As a Self Employed, one of the most important things you can do to keep your wealth stable is to invest in a good Tax Agent. A Tax Agent is a Financial Expert with extensive training and knowledge in Tax Accounting and Tax Law. In complex financial situations, you would require the services of a Tax Agent to minimise your Tax Liability while remaining compliant with the Tax Law.
Tax Season is the busiest time of year for most Business Owners. The phase can be challenging and frustrating, from gathering all records to evaluating them and filing tax returns. However, no matter how taxing it may appear, you cannot overlook the importance of preparing and filing your tax returns.
1. Choose a Well Qualified & Licensed Tax Agent
You need an Accountant who specializes in Tax Consulting. Choose a Tax Professional who has undergone the necessary training and is licensed to provide the services. The Certified Public Accountant (CPA) is the most sought-after and used credential in the Accounting World. Only Licensed Tax Agents are permitted to represent their clients when dealing with Income Tax issues with the ATO
2. Look for a CPA with Good Tax Knowledge and Experience
When it comes to Long-Term Tax Savings, the Knowledge of a Tax Agent can make a significant difference. They should be Certified or Chartered Accountants because the professional bodies to which they belong require them to maintain very high professional standards.
For example, you could look for Tax Agents who are members of CPA Australia. They offer tax-related Continuing Professional Development (CPD) Programs to assist Tax Professionals in staying current on developments and issues. As a result, you will always receive the best advice possible from a Professional Experienced Tax Agent.
3. Find a CPA Who Thinks Outside the Box
While most Accountants think in straight lines, a good Accountant looks for Practical and Legal Ways to use the Tax Law to save the Taxpayer Money. A well-trained Accountant will understand the client’s business and needs and will advise you on the Best Tax Planning to minimize your Tax Payments.
You must be able to determine whether the Accountant provides the necessary services you require, from Basic Accounting and Auditing to specialized Business Consulting Services.
4. Inquire About Costs or Service Charges
The budget is one of the most important factors influencing most business decisions, including the hiring of a Tax Accountant. Every Business Owner wants to cut costs, so they hire an Accountant who provides low-cost services. However, this is not always suitable.
However, keep in mind that the total bill should always be proportional to the size and complexity of the task or assignment at hand. At the end of the day, you should get what you pay for.
5. Invest in a Reliable Tax Agent for Long-Term Benefits
What matters is not how much your Tax Agent charges you, but how much they value you. A professional Tax Agent can help you save millions of dollars over your lifetime, so it’s worthwhile to invest in a dedicated and reliable Tax Agent. They will help you reduce your taxes using a Solid Tax Strategy, you would save a lot of money in the long run.
Hiring a good Tax Agent is one of the most important decisions you can make as a Business Owner or Individual. Finding a Tax Agent who is interested in educating you on the rules will reduce your chances of being audited. The Tax System gives you a lot of flexibility in how you run your business and structure your transactions. As a result, you should find a Reliable and Experienced Tax Agent who has good knowledge of Tax Legislation and helps you to stay away from tax-related risks while fulfilling the obligations of the ATO
Is taxes are making your life more difficult? Please feel free to connect with Rands Financial Services on 0434391331 or drop a message via https://randstax.com.au/contact-us and we will be happy to assist you!