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List of Required Skills to Work with Taxes

As we crawl into a tech-savvy world, the business environments are becoming more complex. While entrepreneurs opt for automation, giant companies are crunching numbers to integrate artificial intelligence (AI). Indeed, bringing new initiatives is essential for success, but what about fulfilling the

How to flaunt your style to look sharp
Want to look good? Suit up! You must have gotten this advice a thousand times. It sure does get annoying after listening to that time and again doesn’t it? Well, there are ways other than suiting up to look better. The key is to keep things casual and dress elegantly without looking too flashy. For instance, dawning a khaki shirt with a pair of blue jeans will make you look simple and stylish. All you need to do is focus on creating different combinations and pair it with various accessories. This will make you stand out from the lot. At the same time, you would be able to leave a solid first impression on the people you interact with. If you are in need of some help when it comes to casual dressing then here are 8 tips that will help you up your style game. #1. Don’t Aim to Look Youthful Harsh? Don’t think so. What you should do rather than trying to look youthful is to go for a mature look by dressing appropriately. After all, maturity is a men’s attractive quality. It is what separates men from boys. However, it doesn’t mean that you start to dress old. It just means that you put a stop to portraying yourself as a teenager by wearing a funny or a cartoony t-shirt. Also, don’t consider putting on a t-shirt that has slogans imprinted on it. #2. Ditch the Graphic T-shirts This will be the first step you will take to get rid of your boyish look. Some of you may think that such t-shirts will make you look edgy, funny, or original. Whereas the reality is every guy is rocking a graphic tee. You would not stand out from the crowd. If anything, you will just blend in. Moreover, you will never see your favorite celebrities wearing a graphic t-shirt. So, you should too avoid it. The question now is what you should go for? Well, try henleys, striped t-shirts, or one-color tees. You can also consider sporting casual or polo shirts. #3. Keep Your Jeans Simple Jeans are probably one of the friendliest legwear for both men and boys. However, when it comes to such pants, one has to pick the right pair to look stylish. For instance, it is advisable not to wear baggy jeans or a pair that has embellishments. Also, avoid those pairs that have big logos on them. You would find such pants made in USA but it is best not to buy them. You should always go for simple, clean, dark-blue jeans that fit you well. #4. Class Up Your Footwear If you are a sneakerhead then you probably like to wear them with every outfit. Well, don’t do it! This is because they may not look great with an outfit every time and at times, it may ruin the overall look. You would surely want to replace them with something more hip such as brown leather shoes. Wear them with blue jeans and a white shirt and boom! You would look so much better. There are a lot of options to choose from when it comes to footwear. So, don’t limit yourself to just sneakers when you can get your hands on so much more. One alternative to sneakers that you can consider investing in a desert boot. They look nice and are right in the middle of casual and formal wear, making it a super ideal choice for you to sport it with your outfit. You can also check out Vergas Boat Shoe by Dockers, Billfish 3-Eye Boat Shoe by Sperry, and Hemlock by Born. #5. Get an Accessory for Your Wrist You should decorate your wrist with a bracelet or a watch as it will give your outfit a bit of a personality. You can consider wearing a bracelet. Or if bracelets aren’t your thing then you can try a wristwatch. You can even wear both if you like. As long as you are wearing something on your wrist, it will give your dressing that extra spark you want. #6. Layer Your Clothes to Spice Up Your Outfits Layering your clothes is probably one of the best ways to make your outfit extremely interesting. However, it may seem like a daunting task to some as many men are not sure how to match their clothes. The good thing about layering is that you don’t need to know much about creating a contrast as layering can work with simple clothes as well. For instance, if you are wearing a simple white shirt with blue jeans then your outfit would look fine. But, adding an extra layer of the grey sweater will give you a killer look! Layering adds detail to your outfit and makes it look more appealing. So, don’t stress much and experiment with the pieces you own. You would certainly be able to create a winning combination. #7. Rock a Blazer For those who want to keep things business-casual, a will-fitted blazer is the way to go. It can transform your casual look and make it more appealing and smarter. For example, if you are sporting a plain white t-shirt with jeans then simply add a blazer and the overall look you would get will turn many heads around. There are many different brands that specialize in designing attractive blazers suitable for all tastes, and ages. #8. Chinos are the Answer Jeans are great and everything but the thing is that they all look the same with slight alternations. You should know that they are not the only choice of legwear you have. Why not you add some variety to your wardrobe by investing in men’s khaki pants such as Chinos. The best thing about them is that they come in different colors such as grey, army green, and camel. This gives you a chance to experiment with your shirts with these pants, allowing you to create multiple outfits. In a Nut Shell These are 8 casual style tips that will help you dress with style. So, take a step and quit wearing those graphic t-shirts. You can replace them with a lot cooler and decent clothing pieces as discussed above. Plus, add layers to truly let the beauty of your outfit shine. Also, don’t forget about your footwear. Choosing the right pair will get you a lot of attention. Moreover, you will look more attractive and would feel much comfortable.

As we crawl into a tech-savvy world, the business environments are becoming more complex. While entrepreneurs opt for automation, giant companies are crunching numbers to integrate artificial intelligence (AI). Indeed, bringing new initiatives is essential for success, but what about fulfilling the core business responsibilities? In all the hustle-bustle, most businesses fail to account for taxes. At times, they miss the deadlines, and some days, they struggle with tax calculations.

Unfortunately, these small mistakes can land the entire business into hot water with hefty penalties. In addition to causing financial distress, it impacts the smooth functioning of operations. So, how can you go about taxes? You can hire a tax accountant to ensure compliance with tax regulations. However, if you don’t want this additional expense on the financial statements, feel free to jump on this bandwagon yourself.

Besides legal knowledge, working as a tax professional requires robust quantitative reasoning and problem-solving skills. Likewise, you should be good with numbers and detailed oriented to eliminate chances of any miscalculations. If you wish to learn more about it, have a look below. Here is a list of required skills to work with taxes.

With evolving economic conditions, government regulations are also changing rapidly. Previously, companies had to pay 35% tax on their profits, but due to the tax cuts and job acts, it has reduced to 21%. Similarly, income tax has seven brackets ranging from 10%-37%, depending on the income levels. Thus, having this legal know-how is imperative to ensure accurate and error-free calculations for working with taxes.

Moreover, every business has a different tax requirement. Suppose you are working as a sole trader. In that case, you are only liable to pay income tax, whereas companies are subject to corporate tax. Likewise, if you own a non-profit organization, make sure to maintain their tax-exempt status as per federal and state law. Does this sound overwhelming? Undoubtedly, the job roles are quite challenging but equally rewarding. A master’s in taxation salary goes up to $60,000-$88790 a year, making it one of the most lucrative jobs.

2.    Communication Skills

Usually, people think tax professionals have to work behind the scenes, but their job responsibilities go beyond that. You would need excellent interpersonal and communication skills to negotiate with state tax agencies on behalf of the clients. You also have to present information logically, highlighting complicated issues in layman terms. Besides this, tax professionals have to be excellent at written communication. After all, you would be drafting complaints and responses to lawsuits.

Additionally, as a tax expert, you should listen actively without interrupting but feel free to ask relevant questions. Practical and concise communication makes clients feel confident, builds trust and credibility.  Above all, tax experts need persuasion and negotiation skills to help clients and companies secure the best deal.

3.    Analyzing Data

For many years, tax experts had to understand the rules and then make businesses understand tax consequences. As we move towards digitalization, technological innovations are automating the tax collection process. The digital reporting systems offer real-time assessment, improving the accuracy of tax calculations. Therefore, the integration of real-time data requires tax professionals to equip themselves with analytical skills.

You should know how to extract, analyze, and validate data, ensuring compliance with all tax regulations. At the same time, you have to support the development of real-time tax dashboards and visualization techniques. In addition to improving your skillset, it offers game-changing opportunities to add value to the business.

4.    Ability to Implement AI & Robotics

Usually, the tax roles involve standard processes, but things are changing in the 21st century. Nowadays, companies are investing in AI and robotics to automate repetitive and mundane tax work. It means businesses won’t be needing your traditional tax calculation skills. And if your company is also on the route to automation, brace yourself. Learn how to apply cutting edge technologies and develop new skills to keep pace with evolving business environments.

Firstly, understand how to extract data by categorizing documents. Secondly, decipher the machine learning algorithms to classify tax-sensitive information. In case of an incorrect record of an asset by the finance team, machine learning can fix the error while automatically adjusting taxes in the financial statements.

5.    Attention to Detail

In the tax world, you can’t overlook terms that seem unimportant. Zero-tax rates and tax-exempt might sound the same but have different filing protocols. Similarly, it would help if you had a keen understanding of tax deductibles to save your company and clients from hefty tax expenses. Companies don’t account for depreciation in the financials, considering they have already bought the machinery. According to international standards, every company has to divide an asset’s cost over the years and treat it as tax-deductible. Thus, reducing the overall taxable income.

Besides this, you have to ensure the employees are not recording incorrect deductibles since it can lead to an IRS audit. Look for travel, lunch, and dinner expenses as they are not 100% deductible. In short, you should be able to distinguish tax deductibles accurately.

Final Thoughts

Unsurprisingly, the tax functions are rapidly changing, and so are the roles and responsibilities of tax professionals. More than problem-solving and critical thinking skills, they have to be tech-savvy to progress in the modern era. Likewise, they need excellent communication skills and an eye for detail to help companies take advantage of deductibles. In short, as a tax expert, you have to become more flexible and adaptable to keep pace with changes.