We’ve all seen the news about how some of the wealthiest people in America reduce their tax liability every year. This isn’t a benefit exclusive to the wealthy, it’s available to EVERYONE who takes time for tax planning!
Tax planning is an essential part of wealth accumulation and sustainability.
The purpose of tax planning is to ensure tax efficiency through the implementation of strategic analyses and strategies aimed to reduce your tax liability.
However, tax planning takes place year-round — not just when you’re preparing for tax season.
Here are a few strategies that you can implement that can make an impact:
- – Analyzing your business tax structure
- – Hiring your kids
- – Paying yourself via payroll
- – Contributing to retirement accounts
- – Pre-paying expenses
Of course, working with a tax professional is the best way to help you assess your current tax liability, and make strategic changes to reduce your liability in preparation for the upcoming tax season.
Fola Financial offers clients quarterly tax planning packages that help individuals and businesses plan their tax strategy year-round!
If you’re ready to learn more about how you can benefit from tax planning, book a consultation with Fola Financial today!
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