What is tax planning? Why Tax Planning Is Important

  Tax planning is much more than coming up with an estimate of your end-of-year tax liability and how much you should leave aside to pay your taxes. At a high level, it’s taking a look at the entirety of your financial situation and ensuring that all facets work cohesively to ensure you pay the least amount of taxes possible come tax time. The planning process takes into account numerous considerations, including the size and timing of purchases, expense planning, deduction and credit opportunities, and more. This process will also help you select the optimal investment and retirement plans that complement your overall financial strategy and filing status.  Everyone who lives or works in the world is responsible for paying taxes. Taxes can be a major source of stress for many individuals, but they don’t have to be. With proper tax planning, you may be able to reduce your tax burden or earn a larger refund at the end of the year. Without adequate insight, many taxpayers mi...