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The Advantages of Planning Your Taxes It is not surprising that several tax payers would be surprised on how much they owed during tax time. The reasons on why tax payers owe so much money is sometimes confusing to some. The immediate reasons could be attributed to the lack of tax planning in some cases. Similarly in financial planning, tax planning involves in taking into a close study of your tax condition from one year to the following. In the case of those individuals who have financial investments, they are advised to always check with their financial advisors so they can see the improvement 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. Sale or rental of your property, purchasing a new home, a withdrawal of retirement account or starting a business, are examples of financial changes that one can experience. Anyone of these situations could affect your tax situation significantly.
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Before you take any kind of financial action, it is best to check with your accountant to see how it will affect your taxes. It is sometimes a wrong move for some to call on their accountant only when something has been noticed wrong.
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As soon as you have tax questions, it is better to call your accountant as soon as possible. And then you follow what the accountant will tell you what to do on things that could affect your taxes. It is advisable to refer to your account before making a move because the professional can give you advice on what are the tax consequences if you make that action. 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.