taxhow an accountant can add value to the taxation process

2 Answers

pacorz's profile pic

pacorz | High School Teacher | (Level 3) Educator

Posted on

I think that an accountant can be a valuable member of the planning team for either a family or a business. All too often, an accountant's work consists of a sort of "post-mortem" analysis, whereas if he or she had been consulted before major financial decisions were made, the consumer could have benefited greatly from the advice. For instance, sometimes timing a necessary expenditure a little differently can have a major impact on taxes. An example for a family would be figuring out how best to pay for college or whether to refinance the house. For a business, major purchasing decisions such as office renovations or vehicle purchases should be run by an accountant first.

litteacher8's profile pic

litteacher8 | High School Teacher | (Level 3) Distinguished Educator

Posted on

Since tax services are being increasingly threatened by computer programs and outsourcing, this is a timely question. The first thing I can think of is that the local accountant can offer a personalized approach year-round. People do not only have tax questions at tax time, they have them all year round. Having someone to talk to would be very comforting for some people.