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Career and Education Opportunities for Income Tax Advisors in Rochester, Minnesota

If you want to be an income tax advisor, the Rochester, Minnesota area offers many opportunities both for education and employment. About 1,270 people are currently employed as income tax advisors in Minnesota. By 2016, this is expected to shrink by 6% to 1,200 people employed. 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 approximately $14 per hour or $29,700 yearly on average in Minnesota. Nationally they average about $14 per hour or $29,420 yearly. Income tax advisors earn less than people working in the category of Accounting and Auditing generally in Minnesota and less than people in the Accounting and Auditing category nationally. Income tax advisors work in a variety of jobs, including: income tax expert, paraprofessional, and accountant.

The Rochester area is home to seven schools of higher education, including one within twenty-five miles of Rochester where you can get a degree as an income tax advisor. Income tax advisors usually hold a high school diploma or GED, so 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 Rochester 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

Rochester Community and Technical College - Rochester, MN

Rochester Community and Technical College, 851 30th Ave SE, Rochester, MN 55904-4999. Rochester Community and Technical College is a medium sized college located in Rochester, Minnesota. It is a public school with primarily 2-year programs and has 5,977 students. Rochester Community and Technical College has a one to two year program in Accounting Technology/Technician and Bookkeeping which graduated two students 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: Rochester, Minnesota

Rochester, Minnesota
Rochester, Minnesota photo by Jonathunder

Rochester is located in Olmsted County, Minnesota. It has a population of over 100,413, which has grown by 17.0% in the past ten years. The cost of living index in Rochester, 79, is well below the national average. New single-family homes in Rochester are priced at $233,700 on average, which is below the state average. In 2008, two hundred eighty-seven new homes were constructed in Rochester, down from four hundred twenty the previous year.

The three big industries for women in Rochester are health care, educational services, and accommodation and food services. For men, it is health care, computer and electronic products, and construction. The average commute to work is about 15 minutes. More than 38.1% of Rochester residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 15.5%, is higher than the state average.

The unemployment rate in Rochester is 5.8%, which is less than Minnesota's average of 7.0%.

The percentage of Rochester residents that are affiliated with a religious congregation, 61.7%, is more than both the national and state average. Faith Family Church, Faith Harbor Church and Saint Francis Catholic Church are all churches located in Rochester. The most common religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the Lutheran Church.

Rochester is home to the Soldiers Field Golf Course and the Guggenheim Building as well as Mohn Park and Manor Park. Shopping centers in the area include Apache Mall, Miracle Mile Shopping Center and Crossroads Shopping Center. Visitors to Rochester can choose from Best Western, Maria's and Econo Lodge Downtown for temporary stays in the area.