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Engaging in tax planning from the beginning of the year means that you can enjoy the benefits at tax time.
Tax planning is the broad concept of tax efficiency. Tax efficiency considers the larger financial picture incorporating individual age, goals, tolerance for risk and investment timeline. By incorporating tax planning, you uphold long-term wealth creation and protect your capital.
The beginning of the year is the best time to start to plan for tax savings. But, unfortunately, last-minute tax planning leads to lower returns and bad investments.
To understand the various tax-saving opportunities and ensure that you are headed in the most appropriate direction, consult with a professional and take suitable action to reap the benefits.