Tax Planning is NOT tax preparation. The goal is to reduce your tax bill, NOT to pay $0. Proactive tax reduction strategies typically fall into one of four categories:
You may be wondering who tax planning is for and in what situations it makes sense. Every situation is different, but here are a few situations when you should consider tax planning:
Certain strategies make sense outside of the above guidelines.
The US Tax Code is complex. In fact, the US Tax Code is said to be the single largest law ever written. Your CPA may only be able to apply their knowledge after the fact. Tax Planners are highly qualified, educated and licensed professionals. One of their responsibilities is to keep track of the ever-changing laws, at every level, understanding expiring provisions and anticipating future changes.
Recent major law changes affect personal, business and estate taxes include:
Laws come with specific rules, limits, time-frames, caveats and exceptions. You also need to understand expiring provisions and anticipate future changes. Bottom line: you need a team of professionals to make sense of it all and devise the best strategy for your taxes in the context of your overall financial planning.
Tax Planning is the extension of our comprehensive Financial Planning and follows the following process:
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