What does a Tax Accountant do?
Tax Accountants can work at accounting firms, accounting departments at large companies or as part of the financial team for a small business. Their primary role is to make sure that their clients file their taxes appropriately to prevent fines. They process complex tax paperwork and government forms, appropriately documenting business activities to make it easier to prepare annual tax returns. Tax Accountants audit company records to identify and correct any mistakes or source missing documents. They create a tax payment schedule and help manage their client’s tax budget.
Tax Accountants also serve a supervisory and consulting position where they recommend company policies to enable savings on taxes. They research tax laws and stay up-to-date on the potential tax liabilities in their industry.
Tax Accountant skills and qualifications
A great Tax Accountant needs to have the following key skills:
- Good communication skills: A Tax Accountant must be able to explain complex tax regulations in a simple and clear way to non-specialists so that they can understand easily.
- Numeracy: Although a Tax Accountant does not need to be a math genius, he or she will be working with numbers, and thus needs to be comfortable with numbers.
- Time management: Being a Tax Accountant means that there are specific deadlines that need to be met. A Tax Accountant must be able to prioritize tasks and take responsibility for a professional workload.
- Problem-solving skills: A great Tax Accountant must be able to solve issues and be creative in their thinking. For example, a Tax Accountant may need to reduce the amount of tax a client pays, it’s up to the Tax Accountant to know which tools are available and find a clever solution using tools like trusts and tax-free investments.
- Attention to detail: The regulations in the tax law mean exactly what they say, a Tax Accountant must pay attention to each word in the law.
- Well-organized: During their career, a Tax Accountant will face many complex issues and tasks, thus, being well-organized and able to work through them methodically is an essential skill.
Tax Accountant salary expectations
On average, in the U.S., a Tax Accountant can expect to earn a yearly salary of $61,946. This salary estimated is based on 1,849 salaries submitted to Indeed, by Tax Accountants and collected over the past 36 months from job posts. This estimated salary is based on 1 to 3 years of Tax Accountant job experience.
Tax Accountant education and training requirements
To qualify as a Tax Accountant, a candidate must have a bachelor’s or master’s degree in Accounting or relevant field. Taking a certified public accountant exam upon graduation may give a candidate a competitive edge over other applicants.
Tax Accountant experience requirements
Job experience requirements may vary from company to company, with most businesses requiring at least 3+ years of experience as a Tax Accountant or in a similar role.
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