Proper tax management is crucial for smart management of finances. Many people try to handle tax-related tasks on their own, but it would be better off to let the professionals deal with it, especially if you are a high net worth individual.
If you are looking forward to hiring a tax advisor, it is important to choose the right one who can help you in formulating and executing tax strategies on a consistent basis. It is not something that you can take for granted considering the fact that it’s your hard-earned money that is at stake. Here are a few tips on how you can find the look for the best tax advisor in India.
Get Referrals from Your Network
When you start your search, the best way to begin is to tap into your personal network. Seek recommendations from someone in your industry if they have worked with tax professionals in the past. This can help find a tax advisor who is well-versed with your specific needs. You can even consider doing a web search if you don’t find any suitable leads from your acquaintances. However, the former is a more reliable method if you can find good leads.
Select a Certified Tax Advisor
The tax advisor that you decide to choose must have the right certifications. In general, you should partner with a licensed attorney, an enrolled agent, or a Certified Public Accountant (CPA). Avoid choosing mass production firms that you come across in complexes. The first thing to look for is the tax advisor’s certification.
Look for an Inquisitive Mind
While interviewing potential candidates, look for a strategic personality with a logical and inquisitive mind. He must possess the right frame of mind, making him investigative. He should ask questions even during the interview with you – this will further prove his capabilities.
You wouldn’t want a tax advisor who thinks like a typical accountant in an orderly, straight line. You want someone who thinks of creative ways to legally help you save money from tax collectors.
Trustworthy
The tax advisor that you choose to work with should be a trustworthy individual as he will have access to your personal details. You should find it comfortable to work with him and disclose your confidential information about your income, business and family.
Approach Towards IRS Audits
Another important question to ask the potential advisor during the interview is regarding their approach towards handling IRS audits. Ask them for specific examples. A few professionals warn their clients to avoid taking some legitimate deductions so that a red flag is not raised by the IRS. This is not good advice. Rather, it is an indication that he is afraid of the IRS.
Look for a professional who will deal with all communications with the IRS on behalf of you. Hire an advisor who can represent you and has a better knowledge about taxes than the IRS.
Selecting the right tax advisor can mean a lot of difference in terms of your tax savings. So, take time and find a top-notch professional who understands your tax strategies and your vision.
Also Read: Save Time and Money with Trusted Tax Consultants in India
