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Income Tax Planning The long road to tax simplification:
Short-term fixes:
Income taxes are typically one of your greatest annual expenditures. The first few months of each year are generally devoted to earning enough income to cover our tax liabilities. While many legislative changes appear to target deductions and tax savings opportunities of individuals, the complexity of the income tax law ensures that planning opportunities still exist. Such planning may not focus as much on short-term savings, but rather on the longer-term horizon. Changing capital gain rates, for example, can have a dramatic impact on investment strategies that may span several years. Planning techniques that involve tax-free or tax-deferred income, gifts and charitable contributions, company benefits and retirement programs may provide significant future benefits. Income tax planning is just one aspect of what should be a comprehensive planning strategy. Income tax savings should not be jeopardized by a failure to plan in other areas. Our goal is to work with you to maximize the savings and planning opportunities throughout your financial landscape. |
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