Tax consultants assist their clients in making wise financial decisions about tax-related issues as well as taking advantage of tax credits and deductions. They do this by interviewing clients to gather information about their financial situations and then devise strategies to help them reduce their tax liability. They also ensure their clients fulfill their tax obligations and follow the law. Tax consultants earn a median sum of $63,000 annually or $30 per hour.
Tax consultants keep people informed about tax-related issues. They primarily ensure that their customers adhere to the tax rules and regulations while using their knowledge of the U.S. tax code to help individuals and businesses pay what they owe. They also help individuals and organizations minimize tax liability by decreasing their taxable income and taking advantage of all applicable adjustments.
In terms of academic qualifications, tax consultants have a bachelor's or master's degree in accounting, finance, business, or other related fields. Professionals with formal education and tax experience are best positioned for this role, and some employers may require licensure. Gaining a postgraduate education may also prove advantageous in this career path, and as such, many pursue a Master of Science in Taxation.
There is more than meets the eye when it comes to being a tax consultant. For example, did you know that they make an average of $30.47 an hour? That's $63,384 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 90,700 job opportunities across the U.S.
There are certain skills that many tax consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and analytical skills.
When it comes to the most important skills required to be a tax consultant, we found that a lot of resumes listed 62.4% of tax consultants included tax returns, while 14.4% of resumes included cpa, and 3.5% of resumes included new clients. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the tax consultant job title. But what industry to start with? Most tax consultants actually find jobs in the finance and professional industries.
If you're interested in becoming a tax consultant, one of the first things to consider is how much education you need. We've determined that 58.8% of tax consultants have a bachelor's degree. In terms of higher education levels, we found that 15.2% of tax consultants have master's degrees. Even though most tax consultants have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a tax consultant. When we researched the most common majors for a tax consultant, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on tax consultant resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become a tax consultant. In fact, many tax consultant jobs require experience in a role such as staff accountant. Meanwhile, many tax consultants also have previous career experience in roles such as tax manager or tax accountant.