A financial advisor or tax consultant is a person with advanced training and knowledge of tax law who provides financial services to clients based on their financial situation.The services of a financial advisor or tax consultant are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations.

What Is a financial advisor/ tax consultant?

Financial advisors/ taxconsultantsare those who help their clients save money by making wise financial decisions about tax-related issues. They interview clients to gather information about their financial situations and devise strategies to help them reduce their tax liability by taking advantage of tax credits and deductions. They ensure their clients fulfill their tax obligations and follow the law.

What do a financial advisor/ tax consultant do?

They know all about state and federal regulations that businesses and individuals must abide by when they file their taxes. When you hire a consultant, he or she will give you advice over the phone or in-person about your filing options. Here are some other aspects covered by them:

• Collecting, organizing and preparing tax documents and returns.
• Evaluating a client’s financial and legal circumstances to determine tax liabilities.
• Assisting clients with tax issues during and after a significant life transition, such as a marriage, +++divorce, death of a spouse or birth of a child
• Completing complex tax forms and schedules that most tax preparers are unfamiliar with.
• Representing a client in dealings with tax collection agencies

What skills do need to become a better financial advisor/ tax consultant?

• Expertise and knowledge in accounting and finance.
• Communication and interactive skills that make them understand the clients’ accounting and taxation needs.
• Decision-making and analytical skills that allow them to shape the finances and investments of the clients in such a way that they have to pay the minimum tax.
• Capability to work on professional and ethical grounds so that no false practices are included in their tax advice.
• Last but not the least – experience. Experience in a similar field may surely matter as it will be an additional benefit for the financial advisor/tax consultant.

Here is a list of top 10 best financial advisors/tax consultants in Ranchi:

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