Don’t let your taxes break the bank.
Let me cover how you can lessen your tax burden and plan for the future. Whether we like it or not, taxes will be the biggest expense that we will pay.
If we can’t beat it, we gotta find legal ways to lower it!
I say “legal” because there is a difference between tax evasion and tax avoidance.
Tax evasion is illegal, and you can go to jail for it, while tax avoidance is a completely legal way to lessen your taxes.
Now that you know the difference between the two let’s go ahead and understand the difference between Tax Preparation and Tax Planning.
Tax Preparation is the planning that needs to be done on an annual basis. It is the compliance component. It has to happen. This is usually done by your accountant or someone who prepares your taxes.
Tax Planning is advanced preparation. Its whole goal is forward-looking. It will help you understand which parts of your taxable situation can still be reduced and which parts can’t. In this aspect, we can learn about deductions, loopholes, niche-specific strategies, and so much more.
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