Many people use the term “tax planning,” but it is often misunderstood. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. In simplest terms, the goal of tax planning is to reduce tax liability. Skilled tax planning means more money to save and invest, and it can make the tax season more of a financial boost instead of a financial burden.
When is the best time to tax plan?
Today. This is the ideal time to tax plan. There is still time to make some adjustments that will have a positive effect on your 2017 tax filings. Tax planning gives you a chance to be proactive and make adjustments that will affect your future tax years. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
At AG Morgan Tax & Accounting, we offer skilled tax planning strategies. Give us a call at 888-999-0829 to find out how we can help you.
Tax planning can create effective and legitimate tax strategies to lessen your overall tax obligation. Why not start now?