Tax planning is the analysis and arrangement of a person’s financial situation in order to maximize tax breaks and minimize tax liabilities in a legal and efficient manner. Understanding which tax bracket you are in and how to lower it is the first step
At McDonnell Richardson CPA, PC we take the time to know you and use the tax rules to benefit your tax return. There are hundreds of possible deductions and credits out there, and they all have their own rules about who’s allowed to take them. Tax rules can be complicated but knowing how to use them for your benefit can change how much you end up paying (or getting back).
There are some key tax planning and tax strategy concepts to understand before you make your next money move. We will work with you to develop a long-term plan to save and invest in your future.