Tax Saving Advisory
Tax saving advisory is a service that helps individuals and businesses to save money on their taxes by taking advantage of available deductions, credits, and other tax-saving strategies. It includes advice on filing tax returns, finding ways to reduce taxable income, as well as taking advantage of investment opportunities and estate planning. The service may also include advice on how to set up a tax-advantaged retirement plan, such as an IRA or 401(k). Tax saving advisors may be certified public accountants, enrolled agents, or other financial professionals. They provide advice on both federal and state taxes.
The main types of tax savings advice include:
Tax planning is a process of organizing your finances and investments in order to reduce your tax liability. Tax planning may involve taking advantage of deductions and credits, using tax-advantaged investments, or employing other strategies to reduce taxes. Tax planning should be done with the help of a qualified tax advisor, who can provide advice based on your individual situation. Tax planning can help you maximize your after-tax income and wealth. It can also help you save money on taxes and reduce your risk of being audited. Tax planning should be done on an ongoing basis, as tax laws and regulations are constantly changing.
Tax preparation is the process of gathering documents and information to prepare a tax return, which is needed to file with the IRS. Tax preparation includes gathering financial documents, such as W-2s, 1099s, and other income statements, as well as any applicable deductions or credits. A tax preparer can help you organize your documents, complete the paperwork, and file your return. Tax preparation can be done by an individual or through a professional tax preparer. Professional tax preparers are typically certified public accountants (CPAs) or other tax professionals with experience in tax law and filing. They can help make sure your return is accurate and complete, so that you can get the most favorable outcome.
Investment advice is professional advice given by an investment professional, such as a stockbroker, financial planner, or investment analyst, about what investments to make and when to make them in order to meet specific financial goals. Investment advice typically focuses on making investments that are expected to earn a good return while also minimizing risk. Investment advice should also be tailored to the individual's goals, needs, and risk tolerance.
Estate planning is the process of anticipating and arranging for the disposal of an individual's estate during their life. Estate planning typically involves the creation of a will or trust, as well as the selection of beneficiaries to receive the estate upon the individual's death. Estate planning may also include the selection of executors and guardians to manage the estate and provide for the individual's dependents. Estate planning typically involves tax planning and the coordination of other legal documents and financial instruments.