“In this world, nothing can be said to be certain except death and taxes.” – Benjamin Franklin. Tax avoidance can be legal. However, tax evasion is not legal. So what’s the difference? Tax avoidance is simply minimizing the impact taxes have on your bottom line. While every scenario is unique, the goal of tax planning is to arrange your financial affairs to minimize tax impact. There are three broad ways to reduce your taxes. You can reduce your taxable income, increase your tax deductions, and/or take advantage of tax credits.
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