Month: January 2022

Tax planning does not happen on April 15. It occurs years ahead of time and includes managing your income, purchases and expenses quickly so that you can decrease your future tax liabilities. Self-employed individuals, more than W2 wage earners, must incorporate planning in a to minimizing taxes during years when profits is very high. The specific game should be to defer. The wealthy defer all earnings to be able to maintain control of their tax liability. This same process utilizes the not so wealthy. However prior to starting the task of deferring earnings, it might be smart to determine which…