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Career and Education Opportunities for Income Tax Advisors in Rockford, Illinois

If you want to be an income tax advisor, the Rockford, Illinois area offers many opportunities both for education and employment. About 4,540 people are currently employed as income tax advisors in Illinois. By 2016, this is expected to shrink by 6% to 4,270 people employed. This is not quite as good as the nation as a whole, where employment opportunities for income tax advisors are expected to grow by about 2.9%. Income tax advisors generally prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.

Income tax advisors earn approximately $14 per hour or $29,120 yearly on average in Illinois. Nationally they average about $14 hourly or $29,420 per year. Compared with people working in the overall category of Accounting and Auditing, people working as income tax advisors in Illinois earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: tax associate, tax advisor, and tax specialist.

The Rockford area is home to twelve schools of higher education, including two within twenty-five miles of Rockford where you can get a degree as an income tax advisor. Income tax advisors usually hold a high school diploma or GED, so it will take only a short time to learn to be an income tax advisor if you already have a high school diploma.

CAREER DESCRIPTION: Income Tax Advisor

Income Tax Advisor video from the State of New Jersey Dept. of Labor and Workforce Development

In general, income tax advisors prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.

Income tax advisors ready or help in preparing simple to complex tax returns for individuals or small businesses. They also use all appropriate adjustments and credits to keep clients' taxes to a minimum. Equally important, income tax advisors have to inspect financial records such as income statements and documentation of expenditures to establish forms needed to ready tax returns. They are often called upon to consult tax law handbooks or bulletins to establish processes for preparation of atypical returns. They are expected to compute taxes owed or overpaid, using computers and complete entries on forms, following tax form instructions and tax tables. Finally, income tax advisors furnish taxpayers with sufficient data and advice to insure correct tax form completion.

Every day, income tax advisors are expected to be able to see details at a very fine level of focus. They need to read and understand documents and reports. It is also important that they deal with basic arithmetic problems.

It is important for income tax advisors to check data input or verify totals on forms prepared by others to uncover errors in arithmetic or procedures. Somewhat less frequently, income tax advisors are also expected to calculate form preparation fees in line with return complexity and processing time required.

They also have to be able to interview clients to obtain additional data on taxable income and deductible expenses and allowances And finally, they sometimes have to inspect financial records such as income statements and documentation of expenditures to establish forms needed to ready tax returns.

Like many other jobs, income tax advisors must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Rockford include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Income Tax Advisor Training

Highland Community College - Freeport, IL

Highland Community College, 2998 W Pearl City Rd, Freeport, IL 61032-9341. Highland Community College is a small college located in Freeport, Illinois. It is a public school with primarily 2-year programs and has 1,876 students. Highland Community College has a less than one year program in Accounting Technology/Technician and Bookkeeping which graduated eight students in 2008.

Rock Valley College - Rockford, IL

Rock Valley College, 3301 N Mulford Rd, Rockford, IL 61114-5699. Rock Valley College is a medium sized college located in Rockford, Illinois. It is a public school with primarily 2-year programs and has 8,030 students. Rock Valley College has a less than one year and a one to two year program in Accounting Technology/Technician and Bookkeeping which graduated seven and three students respectively in 2008.

CERTIFICATIONS

Accredited Tax Advisor: This credential is for practitioners who handle sophisticated tax planning issues, including ownership of closely held businesses, qualified retirement plans and complex estates.

For more information, see the Accreditation Council for Accountancy and Taxation website.

LOCATION INFORMATION: Rockford, Illinois

Rockford, Illinois
Rockford, Illinois photo by Kranar_drogin

Rockford is situated in Winnebago County, Illinois. It has a population of over 157,272, which has grown by 4.8% in the past ten years. The cost of living index in Rockford, 78, is well below the national average. New single-family homes in Rockford are valued at $125,600 on average, which is far less than the state average. In 2008, sixty-four new homes were built in Rockford, down from one hundred fifty-seven the previous year.

The three most popular industries for women in Rockford are health care, educational services, and accommodation and food services. For men, it is metal and metal products, construction, and machinery. The average commute to work is about 20 minutes. More than 19.8% of Rockford residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.1%, is lower than the state average.

The unemployment rate in Rockford is 17.6%, which is greater than Illinois's average of 10.5%.

The percentage of Rockford residents that are affiliated with a religious congregation, 50.0%, is less than both the national and state average. Abundant Life Assembly of God Church, South Park Covenant Church and Souls Harbor Church are among the churches located in Rockford. The largest religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the United Methodist Church.

Rockford is home to the McPhail Hall and the Mary McGaw Hall as well as Ken-Rock Park and Jamestown Park. Shopping malls in the area include Alpine Village Shopping Center, Eleventh Street Plaza Shopping Center and Fairview Shopping Center. Visitors to Rockford can choose from Extended Stay America - Rockford East, Courtyard Rockford and Hampton Inn Rockford for temporary stays in the area.