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Why You Should Consider Tax Planning It is not surprising that several tax payers would be surprised on how much they owed during tax time. To owe that much money is sometimes a wonder to these tax payers. In some situations, it is the lack of tax planning that could the reason why they are caught in such situation. Described as similar to financial planning, tax planning would involve taking a close look at one’s tax situation every year and the next. For those people who have financial investments, they are always referring to their financial advisors in order to keep track of their financial situation. Likewise, if you are going to check with your financial advisor, it is advisable that you also check with your tax advisor and see how your taxes are affected with your financial investments. As you may know, everybody is advised to have tax planning especially if you are facing some financial changes, and thus it is not only for those people with financial investments. Examples of financial changes would be like starting a business, withdrawal of money from a retirement account, buying a home, or sale or rental of a property. Anyone of these situations could affect your tax situation significantly.
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To see how your financial action will affect your taxes, it is best to get the advice of your accountant. It is sometimes a wrong move for some to call on their accountant only when something has been noticed wrong.
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It is advisable that you call immediately your accountant if you have any tax questions. And then you follow what the accountant will tell you what to do on things that could affect your taxes. The importance of checking with your accountant before doing something is that he or she can advice you of the possible tax consequences of your actions. In order for you to avoid owing lots of money during tax time, your accountant can analyze your situation and can tell you what action to take to prevent you from being in a bad situation. Another importance of tax planning is to know when you are due for paying your taxes. What you earn money during the year, the law would require you to pay taxes for it. If you are paid as employees, your taxes will be taken from your salary, then your employer will withhold that money and pays it to the government throughout your yearly earnings. Those who work for themselves and get income out of their efforts, will have to pay to the government their taxes too and just base the amount they will remit from their earning bracket. If you had done tax planning during the year, you will be able to save some money when it is time to pay your tax.