What is Tax Planning? [How to LEGALLY Reduce Your Taxes]

What is tax planning? And how can it help you pay less taxes?

Tax planning can help you reduce your tax bill by hundreds, thousands, tens of thousands, and even hundreds of thousands of dollars depending on your unique set of circumstances.

I have seen people use tax plans to reduce their tax liabilities by 10%, 50%, and even 100%, which basically means they reduced their tax bill to ZERO by simply creating a plan to accomplish this.

So today, you are going to learn how tax plans make all of this possible and some areas you can focus on to reduce your own tax bill.

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The Power of Tax Planning: (0:00)
What is Tax Planning?: (1:00)
Review Your Taxable Income: (2:06)
Review the Types of Taxes You Pay: (3:02)
Review the Amount of Taxes: (3:57)
Changing Your Facts: (4:56)
1) The Best Taxable Entity?: (5:30)
2) Missing Tax Deductions?: (6:48)
3)The Best Tax Deferral Accounts?: (7:45)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[nellosnook]

Excellent information as always!
ALL of you at LYFE are thoroughly knowledgeable with excellent presentation skills! 👍

[aryanasmith]

I am learning so much from watching your videos. Thank you so much for sharing this amazing source of information. This one is quite helpful.

[mrchris]

Great video, but I’m still stuck, how do I go by getting LLC do I go to a LLC business place, is there a fee, do I apply online, and if I do with who? You explain everything clearly and I thank you, just my question above I’m having issues with.

[Daany]

The FED has lost it and the sad fact is it's pretty obvious we are headed for hyperinflation.i think stores better have tight security because when people can't afford to feed their families, things might get ugly..