How to Become a Personal Tax Advisor

Personal tax advisors work with individuals and families for providing them guidance regarding current and future strategies that can be used for minimizing their tax liabilities and maximizing investment at the same time. Often, other roles are also integrated with this duty, which are typically associated with a personal finance advisor such as tax consulting, tax planning and financial consulting. People who are interested in becoming tax advisors need to make some preparations in order to do so. Some useful tips are mentioned below:

Prepare to Become a Personal Tax Advisor

• In order to become a tax advisors, there are some special skills required, which need to be polished. These include extensive knowledge regarding the use of tax calculators, an accurate and precise ability to crunch numbers and proficiency in dealing with tax forms and software along with high level of personal integrity and the entrepreneur’s skill of drumming up business.
• A strong academic background is also required for becoming a tax advisor. According to James Nicholson, a Tax Consultant from a Singapore tax advisory services firm, a strong background is crucial if an individual wants to develop a strong customer base and wants to a self-employed entrepreneur.
• A bachelor’s degree has to be obtained in economics, accounting, finance or a related field and then select courses pertaining to estate and financial planning, risk management and taxes.

Becoming a Personal Tax Advisor

• When individuals aspire to become a tax advisor for large business organizations, they need to start looking for these jobs. The best way to find personal tax advisor openings is to contact insurance companies, banks and investment and securities services firms.
• There is another option of establishing a joint practice with other accountants, personal tax advisors, insurance brokers and tax preparers as this will allow individuals to maximize client traffic and earn huge returns for their services.
• If you don’t want to work with partners or a large company and want a business for yourself, you have to cast a net that’s wide enough. Tax business has a seasonal quality and you might not be able to meet your goals that way. Therefore, it is best to increase your appeal to clients by offering a wide range of services that include college expense planning, tax preparation, life insurance sales, investment planning and annuity products.
• You have to have a strong business plan for becoming a personal tax advisor in your own right. This means that you have to undertake marketing for the purpose of attracting clients looking for advisors for their tax liabilities. There are inexpensive and free online marketing methods and innovations such as Google AdWords that can be used for building a name and reputation.

Those who are interested in becoming personal tax advisors should also keep in mind that they need to have solid written and verbal communication skills. They have to be highly detail-oriented and responsible and should feel comfortable in working with people. Analytical skills are also beneficial in this profession and personal tax advisors should be able to build and maintain lasting relationships. Strong project management and research skills and great understanding of tax concepts is also crucial for success as a tax advisor.

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