Tax planning is an important component for your overall financial plan.
Careful planning throughout the year can assist you in reducing the taxes you pay – as well as help you achieve your financial goals. The following provides an overview of tax rates, credits, deductions and related considerations that may apply to you.
Tax planning should not be done in isolation, but instead should be driven by your overall financial goals and integrated with your total financial plan. By developing and implementing appropriate strategies to lessen or shift current and future tax liabilities, you can improve your prospects of meeting long- and short-term objectives. For example, accurately projecting your income taxes can help you determine the cash flow available to you in the coming year.
Keep in mind that tax laws are often complex and frequently change. As a consequence, you should consult your tax advisor before making investment and tax decisions.