Do You Have What It Takes To Become A Taxation Accounting Specialist?
If you are running a business, or want to invest in the stock market, or rent a property, you would require the expertise of a tax accountant. A tax accounting specialist focuses on tax issues; which includes all activities related to filing tax returns and planning for future tax obligations. Tax accountants assist clients with their financial and income statements.
With the increase in the business economy, tax accountants are needed to handle financial matters. According to the U.S. Bureau of Labor Statistics (BLS), a 22% increase is expected in the employment rate of accountants.
Do You Have The Following Skills?
A tax accountant is expected to have the following abilities:
- Knowledge of How To Prepare Tax: Tax accountants prepare federal, state and local tax returns for businesses, organizations and individuals.Tax accountant are needed because preparing taxes is a stressful, time consuming and confusing work.
- Through Understanding Of Business Concepts: Tax accountants should have a thorough understanding of business concepts and financial planning. Without these you cannot be a tax accountant specialist. One may need to find accurate tax returns,which can be calculated by these specialists.
- Knowlegde Of Goverenment Regulations: Taxation has to be according to the government regulations. So, knowledge about government rules and policies is a must-have.
- Ability To Give Advice On Minimizing Tax Liabilities: Tax accountants are also approached for advice on how to minimize tax liability to their clients or to manage any changes in the tax policy which may affect business. Tax situations are complex, and detailed planning and advice from a tax accountant, on how one can pay the least amount of taxes, plays a crucial role.
- Solving Audit Disputes For Their Clients: They are also expected to solve issues concerning taxes for their clients, such as filing taxes, or paying off a tax debt.
Bachelor’s Degree In Accounting Or Business
A bachelor’s degree is usually the least academic requirement needed to become a tax accountant. Potential tax accountants should also consider a Master’s Degree in Accounting and Business with a tax concentration. You will be expected to take courses like Financial Planning, Auditing and Taxation, Business Calculus and Statistics.
Must Be A Certified Public Accountant
The tax accounting specialist must be licensed as Certified Public Accountants (CPA) by their Council of State. In addition 150 credit hours and 2 years of experience in the accounting field is required.
As long as there are businesses running within the economy, tax accountants will be needed. In the US, tax accountants earn the median salary of $65,643 annually, while Tax Accountants with more experience earn more.