Tax Planning is a wish practice to go with

1. Tax Planning is a Wise Practice to Go With! Almost all of the experts are convinced that tax planning is the best approach if you really need to save your time and money. Simple planning and proper handling of tax-related affairs can benefit taxpayers in several ways. Here it is important to remind you a couple of facts about taxes and the filing of returns. Paying federal and state level taxes is a legal obligation on every citizen of the country The most common type of tax is Federal Income Tax. Each American earning certain money is liable to pay an “income tax” to the federation The IRS is a constitutional body which is responsible for collection of federal taxes Each state has their own infrastructure for collection of taxes Not only the payment but filing of tax returns is also a legal responsibility to every taxpayer Filing is important for tax defaulters even Failure in paying of taxes and filing of returns is a crime. The IRS have all legal right to recover their money by going to any extent. Each year thousand of taxpayers are prosecuted legally The Importance of Tax Planning In the light of above-mentioned points, two things are quite clear, i. Paying taxes is a duty of every citizen ii. Filing of return is as important as submission of taxes Now, let us move on and discuss some important points related to the importance of tax planning and management. There are many who don’t need to bother much about the preparation of their taxes and especially those who come from salaried class. Taxpayers coming from this group can easily curtail with the tax related matters on their own. However, it always remains a difficult thing for people who are enjoying multiple sources of income or those who are self-employed. Their cases can bring certain complications in, if not handled with care and caution. For such

2. individuals or businesses, tax planning becomes an, even more, critical and important activity. A little flaw in filled returns can easily bring the IRS concentration on one's record. Thus, proper planning and management to make the proper filing of returns possible are something that we cannot oversee. For Minimization of Tax Liabilities This is one of the most important parts of this story. Mitigating with the ever-increasing tax rates is something that needs curtailment. As far as the businesses are concerned, tax planning is usually considered as an important tool for achieving significant deductions. We already have an army of legal experts working in this sector. Yes! We are talking about tax lawyers and attorneys. You can also count Certified Public Accountants in this list. These entire professional comes with an extraordinary and comprehensive knowledge about tax laws. Their involvement in the tax planning can help their clients in ending up with some great outcomes. Tax Planning Schemes It is quite a technical subject and we are not going to go into the details at all. However to provide you with an idea about the broadness of this subject let us mention some of the most commonly chosen approaches or schemes being used especially in the case of small to medium businesses. The use of inventory valuation methods By distribution of assets and liquidity among family members systematically The use of accounting methods Whenever the term, “planning” is used in relation to the tax related matters it actually refers to an exercise done for boosting up the tax deductions. Availability of Experts & Firms Tax Planning involves certain technicalities. Only a learned attorney working in this field or a qualified accountant can help you. Many firms and accountancies are offered their services for those who want to reap the benefits of proper tax planning. You can always discuss your cases with a representative of any great and well-established firm like GLG Accounting. This firm is quite a known one. Their staff already have a credit of saving millions of dollars for their clients until now. Contact us today: Referral link: https://www.glgaccounting.com/ Address: 400 Central Ave, Suite 340B, Northfield, IL 60093 Email: contact@glgaccounting.com

3. Phone: (312) 754-9377