Can a Financial Advisor Help With Tax Advice

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Updated on June 14, 2022 by
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The answer is yes. Financial advisors are very experienced in tax planning and planning and tax can be done from the comfort of your home. Most financial advisors have experience with individuals and businesses who want to lower their taxes.

They also know how to file your return correctly. If the financial advisor has a CPA or EA license, they are very familiar with the IRS rules and regulations that govern what is allowed in a tax return. The CPA or EA can give an honest opinion on what they think will be allowed by the IRS. With a financial advisor, there is no risk of getting audited, because most advisors will ask that you provide them with information on how to substantiate all of their claims.

If they claim to save money, it must be proven in writing. You also get peace of mind knowing that the financial advisor has prepared every form perfectly so that it can be filed by the IRS with ease.

Can a Financial Advisor Help With Tax Advice

Advantages To Hiring A Financial Advisor For Your Taxes

If you are a busy person, then you can’t possibly find the time to file your taxes. Hiring a financial advisor is a great way to streamline your tax return. A financial advisor will be able to help you prepare your tax return with no mistakes.

They can also save you money by providing more accurate advice. They will also be able to help with the IRS penalty, if applicable. A financial advisor can save you money by providing more accurate advice and finding ways to reduce the amount of taxes owed.

A financial advisor will also be able to save you money by finding deductions that are not readily available on your own, like donating certain items and claiming charitable donations on your tax return. You’ll also have someone who can review all of your tax forms before they are filed with the IRS so that they don’t end up being rejected due to errors or omissions in paperwork submitted by the IRS, which could lead to a late filing penalty and interest charges.

A financial advisor can even advise you on how much interest will be charged on taxes owed because of late filing penalties and interest charges, which can add up quickly if not addressed properly in advance.

The Role of Financial Advisor for Your Taxes

You can have a financial advisor assist you with any of the following:

  1. Your Income Taxes: A financial advisor can assist you with calculating your taxable income, deductions, credits, and tax rates. They can also help you with any questions you may have about tax law and help to ensure that your taxes are prepared correctly for the IRS.
  2. The IRS Penalties: If you’re expecting a refund, a financial advisor can help determine if you qualify for a refund or if you will owe money to the IRS because of late filing penalties and interest charges. They can also be able to prepare the forms needed to get your refund back in a timely manner so that it doesn’t end up being delayed or rejected by the IRS. If there is an issue with your tax return, they will be able to review all of your forms and make corrections as needed before they are filed with the IRS.
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