Tax accounting is a broad and complex area with lots of opportunity. The tax accountant career path allows you to set up up shop as an independent tax accountant or join a huge team at one of the Big 4 accounting firms. Not surprisingly, tax accounting is focused on the complex set of rules businesses and individuals are required to follow to do their taxes. Tax accountants learn to navigate local, state, and federal tax code and how they affect a myriad of businesses. The rules governing tax accounting also often differ slightly from GAAP adding another wrinkle to the field.
As a tax accountant you will become an expert on the details of your business or client and how to most effectively work within the tax system. Tax accountants are thought of as consultants and close advisers to their clients, helping simplify the complex tax system and save money. Many tax accountants have a CPA and because of the ever changing nature of tax accounting they are constantly in demand and get paid well!
The different tax accountant career paths are:
|Big 4||The Big 4 firms will have a large and extensive tax team that specializes in all different areas. They will expose you to all different areas of tax accounting at different companies. You can go a long way with a Big 4 tax career – all the way to becoming a Partner earning $1M+ per year|
|Private Company||A private company will have a more specific tax requirement and will provide you the opportunity to dive deeper into their specific needs. Often people will start at a Big 4 firm to gain a broad base of knowledge and then move to a private company to dive deeper into a specific field.|
|Small Firm||Small firms will also have a tax team similar to a Big 4 firm, allowing you to work across multiple clients and industries.|
|Independent||Tax is one of the key areas accountants can build a career independently. There are a huge number of individuals and small businesses that need tax advice, and as a tax accountant you can start your own firm to help them!|
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