By employing effective tax planning strategies, you can have more money to save and invest, more money to spend, or both, your choice.
Put another way, tax planning means deferring and sometimes avoiding taxes by taking advantage of tax-law provisions, increasing and accelerating tax deductions and credits, and generally making maximum use of all applicable breaks available under the Internal Revenue Code.
Because taxes are such a large expense item, Tax Planning and Financial Planning are closely linked. Taxes are one of the biggest expenses of individuals and businesses alike. So then, planning to reduce taxes is a critically important piece of the overall financial planning process.
