Tax Planning
What is tax planning?
The goal of tax planning is to arrange your financial affairs to lawfully minimize your taxes. It aims to reduce one’s tax liabilities and optimally utilize tax exemptions, rebates, and benefits as much as possible.
Who can benefit from tax planning?
Everyone that pays taxes could benefit from tax planning. While you may not notice the impact of federal taxes, they are the greatest expense that most families incur in a year. Taxes can be complicated and stressful, and you could waste your hard-earned money if you don’t plan properly.
How can you minimize the incidence of tax?
Here are some of the methods considered to minimize the incidence of tax:
- Charitable donations
- Flexible spending account contributions
- Health savings account contributions
- Itemized deductions
- Moving expenses
- Retirement contributions
- Tuition and fees deduction
- Business organization type
- Self-employed health insurance deduction
- Self-employment tax deduction
- Shift eligible income to a child
Speak with one of our financial advisors to learn more about these tax planning methods and how you may benefit.
This information is designed to provide general information on the subjects covered. Pursuant to IRS Circular 230, it is not intended to provide specific legal or tax advice and cannot be used to avoid penalties or to promote, market, or recommend any tax plan or arrangement. You are encouraged to consult your personal tax advisor or attorney.
