It’s a well-known fact that there are two aspects of life that all people must ultimately deal with – death and taxes. Through proper estate planning and tax planning, the financial burden of each can be reduced significantly.
Tax Planning is the process of planning for the orderly administration of one’s financial affairs as to minimize the amount of taxes that are due to the IRS. There are countless tax-saving strategies that individuals and businesses can use to reduce their tax burden, thus taxpayers should consider soliciting the assistance of a tax professional to help develop a workable plan.
Although Financial Advisors are not permitted to provide tax advice to their clients, they should have a good understanding of some basic tax planning strategies to be able to offer some suggestions to their clients who have done little planning. Naturally, these suggestions should be followed with the disclaimer to seek professional help with a client’s tax planning strategies.
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