Learn These 3 Big Concepts about Tax Planning Everyone in Atlanta, GA

by | Jan 17, 2020 | Tax Preparation Service

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Taxes are required for all people, organizations, and businesses that earn money, no matter how little. While taxes can be difficult to make sense of, you can benefit big time from tax planning in Marietta, GA. Don’t know what tax planning is? Here’s a brief breakdown.

What Is Tax Planning, Anyways?

Always remember that the Internal Revenue Service, or IRS, won’t charge you the same amount in taxes regardless of how you arrange your personal financial situation. Rather, thanks to the Internal Revenue Code, or the book of tax laws that preside here in the United States, it’s possible to change up your finances so as to pay less money in taxes in the future. This is a basic, general definition of proper tax planning in Marietta, GA.

Are Preparing Taxes and Planning Taxes the Same?

Short answer – absolutely not. Preparing taxes refers to the process of gathering necessary documents and pulling relevant financial information from them to successfully, properly complete a tax return – the form used for preparing tax returns is Form 1040, which comes in different variations such as Form 1040-EZ and Form 1040-A. Planning taxes refers to making good, prudent financial decisions in the present tense to reap one or more tax-related benefits in the future.

Understand That Tax Laws Change

Every year, at least some part of the Internal Revenue Code changes. Your financial decisions should be influenced by these changes. This is an essential portion of proper tax planning that you need to become familiar with as soon as possible.

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