right? Although many would disagree with this statement, unfortunately there are others who think that no matter how much they take from them, the rich can’t ever be taxed too much. To that end, democratic lawmakers in New Jersey…
What to Do About Corporate Taxes?
What to Do About Corporate Taxes? The debate over corporate taxes has raged for years, but even though the battle has been going on for decades, it has definitely experienced some changes. The business world, and the world in general, has changed since the days when Ronald Reagan was in office. That means politicians have…
Can Life Insurance Policies Solve the Estate Tax-Retirement Conundrum?
Can Life Insurance Policies Solve the Estate Tax-Retirement Conundrum? Many top-level company executives and business owners share a common problem when it comes to planning for estate taxes and retirement. The problem is that many of these individuals wonder how they are going to both pay the necessary estate taxes while at the same time…