There are simple tax strategies and there are complex strategies. At the end of the day, these fundamental goals should still be reached.
There are many tax strategies out there to help you. It can be a little overwhelming determining which ones can help. As you examine each one, measure the strategy against these 5 goals.
A good tax planning strategy should:
1. Lower your amount of taxable income
2. Reduce the rate at which you are taxed
3. Empower you to control when taxes get paid
4. Ensure you get all credits available to you
5. Put you in charge of the Alternate Minimum Tax
Of course, tax planning hinges on accurate estimations of your income of the next 3-5 years. The more precise you can be with your projections, the better your strategy will be when it comes to taxes.
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