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Tax Planning and Tax Strategies by SMAART Company

Why Tax Planning is Important and Why Everyone Should Do It Right Away!

Tax planning is an important part of financial planning and management. It involves analyzing your financial situation, understanding the tax laws and regulations, and making strategic decisions to minimize your tax liability. In this blog post, we’ll explore why tax planning is important and why everyone should do it. Reduces Tax Liability One of the main benefits of tax planning is that it helps reduce your tax liability. By understanding the tax laws and regulations and making strategic financial decisions, you can minimize the amount of taxes you owe. This can result in significant savings over time and give you more control over your finances. For example, if you have a significant amount of investment income, you may be able

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Lets discuss the 2023 tax season

The Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, reducing federal taxes for most people. The new law also made some major changes to the way we file our tax returns. The new 2023 tax season will be the first time we’ll see those changes in action. Here’s what you need to know: The new tax law is set to expire at the end of 2025. The new tax law is set to expire at the end of 2025. This means that if no changes are made, your taxes will go back to the way they were before the Tax Cuts and Jobs Act (TCJA) went into effect. If this happens, here are some things

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US Tax Brackets for 2021, 2022, and 2023

  2022 Tax Brackets Simplified To comprehend the U.S tax system before anything we must understand that it is not a coincidence that it’s complicated. The system rewards and encourages the taxpayer to do its homework and play the game as smart as possible. Those who don’t, get the back end of the deal. What are Tax Brackets? Tax Brackets are the different levels of taxation an entity is subject to depending on the amount of their income.  How did the Tax Bracket start? Although taxation in the U.S has a long and complex history, the progressive taxation system as we know it today started around 1913 with the “Revenue Act”.  Tax Brackets are subject to inflation. Since the economy suffers

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Income Tax Explained

Income tax is a tax levied on the earnings of individuals and businesses. It is one of the most common sources of revenue for governments around the world, and is used to fund a wide range of public services and initiatives. The amount of income tax an individual or business is required to pay is typically based on their income level and tax bracket. In most cases, the higher an individual’s income, the higher their tax rate will be. This means that people who earn more money will pay a larger proportion of their income in taxes. There are several different types of income that are subject to income tax, including wages and salaries, interest and dividends, and capital gains

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Your Time Is Worth It’s Weight In Gold, Don’t Waste It.

YOUR TIME IS WORTH IT’S WEIGHT IN GOLD, DON’T WASTE IT.  What makes something valuable? First, how much there is of it and second what can you do with it. Time is finite and it’s running out as every second of the day passes by. A lot of times we are so consumed by our daily life, Work, family, entertainment, and traffic. Life moves fast and the days pass by without noticing where we are, where we were and where we are going. On top of that we must be constantly aware of finances trying to keep up with our personal and business expenses, searching the web for strategies to create tax savings and looking for someone to tell us what

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