Tax planning considers the implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. A major goal of tax planning is minimizing federal income tax liability. Use of tax-exempt investments. Timing gains, losses, and income.
For example, if a 52-year-old male with an annual income of $50,000 who made a $7,000 contribution to a traditional IRA has an adjusted gross income of $43,000, the $7,00 contribution would grow tax-deferred until retirement.
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A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.
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Answer:
Tax planning considers the implications of individual, investment, or business decisions, usually with the goal of minimizing tax liability. A major goal of tax planning is minimizing federal income tax liability. Use of tax-exempt investments. Timing gains, losses, and income.
For example, if a 52-year-old male with an annual income of $50,000 who made a $7,000 contribution to a traditional IRA has an adjusted gross income of $43,000, the $7,00 contribution would grow tax-deferred until retirement.
Message:
Hope it helps, God bless and Keep safe! :))
1 Heart = 1 Appreciation (give me Brainliest too pls :D)
Answer:
Meaning of tax:
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.
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