Tax planning can help minimize tax liability from "summary" of Income Tax Fundamentals 2021 by Gerald E. Whittenburg,Martha Altus-Buller,Steven Gill
Effective tax planning is a crucial aspect of managing one's finances and ensuring that tax liability is kept to a minimum. By strategically analyzing one's financial situation and making informed decisions, individuals can optimize their tax situation and potentially save a significant amount of money. Tax planning involves various strategies and techniques that can be used to reduce taxable income, take advantage of tax deductions and credits, and defer taxes to future years. For example, individuals can contribute to retirement accounts such as IRAs or 401(k) plans to lower their taxable income and save ...
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