Since CPAs have advanced financial training, they may provide more services to their clients than tax preparers. They often work with individuals and companies to analyze their financial data and help them manage expenses.

Tax accounting is the subsector of accounting that deals with the preparations of tax returns and tax payments. Tax accounting is used by individuals, businesses, corporations and other entities. Tax accounting for an individual focuses on income, qualifying deductions, donations, and any investment gains or losses.

TurboTax offers year-round access to tax professionals capable of helping you answer simple and difficult tax questions alike. Being proactive and consulting with a CPA online can provide you with valuable advice — saving you time, stress, and money.

Distinction between tax accounting and financial accounting While financial accounting focuses on providing a comprehensive picture of a company's financial health for external stakeholders, tax accounting is primarily concerned with fulfilling tax obligations and calculating tax liability.