In this episode, host Molly Beyer unpacks the world of tax professionals and explains exactly who tax professionals are, what they can do for an entrepreneur or business, and how to choose the right one. It isn’t just people staring down a stack of IRS letters who will find this information useful: understanding who can assist with business tax financials is key for anyone starting out, growing a business, or just wanting to feel more confident about finances. 

There are four main types of tax professionals, and Molly explains the most common types and how they operate. CPA is the most common tax professional designation encountered. CPAs are licensed by their state boards and have rigorous certification standards. They don’t just do taxes; they can also help with financial planning, business strategy, and audits. The next type is an EA, or Enrolled Agent. They pass an IRS exam or have worked for the IRS, and are a great option if needs are mainly tax-related. Tax attorneys and non-credentialed tax preparers are the final two types of professionals. Tax attorneys are the highest level of tax representation available, and the most expensive. Non-credentialed tax preparers, on the other hand, are individuals who prepare taxes but don’t hold a formal license.

Molly offers insight into when each type of professional is most useful, their relative cost, and when to consider a higher tier of professional versus when a reliable non-credentialed tax preparer is perfectly fine. Whatever the need, she recommends building a relationship with a tax professional before tax season and asking the right questions to stay informed on what’s best for every stage of business needs.

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Contact Molly Beyer: 

• MKBeyerBooks.com
• MKBeyerConsults.com
• Facebook: MK Beyer Books
  
  

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