Marcela Kane Lantrip understands the importance of tax planning. However, while the term “tax planning” is used often, it is not always well understood. Marcela Kane Lantrip shares the important information you should know about effective tax planning below.
What is Tax Planning?
Tax planning is the art of arranging your affairs in a way that postpones or avoids taxes, explains Marcela Kane Lantrip. By employing effective tax planning strategies, you can have more money to save and invest or more money to spend, or both. Tax planning generally means deferring or completing avoiding taxes by taking advantage of beneficial tax law provisions, increasing and accelerating tax deductions and tax credits, as well as making maximum use of all applicable breaks available under the United States Internal Revenue Code.
While federal income tax rules are more complicated than ever, the benefits of good tax planning are arguably more valuable than ever before. However, you should not change your financial behavior for the sole purpose of avoiding taxes, cautions Marcela Kane Lantrip. “Meaningful and effective tax planning strategies are those that permit you to do what you want while reducing tax bills along the way.”
Marcela Kane | Marcela Kane Lantrip 