The first step in tax planning is to seek advice from an experienced professional who is current with changing tax laws and adequately familiar with your financial situation. Once trust is established with a knowledgeable advisor and financial goals are set, there are a number of methods to reduce the tax burden on income and investments.
Present objectives should meld with plans for potential income and assets growth, keeping in mind that current beneficial tax strategies may not be relevant in the future. The following methods revolve around keeping a greater percentage of earnings while maximizing savings and investment dollars.
