How to become a tax accountant

During the 3-month tax season tax preparers can earn up to $50,000 or more. Successful independent (self-employed) tax preparers, operating their own tax preparation businesses, can make substantially more money than a tax preparer who is an employee. Many independent tax preparers earn $100,000 or more per tax season.

Tax accountants ensure that companies and individuals comply with tax laws by filing their federal and state income tax returns. Some tax accountants also offer tax planning advice to help businesses and individuals save money in taxes. A career in tax accounting is challenging, but also rewarding.

EARN YOUR BACHELOR’S DEGREE Like most well-paying careers, you need to earn a bachelor’s degree before you can start working as a tax preparer.

Becoming a tax accountant requires hard work in school, but the skills you build can benefit you in numerous ways beyond the accounting field. Tax accountants must possess strong math skills, as their daily tasks require substantial time looking at numbers and trying to frame them in ways to best help their clients.

A career in taxation will prepare you to bag an excellent salary package. Once you start as a trainee, the pay might not seem much. However, with a few years of experience, you can certainly draw in a big pay packet! Your earnings can vary depending on the job profile you choose in this field, and your company.

One of the reasons why taxation is difficult to study is having comprehensive and complicated problems and solutions. Don’t solve multiple-choice problems but be patient in solving comprehensive problems. Solving comprehensive problems will help you to apply what you have learned.

Independent work – while the audit department works on a team, tax professionals have more opportunity for independent work. While there is always someone available for questions if needed, if you prefer to work on projects on your own, then tax might be a better fit.

Courses in Taxation

A B.Com degree is mandatory to take admission in the two-year M.Com course. Students who do LLB or LLM can also specialise in Taxation Laws and join the field. Bachelor of Management Studies (BMS) or an MBA degree with specialization in Finance may also give you an edge in the field.

Employment of accountants and auditors is projected to grow 4 percent from 2019 to 2029, about as fast as the average for all occupations. Globalization, a growing economy, and a complex tax and regulatory environment are expected to continue to lead to strong demand for accountants and auditors.

3) Immense Future Prospects:

While B.Com alone can provide a lucrative career path for an aspirant, even as far as providing managerial positions later on in their career path, pursuing a higher education degree in some cases shortens the journey to pursuing a highly lucrative path.

It is generally believed that earning a bachelor’s degree, particularly B.Com degree in the commerce stream is a pretty good career move and often the minimum requirement for getting a job. Although in many cases, this is correct, but it might be misleading sometimes.

It is not about easy or difficult. Your decision should be made keeping in mind the interests, strengths, aptitude and career goals. **B.Com degree equips a student with fundamentals and concepts on Accountancy, Business Administration, Finance, Economics and Industrial Policies.

MBA is a professional course that focuses more on industry-requirements and helping students get better management jobs. While an MBA prepares a candidate for a career in business administration and management, MCom is an excellent course for academic pursuits in Finance and Commerce.

BBA vs BCom: Salary

Both Bcom and BBA graduates earn around the same if they go for a job right after graduation. The average starting salary for a BBA or BCom graduates ranges from 3-4 lakhs per year in India. The salary range can be different in other countries.