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Five Ways A Good Tax Adviser Will Save You Money

August 29, 2011 | Comments: 0 | Views: 171

A good income tax adviser can save you a lot more than they will charge for the preparation of your tax forms. But you need to find one that is willing to listen to your thoughts and offer ideas that will help you take advantage of what you are already doing as well as offer additional suggestions that can save you even more.

Here are five ways your tax adviser can help you to save money.

1. Advance Preparation: An important part of the income tax saving process is being reminded to get your finances and deductions in order before it is too late. Most people file their taxes on a calendar basis, so after December 31st, it may be too late for some strategies. A gentle reminder by email, postcard or newsletter before the end of the year could save you thousands.

2. Lots of Questions: A good tax adviser will ask you plenty of questions for the first few years until they get a feel for your situation. Don't be alarmed if your tax adviser asks a question multiple times or in multiple variations. The deeper they dig into your picture, the more savings they could find.

3. Follow Up and Clarification: If your adviser asks for an answer that you do not readily have, don't let them rush you, ignore it or make a guess. A good tax adviser will want you to get the exact answer and will follow-up for clarification to make sure it is accurate before finalizing your return.

4. Offer Multiple Options: A great tax adviser is well versed in multiple tax savings strategies and should offer you multiple options that can be used as well as the actual tax savings of each option. They will usually tell you what they would do if your financial situation allows, but always leave the final decision up to you.

5. Suggest New Alternatives: After your first year with a new tax adviser, they should also offer several suggestions for additional strategies that you can implement in the upcoming year. These new alternatives should be reviewed along with their potential income tax savings and implemented accordingly.

Summary: These are only a snapshot of the ways a good tax adviser can help you to minimize your income tax burden while maximizing your savings and properly documenting your tax strategies. Look for one that has a great working knowledge of the financial, business and income tax fields. Depending on the complexity of your personal situation, you should be able to find plenty of quality tax advisers in your local area.

To discover additional financial and income tax strategies, check out my blog or download your FREE Wealth Expansion Kit by clicking here. The first step to creating wealth is knowing where you are and then charting a path that will enhance your financial strengths and correct your weaknesses.

Keith Maderer is a financial expert and has been a investment and tax adviser in the Western New York area for over 30 years. He is the owner of SENIOR Financial and Tax Associates and the founder of the Maderer Foundation, a private scholarship program.

Keith is also the author of "How To Get Your College Education For Less". Available on - ISBN No: 978-1-4538-2053-7.

You can get your FREE Wealth Expansion Kit, or check out his blog by visiting

Source: EzineArticles
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