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Understanding the Roles: Tax Planner vs. Tax Preparer
When it comes to managing your taxes, understanding the differences between a tax planner and a tax preparer can significantly impact your financial outcomes.
Tax Advisor
A tax advisor focuses on the broader picture of your financial situation looking ahead, aiming to minimize your tax liability over the long term. Their services typically include:
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Strategic Planning: Tax advisors analyze your financial goals and develop strategies to optimize your tax situation. This might involve retirement planning, investment strategies, and estate planning.
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Proactive Advice: They offer guidance on tax-saving opportunities before the tax year ends, helping you make informed decisions that can affect your tax outcome.
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Long-Term Focus: Tax planners look beyond the current tax year, considering future income, potential tax law changes, and life events that could impact your taxes.
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Complex Situations: If you have multiple income sources, investments, or are considering significant financial decisions, a tax planner can help navigate complex scenarios.
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Tax Preparer
In contrast, a tax preparer is primarily focused on the accurate preparation and filing of your tax returns for the past year. Their services generally include:
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Return Preparation: Tax preparers collect financial information and prepare your tax returns, ensuring compliance with the current tax laws.
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Deduction Maximization: They help identify and apply eligible deductions and credits to reduce your taxable income for the current year.
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Filing and Compliance: Tax preparers ensure that your returns are filed accurately and on time, helping you avoid penalties and interest.
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Yearly Engagement: Most tax preparers work with clients on an annual basis, focusing primarily on the current year's taxes rather than long-term strategies.
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While both tax planners and tax preparers play crucial roles in managing your taxes, their focus and expertise differ. A tax planner provides comprehensive, forward-thinking strategies to minimize tax liability over time, whereas a tax preparer ensures your returns are accurately filed in compliance with current laws. Depending on your financial situation, you may benefit from the services of one or both professionals to achieve your financial goals.
HI, I'M STEFANIE
Hi, my name is Stefanie and I am the owner of Action First Accounting. I have been a Las Vegas local for over 17 years by way of Seattle, and this will be my forever home. I love to travel, and in my free time you can catch me either spending time with my family or at a yoga or Pilates class.
I worked for over 20 years for major corporations on the strip, and in that time my love for numbers grew. I learned from some of the best in the business on how to save money and grow top line revenues, as well as learning how to interpret the financial story of a business through their balance sheets and profit and loss statements. That set of skills has made me a better accountant, a more insightful business owner, and passionate business consultant.
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Action First Accounting has since grown into a team comprised of many accounting professionals with a combined 71 years of experience. There’s nothing this team hasn’t seen or handled at one point or another!
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In addition to being a certified Quickbooks ProAdvisor, I also hold a degree in accounting.