Tax Planning
Tax Planning
Tax considerations affect virtually every financial decision your family makes. For that reason, Mpower Financial Services team–based approach is designed to integrate professional tax planning with all aspects of your financial picture.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. Not just to provide short-term benefits, but also in an effort to minimize long–term tax implications. We provide periodic tax–planning meetings, payment analyses and cash flow planning.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
Our consultants make it is our priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year & not just at the end of the year.
With the growing complexity & diversity of available options for tax planning purposes, it is important that we critically examine and bring across to you the new generation options available for investors in the present investment market.
There are various provisions in the Income Tax Act to save tax. The saving schemes one should opt for would depend on the persons income and the tax bracket he / she is in.
In other words investing in Equity Linked Savings Scheme may result in greater savings for one person while investing in PPF may result in better tax saving for another person. The Tax saving strategy should be finalized on an individual basis after discussion.
Tax considerations affect virtually every financial decision your family makes. For that reason, M power Financial Services team–based approach is designed to integrate professional tax planning with all aspects of your financial picture, not just to provide short-term benefits, but also in an effort to minimize long–term tax implications. We provide periodic tax–planning meetings, payment analyses and cash flow planning.
What is Meant by Tax Planning
Tax planning is the process of organizing one’s financial affairs in such a way as to minimize the amount of income tax that must be paid. It involves looking at the various tax laws and regulations and taking advantage of any deductions, credits, or exemptions that are available in order to reduce one’s tax liability. Tax planning can be done on an ongoing basis throughout the year, or it can be done as part of the annual tax preparation process.
Some examples of tax planning strategies include:
Maximizing deductions:
Take advantage of all available deductions, such as those for charitable donations, mortgage interest, and business expenses, in order to reduce your taxable income.Tax-efficient investments:
Choosing investments that are tax-efficient, such as those that generate tax-free or tax-deferred income, in order to reduce your tax liability.Retirement savings:
Making contributions to tax-advantaged retirement accounts, in order to reduce your taxable income.Tax-loss harvesting:
Selling investments that have decreased in value in order to offset capital gains and reduce your tax liability.Tax-free income:
Look for ways to generate income that is tax-free, such as interest from municipal bonds, in order to reduce your tax liability.Our team of financial planners is dedicated to helping you protect your financial stability and prepare for the unexpected. Contact us today to schedule a consultation and take the first step towards creating a plan for emergency situations.
