Tax Planning

Consortax believes that good tax planning remains integrated and interlinked to a wider exercise that brings stability to financial goals. Failure to apply tax planning may lead to such money paid as tax.

Consortax team of professionals will make arrange your financial affairs so as to minimize your taxes in the following best tax planning approaches

Tax Planning Approaches
There are three basic ways to reduce your taxes are

Reduce your income: The best way to reduce your income is to contribute money to a 401(k) or similar retirement plan at work. Your contribution reduces your wages, and lowers your tax bill.

The best ways to reduce your taxes is to save for retirement, either through a 401(k) at work or through a traditional IRA plan. Contributions to these retirement plans will lower your taxable income, and lower your taxes

Increase your deductions: One key tax planning strategy is to keep track of your itemized expenses throughout the year and later quickly compare your itemized expenses with your standard deduction. One may always consider the higher of standard deduction or itemized deduction

The best strategies for reducing your taxable income are to itemize your deductions, and the three biggest deductions are mortgage interest, state taxes, and gifts to charity.

Taking an advantage of tax credits: Tax credits reduce your tax. There are tax credits for college expenses, saving for retirement, and for adopting children

Tax Planning Benefits

• The obvious benefit of tax planning is reduced tax liabilities
• Very often tax planning provides individuals with money to spend for their personal benefit or enjoyment, and failure to apply tax planning may lead to such money paid as tax.
• Tax planning also provides an indirect benefit of allowing a sound control over finances. It provides a valuable road map to plan finances in the most optimal manner. It allows streamlining cash outflows, making planned expenditure, and committing to an informed investment decision.

Write to us at info@consortax.com for more information on our professional tax planning advisory services