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What Does a Tax Accountant Do? 123

Written by True Tamplin

Reviewed by Subject Matter Experts

Updated on 2/2/2023, 12:30 AM

Understanding Tax Information

The collection and preparation of information before the deadline for tax filing is an excellent opportunity for individuals and businesses to review their current financial position and decide on their future plans.

Generally, compliance with the tax guidelines of the Internal Revenue Service (IRS) can help them strengthen their financial situation. For example, they can take advantage of tax deductions and avoid paying penalties, which saves them money in the long run.

However, with the ever-changing nature of the tax code, paying the right amount of taxes and filing the appropriate forms can be challenging, especially when you try it on your own.

Whether you work on your taxes personally or decide to hire a professional, it is essential to be aware of the various forms of taxes that you need to consider when filing your returns:

  • Income Tax - This is the amount individuals owe to the government based on their salary and other income sources.
  • Payroll Tax - This is the portion of the employee's paycheck deducted by employers to fund Social Security programs.
  • Estate Tax - This tax is triggered when the estate of a deceased person goes beyond a certain threshold.
  • Property Tax -This is the type of tax property owners must pay based on the value of their assets.
  • Sales Tax - Most states require businesses to collect this tax from customers when they make a purchase.
  • Business Tax - These are taxes that businesses pay on their profits and are used to fund government programs.
  • Tariff - These are charges on imported goods that are applied to support local enterprises.

Have questions about taxes? Click here.

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.


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