Tax Planning
The purpose of tax planning is to give you time to react to your current tax situation thereby minimizing your income tax liability. If your income changes dramatically, seek expert advice before it is too late to do anything about it. The best times to plan are late November, early December or when you have a substantial change in income. Businesses often benefit by meeting their tax professional quarterly as well as year-end.
There are many tools that can be utilized in tax planning, from 1031 exchanges or installment sales, to purchasing needed assets, or a multitude of other options, based on your current circumstances.
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