Why Understanding Tax Planning is Key to True Wealth?

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Why Understanding Tax Planning is Key to True Wealth? | Master Investor #freedom

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What does it mean, and why do we need tax planning?

Summary:

Our company's end-of-year taxes are a hidden treasure trove of opportunities.

Through end-of-year planning, we can permanently alter our taxes with the assistance of our tax counselor or accountant. Not all professionals are equal. Discover how to choose the right ones.

Businesses that lack a proper plan are doomed to fail due to not being profitable.

Financial advisors get in touch with their clients at this time of year to offer year-end tax planning advice. However, we might be asking ourselves, "Why is preparing so crucial at this time of year?

Reason #1: Alternative Minimum Tax or AMT

The Alternative Minimum Tax, or AMT for short, is imposed on an increasing number of individuals.

Reason #2: Estimated payment penalties are the second reason

A person is most likely paying estimated taxes if he or she receive money from sources other than their usual job.

Reason #3: A year with a high or low salary

People are either having a really awful year or an exceptionally excellent one, and that much is true.

Considering

It's time to take think about our business’ health now that we know where our company stands.

Ensure the success of our company

And that's all. Planning our business's end-of-year taxes successfully is that easy.

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Starting our business planning for the upcoming year toward the end of the year is ideal. Since we are already handling the books, why not do some research to ensure that our company thrives in the upcoming year?

We can start out well with the following checklist

Organize the books.

Recognize our business

Finding out how our company and brands are doing right now is the next item on the list.

This may be difficult for some people, but it's easy for others. But before we can do anything else, we must finish this stage, regardless of whether we are a small business owner who can afford a bookkeeper or we are one of those people who cram a glovebox full of receipts.

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