Everyone’s tax situation is a little different, but there is one thing virtually everyone can agree on. You do not want to overpay and waste money or underpay and risk legal trouble. How can you find that perfect balance? The answer is with smart personal tax planning. The seasoned professionals at Whyte & Associates, Inc in Rancho Cucamonga are here to help.
Although commonly confused, tax planning and preparation are not the same. Personal tax planning refers to analyzing an individual’s situation and creating a strategy to minimize tax liability. It might include timing purchases or expenses to maximize tax breaks, understanding applicable tax credits, and other strategies. Personal tax preparation refers to gathering documents and information, filling out forms (on paper or virtually) and other details involved in filing the tax return.
Before you can devise a tax strategy, there are a few key concepts that you need to understand. These include:
Tax laws are complex, but you do not have to devise your strategy alone. Call Whyte & Associates, Inc at (909) 575-0080.