As an entrepreneur, one of the most crucial things you can do to keep your wealth is to invest in a great tax advisor. A tax advisor is a financial expert who has high training and knowledges in both tax accounting and tax law. You would need the services from tax advisor in order to minimize your tax payable while remaining compliant with the law in difficult financial situations, this is the reason why you should be choosing the right tax advisor whom will save you million in the long run.
While most businesses only consult their tax advisor once or twice a year, a great tax advisor would have regular strategy meetings with their clients to discuss goals and approaches. A reliable tax advisor should be passionate about both the tax laws and the client’s future. Here are five factors you should consider when hiring the tax advisor to partner with.`
1. Choose a Passionate & Licensed Tax Agent
You need an accountant who specializes in tax consultancy. Go for a tax professional who has undergone the relevant training and is licensed to provide those services. The CPA or Certified Public Accountant is the most sought after and used credential in the world of accounting and for a good reason. Only licensed tax agent is allowed to represent their clients to handle income tax issues with Inland Revenue Board (IRB). Licensed tax agent is licensed by the Ministry of Finance Malaysia and their listing can be found on IRB website.
2. Look for a CPA with Great Tax Education and Experience.
A tax advisor’s education can make a huge difference when it comes to long-term tax savings. They should either be a certified or chartered accountant as the bodies to which they belong require them to uphold very high professional standards. For instance, you may look for the tax agent who are registered with Chartered Tax Institute of Malaysia, The institutes provides tax-related Continuing Professional Development (CPD) programmes to help tax professionals keep abreast with developments and currents issues. Therefore, you will always get the best possible advice from the experience professional tax agent.
3. Find a CPA Who Thinks Non-Linearly
While most accountants think in straight lines, a better accountant finds practical and legal ways to use the law and save the taxpayer money. A well-trained accountant shall understand clients’ business and needs, advice you in best possible tax planning that minimize your tax payments.
4. Hire a tax advisor who asks you questions.
During the first interview with tax advisor, if you are the one who ask for all questions, this should be a red flag. However, you should look for a tax advisor who will asks more questions and concerns about your business long-term goals and your future financial road planning. A thorough diagnosis by a tax professional can lead to major tax savings.
5. Invest in the best tax advisor for Long-Term Gains
The important thing is not the fee that your tax advisor charges you, but it is how much they value you. A professional tax advisor could help you save millions over a lifetime, therefore it’s worth to invest in a great tax advisor. For example, if you worked with a client to reduce their taxes with a solid tax strategy, this would result in long-term savings. With proper investment, it would lead you to gain more money in the long run.
Overall, hiring a great tax advisor is one of the most important decisions as it will make you as a business owner or individual. Looking for a tax advisor who is interested in educating you on the rules and it will lower your chances of an audit. The tax law enables for great flexibility in how you run your business and structure your transactions. Therefore, you should find a great tax advisor who knows what the tax law means and how to save you millions over a lifetime. If you are interested in hiring a tax advisor for your business you should look for L & Co PLT, and they will be more than glad to assist you.