Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
Tax planning encompasses many different considerations, including the timing of income, purchases and other expenditures; the selection of investments and types of retirement plans; and a person’s filing status and common deductions.
Generally, people have very narrow view on tax planning and are myopic towards the long term tax liabilities. However, at SAKSHAM Wealth, Tax Saving Funds help our clients ensuring the minimization of long tax liability. We are just an email away. Do write back to Sameer Rastogi at Sameer@sakshamgroup.com