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Who is a Tax Consultant?

Check out this blog to learn about tax consultants, their services, the job of tax consultants, the benefits of hiring a tax consultant, and other information. Also, know the difference between a tax preparer and a tax consultant.

Who is a Tax Consultant?

A financial expert with tax law and accounting knowledge is known as a tax consultant. Certified Public Accountants, Tax attorneys, financial advisors, and enrolled agents are tax advisors. Their services are retained in all matters of taxation. A tax consultant provides valuable advice on strategies to pay minimum taxes while remaining within the perimeters of law and regulations. Tax consultants may be in different fields like accounting, law, finance, etc. But they are well-versed in tax laws, IRS, and state tax guidelines. They possess immense knowledge of tax accounting and are always in demand. 

What Do Tax Consultants Do?

A Tax consultant is a professional in taxation. Their job is to advise clients on matters of audit, pending tax payments, and other issues pending with IRS or state tax authority. They also advise clients on ways to minimize their taxable income or increase their tax refunds. They see that their clients are not fooled into paying more than the required tax amount.

  • Researching tax-related problems
  • Make sure that the clients are tax-compliant
  • Preparing and reviewing the following
  • tax returns
  • corporate tax
  • personal income taxes
  • sales and use tax
  • property tax
  • franchise tax
  • estimated taxes, and others
  • Consulting and advising on taxation issues
  • Representing the clients before the IRS (if the consultant is a CPA, attorney, or an enrolled agent)
  • Following and reviewing proposed legislation that might affect the clients’ taxes

Services Provided by Tax Consultants

Tax consultants are professionals and have immense knowledge of the Income Tax Act of India and other associated tax regulations under the country’s tax law. They are well-versed and up-to-date in all matters of tax laws. They advise individuals and businesses about tax filing and help them do so while abiding by the law. Besides tax filing, they also offer their services for:

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  • Tax documentation
  • Filing e-returns 
  • Tax filing for freelancers
  • Evaluating a client’s legal and financial status and determining the tax liability
  • Helping fill out and submit tax forms on the Income-tax website like Form 16, Form12 B, and others
  • Helping clients to make legitimate investments like life insurance, health insurance, pension plans, child plans, and other tax-saving schemes by the government

Benefits of Hiring a Tax Consultant

  • Know about Your Tax Deductions
  • Saves Time 
  • It is Safe and Hassle-free

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Know about Your Tax Deductions

A tax consultant helps you identify your yearly tax deductions and guide you to make investments that will prevent tax liabilities in the future. He can also suggest practical ways to save on taxes legitimately. He can also help you file your tax return and save large sums of money. 

Saves Time

A tax consultant will analyze your financial portfolio and check your income and savings before guiding you. It is very time-consuming and confusing to file income tax returns correctly. A consultant helps file returns and other related documents efficiently and smoothly. They advise you on managing your financial portfolio sensibly. 

It is Safe and Hassle-free

It is advisable to seek a tax consultant’s help and advice regarding your finances as they are experts in this field and will not guide you otherwise. They maintain and manage their clients’ tax records and financial affairs efficiently and within the legal framework. Putting your tax file in their hands will relieve you of apprehension regarding payments of tax, filing of tax returns, deductions, and other matters. The consultant will take care of all such issues and more.

Who is Tax Preparer?

A person who helps individuals and businesses calculate and prepare their income tax returns and files them on their behalf on the online portal is a tax preparer. They do this in exchange for a fee. Tax preparers are of different kinds: some possess credentials issued by third-party organizations. Several others do not possess credentials but help their clients file their tax returns timely and efficient.

A tax preparer must have sufficient knowledge of tax law since he reviews all personal documents like income statements, social security numbers, and personal and business expenses of his clients to advise him regarding tax deductions or credits. He prepares and files tax forms for his clients. 

Tax Consultant Vs Tax Preparer

A tax consultant is a financial professional. He has advanced tax law and tax accounting training, and his expertise in financial matters is excellent. He possesses a deep knowledge of the Income Tax Act of India and its regulations; he can guide his client on issues concerning taxation accurately and offer assistance in tax documentation, filing e-returns, determining the client’s tax liability, and helping in making legitimate investments, and others. A tax preparer also possesses a good knowledge of tax laws and accounting. He helps his clients file tax returns by calculating, preparing, and filing them on their behalf. He can also advise them regarding ways of tax deductions:


We hope this article has helped provide relevant details regarding tax consultants. It is challenging for an average person to take correct financial/ investment decisions independently. A tax consultant can help you by advising you on all your tax-related issues and financial queries. Individuals, companies, and businesses can hire the services of a tax consultant. When is doubt regarding any tax-related or financial decisions, it is advisable always to seek help from a tax consultant. He will advise you appropriately and help you in tax planning and compliance. 

You can visit VakilSearch and contact a Chartered account for all your tax and finance-related problems/ queries. The CA will assist and help you deal with all tax-related issues. 

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