Jun 18, 2024
Travis Palmer

How to Find a Good Tax Professional When Applying for Loans

Applying for business loans involves a thorough understanding of your financial situation, which can be complex and time-consuming. A good tax professional can provide invaluable assistance, ensuring your financial documents are accurate and optimizing your tax strategy to improve loan approval chances. Here’s a comprehensive guide on how to find a good tax professional when applying for loans.

1. Understand the Role of a Tax Professional

What a Tax Professional Does:

  • Tax Preparation: Prepares and files your tax returns accurately.
  • Financial Advice: Provides advice on tax planning and financial strategies.
  • Audit Assistance: Represents you in case of an IRS audit.
  • Loan Application Support: Ensures your financial documents are in order for loan applications.


  • Accuracy: Minimizes errors in your financial records and tax returns.
  • Compliance: Ensures compliance with tax laws and regulations.
  • Optimization: Identifies tax-saving opportunities and strategies.
  • Credibility: Enhances your credibility with lenders through accurate and professional financial documentation.

2. Determine Your Needs

Key Considerations:

  • Business Size: The complexity of your tax needs can vary based on the size and structure of your business.
  • Loan Amount: Larger loans may require more detailed and thorough financial documentation.
  • Industry: Some tax professionals specialize in specific industries, which can be beneficial.


  • Assess Complexity: Determine the complexity of your financial situation and tax needs.
  • Define Requirements: Outline what you need from a tax professional (e.g., tax preparation, financial advice, loan application support).

3. Research Potential Candidates

Where to Look:

  • Referrals: Ask for recommendations from other business owners, financial advisors, or your network.
  • Professional Associations: Check associations like the National Association of Tax Professionals (NATP) or the American Institute of Certified Public Accountants (AICPA).
  • Online Reviews: Read reviews and testimonials on platforms like Google, Yelp, or professional websites.

Tips for Research:

  • Credentials: Verify the credentials of potential candidates (e.g., CPA, EA, tax attorney).
  • Experience: Look for professionals with experience in your industry and with businesses of similar size.
  • Reputation: Consider the reputation and track record of the tax professional.

4. Evaluate Credentials and Experience

Key Credentials:

  • Certified Public Accountant (CPA): Licensed professionals who provide tax, accounting, and financial advisory services.
  • Enrolled Agent (EA): Federally-authorized tax practitioners who can represent taxpayers before the IRS.
  • Tax Attorney: Lawyers specializing in tax law, offering legal advice and representation.

Questions to Ask:

  • Experience: How long have you been in practice? Do you have experience working with businesses like mine?
  • Specialization: Do you specialize in any specific industries or types of businesses?
  • Continuing Education: How do you stay updated on the latest tax laws and regulations?

5. Conduct Interviews

Preparing for the Interview:

  • Compile Questions: Prepare a list of questions to ask potential candidates.
  • Gather Documents: Have your financial documents and business details ready to discuss.

Key Questions:

  • Approach to Tax Planning: Can you describe your approach to tax planning and how you can help my business?
  • Loan Application Experience: Have you assisted other clients with loan applications? What was the outcome?
  • Fees and Billing: What are your fees, and how do you bill for your services?

Tips for Interviews:

  • Communication: Assess how well the tax professional communicates and explains complex concepts.
  • Compatibility: Consider whether you feel comfortable and confident working with them.
  • Availability: Ensure the tax professional is available and responsive, especially during critical periods like tax season and loan applications.

6. Verify References

Why It’s Important:

Checking references helps validate the claims and reputation of the tax professional.


  • Request References: Ask for contact information of current or past clients.
  • Contact References: Reach out to references and ask about their experience, satisfaction, and results.
  • Specific Questions: Inquire about the tax professional’s reliability, accuracy, communication, and overall effectiveness.

7. Make Your Decision

Factors to Consider:

  • Expertise: Ensure the tax professional has the necessary expertise and experience.
  • Fit: Choose someone who aligns with your business needs and working style.
  • Trust: Select a professional you trust to handle your financial matters accurately and confidentially.

Final Steps:

  • Agreement: Draft and sign an engagement agreement outlining the scope of services, fees, and expectations.
  • Initial Meeting: Schedule an initial meeting to discuss your needs in detail and start the collaboration.


Finding a good tax professional when applying for loans can significantly enhance your chances of securing financing and optimizing your tax strategy. By understanding your needs, researching potential candidates, evaluating credentials, conducting interviews, and verifying references, you can select the right expert to support your business.

Ready to explore your funding options and secure the right tax professional to support your loan application? Get offers today! Fill out an application with Approvd and discover the best funding solutions for your business. For more business, credit, and financial insights, visit our Approvd blog page.

About the Author

With over 20 years of experience in the business loan marketplace at Approvd, our expert has helped countless small business owners navigate the complexities of securing the right funding. Passionate about empowering entrepreneurs, our expert combines industry knowledge with a deep understanding of the challenges faced by small businesses today.

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