More and more tax professionals today are offering tax advisory services in order to create greater value, build stronger client relationships, and achieve better work-life balance.
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The future is tax advisory
What is
tax advisory?
tax advisory?
Tax advisory is proactive. It involves collaborating with clients on financial goals then using your expertise to offer tax strategies to lower their tax liability and meet their goals.
Dominique Molina CPA, MST, CTS
Going a
step further
step further
Tax advisory goes beyond the traditional tax planning that most professionals offer. Tax planning is usually once a year and focuses on avoiding penalties. Tax advisory is year-round and goes beyond tax planning by communicating the tax savings that each strategy delivers—making them more actionable for clients.
Preparation
- Reactive service
- Deadline driven
- Clients view as an expense
vs
Planning
- Proactive
- Typically once a year
- Communicates tax liability
vs
Advisory
- Strategically proactive
- Ongoing meetings
- Communicates tax savings
Tax advisory is: Aligning with client goals
Tax advisory is: Aligning with client goals
Tax advisory is
more than advice
more than advice
Tax professionals will tell you they provide clients recommendations all the time. This advice is usually not intended for making proactive decisions. Advisory is much more than free advice. It is proactively meeting year-round with clients, aligning with their goals, applying specific strategies to realize tax savings, and communicating those savings.
Why go the
tax advisory route?
tax advisory route?
Duke Moore EA
Let's get you started
Intuit Tax Advisor is a tool that gives you access to complex tax-saving strategies that you can use across multiple entities and years.
Test it out! Get 3 free credits from Intuit Tax Advisor, or buy one for $75, and create your first tax plan. Start with a client that owns a small business.
Track the services you are already providing clients. This will help you see where there are clients who are a natural fit for advisory solutions.
Communicate the change to clients. Let them know why you are making the change to offering advisory services and how it will benefit them.
This in-depth guide provides more valuable information and tips.
See how peers have benefited from offering tax advisory
Dominique Molina CPA, MST, CTS
Eric Aragon CPA
Al-Nesha Jones CPA, MBA, MOM
Pricing your
tax advisory services
tax advisory services
Some important things to consider:
Many tax professionals offering advisory services use value-based pricing where you justify costs based on the tax savings for clients (value generated).
Advisory services are an investment for a client, not an expense. An investment where you can show ROI, which allows you to charge more.
The fee your charge for tax advisory services shouldn’t be more than what the client will save in taxes.
Reminder, the average client fee for planning and advisory services is $2,351 per year.*
