Tax Consulting Services

Learn More about Your Tax Situation with Tax Consulting Services

Taxes aren’t as simple as they once were, and that’s even truer if you’re trying to understand business taxes, but tax consulting services can help. There is a seemingly endless list of requirements and qualifications that are needed in order to ensure you make the most of your tax situation. Because there are so many things to consider, it’s impossible to do it all on your own.

If you have questions about your taxes, including how to make taxes work for your business, it’s important to seek the help of a professional CPA. They can help you strategize and understand everything you need to know in order to make sure your business makes it through the next tax year painlessly.

Understanding your particular tax issues

One of the best reasons to seek tax consulting services is to understand exactly where you stand in relation to your finances, and how they relate to your taxes. During a consultation, you can ask questions about what to expect at tax time, as well as things you can do throughout the year in order to lessen your tax burden. Because tax consulting services can take away the confusion associated with the entire process, it is ideal for individuals, families, and businesses.

During this consultation, your Long Beach tax specialist will also be able to provide you with recommendations on how to leverage tax incentives to maximize cash flow. There are likely some very simple things you can do that will not only decrease your tax burden, they can actually ensure that money is returned to you at the end of the year.

Tax consulting for mergers and acquisitions

Tax consulting services can generally help you get a handle on your tax situation, but it’s also extremely helpful when it comes to planning for mergers and acquisitions.

During your consultation, your tax professional will analyze transaction costs, which can greatly accelerate your deductions. One example relates to success-based fees and loan costs, which would be capitalized and deducted over very long periods of time without the help of a professional CPA.

By finding even just a few ways to save here and there, you can end up saving thousands, or even tens of thousands of dollars, on your taxes with the help of a consultant. To learn about all the ways you can plan your taxes throughout the year with tax consulting services, schedule an appointment with one of our professional CPAs.

Tax consulting services FAQ

Is there a difference between tax consulting, tax planning, and tax preparation?

There are many facets of preparing taxes, both at the end of the year and throughout the year. In some ways, these three terms are interchangeable, and you may cover a few or all of them at your appointment, but there are some differences.

Tax consulting and tax planning are the most closely related. You’re likely to discuss aspects of each at your appointment. Consulting generally gives you a big-picture view of your tax situation, while tax planning gets down to the details.

Just because you schedule a consultation or a planning session doesn’t actually mean you’ll do any preparation. If you need help preparing your taxes, you’ll likely have to schedule a separate tax preparation appointment.

Can tax consulting help lower my taxes?

Yes. A professional tax consultant can help you find ways to save now and in the future, but they can also help you negotiate lower taxes. A CPA may be able to lessen your tax burden through penalty abatements or a partial-pay installment agreement. Compromises with the IRS may also be obtained, depending on your particular situation.

Can an accountant or attorney offer tax consulting services?

Yes, up to a point. An accountant will likely be familiar with some tax issues, but they aren’t likely to be able to provide you with a comprehensive consultation unless they also happen to a licensed CPA. Start by asking your accountant for help, but don’t hesitate to reach out to a licensed professional for comprehensive advice.

An experienced tax attorney will be able to provide you with more advice than an accountant, and perhaps just as much as a CPA. However, attorney fees are notoriously high. Unless you are experiencing a tax emergency, it’s best to seek the help of a CPA first. They will be able to tell you if the help of an attorney is needed.

Does experience matter when choosing a tax consultant?

Experience is always an important consideration, but in today’s day and age, especially in the area of tax consulting and preparation, the experience isn’t as important as it is in other areas. That’s because tax laws are always changing.

When looking for someone to help you with your tax situation, it’s best to choose someone with a little experience, but it’s better for you to ask your CPA how they keep up with the latest changes in tax law. Working with someone who’s passionate about being up-to-date on all the latest changes is more important than finding someone with decades of experience.