Anyone who wants to establish lasting financial stability will need to consider how proper tax planning affects their finances. Depending on your current financial situation, your tax obligations might equal as much as 50 percent of your pre-tax income.
Tax planning is a relatively broad term that includes all components of financial planning that are related to taxes. Generally, “tax planning” will involve looking for ways to minimize your tax obligations
Everyone needs to create a tax plan. Regardless of your current work situation, your income, your marital status, and every other personal detail, all citizens of the United States will have an ongoing financial relationship with multiple governing authorities.