Two basic rules apply to tax planning: first, a business must never incur expenses just to obtain a tax benefit. Second, a business must always try to defer taxes whenever possible. Experts recommend that small business owners and entrepreneurs conduct multiple formal tax planning conferences at the end of every tax year. These seminars are often hosted by well-known experts in the field, and they provide much-needed information on strategies for reducing your taxable income.
The majority of people do not take the time to develop a comprehensive tax planning strategy, and therefore they never take advantage of the tax savings opportunities that may be available to them through proper financial management. By creating a comprehensive tax planning strategy, individuals can reduce their taxable income by up to 15 percent and maximize their tax savings. Many individuals report having a higher average disposable income because they take the time to work on their tax planning strategies. In addition, many people who make large lump sum donations to charity actually receive a bigger tax break than if they had given the lump sum in a smaller, more conventional way.
Those who fail to take advantage of the tax planning opportunities that exist today could face serious tax consequences. If you are in the habit of misfiling your tax return, you may face serious fines and even criminal charges. Additionally, the IRS could impose additional charges, such as asset levies, or interest and penalty assessments. For these reasons, it is absolutely essential that anyone with a taxable income to file a tax return on an annual basis, and that the return be thoroughly examined by a certified public accountant prior to filing.
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