A Tax Manager is a professional who specializes in tax planning, compliance and management for individuals and organizations. They are responsible for ensuring that their clients are in compliance with state and federal tax laws and regulations and for identifying opportunities for tax savings. If you’re interested in becoming a Tax Manager, here are the steps you can take to get started.
- Earn a bachelor’s degree in accounting or a related field. Many Tax Managers have a background in accounting, which provides a strong foundation in the principles of financial management and tax regulations.
- Obtain a professional accounting designation, such as a CPA (Certified Public Accountant). This typically requires passing an exam and meeting experience requirements.
- Gain experience in tax preparation and planning. You can gain this experience through internships or entry-level positions at accounting firms or other organizations.
- Develop your skills and knowledge in tax planning, compliance and management. This can be done through continuing education courses, attending professional development seminars and workshops, and staying up-to-date with the latest tax laws and regulations.
- Advance to a Tax Manager position by demonstrating your knowledge and skills to your employer or clients.
Tax Manager Salary
The salary for a Tax Manager can vary depending on a number of factors, including location, industry, and level of experience. According to the Bureau of Labor Statistics, the median annual salary for Tax Managers was $75,000 in 2020. The lowest 10 percent earned less than $55,000, and the highest 10 percent earned more than $120,000.
What Does a Tax Manager Do?
A Tax Manager is responsible for ensuring that their clients are in compliance with state and federal tax laws and regulations. They also identify opportunities for tax savings and provide advice and guidance on tax planning and management. Some of the specific responsibilities of a Tax Manager include:
- Preparing and filing tax returns for individuals and organizations
- Identifying and assessing tax risks and opportunities
- Advising clients on tax planning and compliance
- Representing clients in tax audits and appeals
- Keeping abreast of changes in tax laws and regulations
- Managing a team of tax professionals
Tax Manager Education Requirements
The education requirements for becoming a Tax Manager vary depending on the employer, but most require a bachelor’s degree in accounting or a related field and a professional accounting designation, such as a CPA. Some employers may also require a master’s degree in taxation or a related field.
In addition to formal education, Tax Managers should have strong analytical and problem-solving skills, excellent communication and interpersonal skills, and the ability to stay up-to-date with the latest tax laws and regulations.
Table : Tax Manager Salary
| Location | Salary |
|---|---|
| New York, NY | $95,000 |
| Chicago, IL | $90,000 |
| Los Angeles, CA | $100,000 |
| Dallas, TX | $85,000 |
| Houston, TX | $80,000 |
What qualifications are required to become a Tax Manager?
To become a Tax Manager, you will typically need a bachelor’s degree in accounting or a related field, a professional accounting designation, such as a CPA, and experience in tax preparation and planning.
How much does a Tax Manager make?
The salary for a Tax Manager can vary depending on location, industry, and level of experience, but the median annual salary was $75,000 in 2020 according to the Bureau of Labor Statistics.