Tax planning involves the analysis of the financial and legal affairs of a person or family, and the efficient structuring or arranging of those affairs in such a way as to maximize the impact of tax breaks, credits, incentives, etc. and minimize (and/or defer) tax liabilities. Of course, this is much easier said than done. At the outset, it should be noted that this is not a SOLELY legal issue. A tax planning strategy is one that should be discussed seamlessly with your lawyer, your accountant, your banker, and others. This is one of the strengths Law Offices of Ryan Reiffert brings to the table – long-term relationships with other professionals in the field. For an individual, couple or business whose income is highly variable (specifically, one that puts them in a different tax bracket from year to year), the timing of realizing certain gains or losses should, if it at all possible, be deliberate.
Infographic Source: https://ryanreiffert.com/tax-planning/
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