Join The Millions Who File For $0. Free for Simple Tax Returns. Maximum Refund Guaranteed. Why tax planning is so important? What exactly is tax planning?
The purpose of tax planning is to ensure tax efficiency.
Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of a financial plan. He is only planning on giving tax breaks to people that work, so dont worry about him giving money to lazy people. I actually would benifit more from McCains tax plan, because I have a high income, but I am going to vote for Obama anyway.
This can be done in a legal manner or illegally to evade taxes. It can consist of so many things it is impossible to list them all here. Basic tax planning strategies aimed at reducing the amount of your taxable income may increase the gap and thus your refund.
In some cases, these strategies benefit you in other ways, offsetting future costs for health care or providing for retirement.
Though some aspects of tax law can be complicate.