Tax Planning

Tax planning is the process of taking certain steps to minimize the amount of money you’ll owe the Internal Revenue Service (IRS) when you complete your tax return for the year. The Internal Revenue Code (IRC) provides numerous options, all of which are perfectly legal.

When you’re about to file your tax return, it’s too late to adjust your income because the tax year is already behind you. But if you plan ahead and understand what strategies there are for reducing taxes owed, you can earn tax breaks in the future.