“The hardest thing in the world to understand is income tax”
– Albert Einstein
What Is Tax Planning
Tax planning is a vital component of a holistic financial plan. Tax planning is not the same as tax accounting. It addresses future events, not the past. A financial plan without a tax component is like a leaky container constantly losing its content.
While tax planning typically is valuable at any stage of your life cycle, it is critical when you are 10 years away from retirement and into retirement. Especially for business owners. Taxation does not stop when you retire, it continues until the very end and in some situations even beyond.
Tax Planning Benefits
“I am proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money”
– Arthur Godfrey