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What Are The Types Of Tax Planning?

Tax planning is the act of working with an expert tax planner to reduce your total tax service liability. Foru00a0 more details log on http://www.etservicesva.com/<br>

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What Are The Types Of Tax Planning?

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  1. What Are The Types Of Tax Planning? Source: www.etservicesva.com

  2. Tax planning is the act of working with an expert tax planner to reduce your total tax service liability. 1. Permissive Tasking Planning. Tax planning that is permissible refers to the use of all available tax incentives and deductions in order to reduce your taxes. You can reduce your taxable earnings by taking Child Tax Credits or using 401(k). Source: www.etservicesva.com

  3. 2. Purposive Tax Planning. Tax planning is the process of strategically structuring financial affairs to reduce your tax burden. As an example, you can place your assets into a trust in order to reduce estate taxes. Source: www.etservicesva.com

  4. 3. Short Term Tax Planning and Preparation. Tax planning for the short term is taking actions at the end of the year to lower your tax liability. A small business owner, for example, might buy office equipment or computers at the end of the fiscal year to benefit from business expense deductions. Source: www.etservicesva.com

  5. 4. Long-Term Tasks Planning. This planning is based on a taxpayer’s financial situation and involves long-term strategies that reduce future tax service liabilities. Investing in tax-advantaged accounts, such as a Roth IRA, to benefit from available deductions and benefits is one example. Source: www.etservicesva.com

  6. Hence a representative like Tax Planning in VA would be ideal for all your accounts, tax and other financial needs. For further details visit http://www.etservicesva.com/. Source: www.etservicesva.com

  7. Essential Tax Services 13168 Piedmont Vista Drive Haymarket, Virginia, 20169 PH: (703) 754-2601

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