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Career and Education Opportunities for Income Tax Advisors in Indianapolis, Indiana

There is a wide variety of career and education opportunities for income tax advisors in the Indianapolis, Indiana area. There are currently 1,810 working income tax advisors in Indiana; this should shrink by 11% to 1,620 working income tax advisors in the state by 2016. This is not quite as good as the national trend for income tax advisors, which sees this job pool growing by about 2.9% over the next eight years. 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 about $14 per hour or $29,290 per year on average in Indiana and about $14 per hour or $29,420 per year on average nationally. Earnings for income tax advisors are not quite as good as earnings in the general category of Accounting and Auditing in Indiana and not quite as good as general Accounting and Auditing category earnings nationally. Jobs in this field include: tax accountant, tax preparer, and income tax preparer.

The Indianapolis area is home to thirty-six schools of higher education, including three within twenty-five miles of Indianapolis where you can get a degree as an income tax advisor. The most common level of education for income tax advisors is a high school diploma or GED. You can expect to spend only a short time training to become 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 Indianapolis 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 Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • 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.
  • Insurance Appraiser. Appraise automobile or other vehicle damage to determine cost of repair for insurance claim settlement and seek agreement with automotive repair shop on cost of repair. Prepare insurance forms to indicate repair cost or cost estimates and recommendations.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • 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

Ivy Tech Community College-Central Indiana - Indianapolis, IN

Ivy Tech Community College-Central Indiana, 50 W. Fall Creek Parkway N. Drive, Indianapolis, IN 46208-5752. Ivy Tech Community College-Central Indiana is a large college located in Indianapolis, Indiana. It is a public school with primarily 2-year programs and has 15,795 students. Ivy Tech Community College-Central Indiana has a one to two year and an associate's degree program in Accounting Technology/Technician and Bookkeeping which graduated three and fifty-five students respectively in 2008.

TechSkills-Indianapolis - Indianapolis, IN

TechSkills-Indianapolis, 8555 N River Rd Ste 160, Indianapolis, IN 46240. TechSkills-Indianapolis is a small school located in Indianapolis, Indiana. It is a private for-profit school with primarily less-than 2-year programs and has 60 students. TechSkills-Indianapolis has a less than one year program in Accounting Technology/Technician and Bookkeeping.

ITT Technical Institute-Indianapolis - Indianapolis, IN

ITT Technical Institute-Indianapolis, 9511 Angola Ct, Indianapolis, IN 46268-1119. ITT Technical Institute-Indianapolis is a small school located in Indianapolis, Indiana. It is a private for-profit school with primarily 4-year or above programs. It has 4,560 students and an admission rate of 47%. ITT Technical Institute-Indianapolis has an associate's degree and a bachelor's degree program in Accounting Technology/Technician and Bookkeeping which graduated ten and five 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: Indianapolis, Indiana

Indianapolis, Indiana
Indianapolis, Indiana photo by File Upload Bot

Indianapolis is situated in Marion County, Indiana. It has a population of over 798,382, which has grown by 2.1% in the past ten years. The cost of living index in Indianapolis, 80, is well below the national average. New single-family homes in Indianapolis cost $155,400 on average, which is near the state average. In 2008, seven hundred thirty-four new homes were constructed in Indianapolis, down from 1,317 the previous year.

The three big industries for women in Indianapolis are health care, educational services, and accommodation and food services. For men, it is construction, professional, scientific, and technical services, and administrative and support and waste management services. The average travel time to work is about 23 minutes. More than 25.4% of Indianapolis residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.7%, is higher than the state average.

The percentage of Indianapolis residents that are affiliated with a religious congregation, 40.3%, is less than both the national and state average. The largest religious groups are the Catholic Church, the United Methodist Church and the Christian Churches and Churches of Christ.