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The IRS requires taxpayers to file their returns on time every year. And if you fail to do so, you'll face penalties and interest charges. Taxes are complicated, and they can be confusing. If you don't know where to start or what questions to ask, you might get stuck paying too much or even owe taxes. That's why hiring a professional who knows the ins and outs of taxes is essential.
You probably heard about tax preparers and tax consultants. But what is the difference between them, and who do you need?
Tax Consultant
Filing your taxes isn't always easy. There are several things to consider, such as whether or not you owe back taxes, how much you'll owe, and whether or not you qualify for certain deductions. A consultant does not only help you prepare your tax returns but has the answers to these questions. They offer tax consulting services, which involve advising tax strategies to help reduce your tax liability based on their expert knowledge and experience.
Tax Preparer
A tax preparer, on the other hand, is the most basic tax professional. They are usually hired to prepare and file your return for you, but they do not figure out whether you owe taxes or help you determine the amount of taxes you owe, significantly how you can reduce your liabilities.
Therefore, the tax professional you should hire depends on your tax situation and needs. A tax preparer is enough if you just need a preparer or filer. But if you need advice on your unique tax situation, a licensed and professional tax consultant is the best person to hire.
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