Tax Planning Activities
Taxes are a fact of financial planning. However, various actions can be taken to reduce the time and money that go toward taxes.
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Your Short Term Financial Planning Activities |
Resources |
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1. Develop a system for filing and storing various tax records related to |
See Exhibit 4 2 (p. 111) |
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Income, deductible expenses, and current tax forms. |
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2. Using the IRS and other Web sites, identify recent changes in tax laws |
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That may affect your financial planning decisions. |
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3. Using current IRS tax forms and tax tables, estimate your tax liability for the current year. |
PFP Sheet 20 |
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4. Compare the cost of tax preparation services. |
PFP Sheet 21 |
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Your Long Term Financial Planning Activities |
Resources |
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1. Identify saving and investing decisions that would minimize future income taxes. |
PFP Sheet 22 |
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2. Develop a plan for actions to take related to your current and future tax situation. |
Text pages |