A key component of money management is tax planning. When executed effectively, sound tax planning strategies will provide you and your family with more money to save or invest, or both.
Sound tax planning strategies will make use of all applicable credits, deductions, beneficial tax law provisions and all other applicable breaks that are legally available through the Internal Revenue Code.
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ney management and tax management go hand-in-hand due the accumulation of assets over the course of your lifetime. The more wealth that you accumulate and the more money you make, work together to increase your tax liabilities over time. Over the course of your life taxes will be the single greatest expense that you incur which makes tax planning a critical component of money management and asset accumulation.
Common tax planning strategies include:
- Selecting an appropriate filing status
- Claiming the appropriate deductions
- Selection on retirement plans and investments
The key is to have a financial plan in place that includes critical tax planning components to save yourself from having to pay avoidable taxes.
To learn more about the advantages of tax planning, contact Secure Tax Service, LLC. We have CPAs on staff to answer your tax planning questions and help you start developing your personal tax planning strategy today!