Taxes are a fact of financial planning. However, various actions can be taken to reduce the time and money that goes toward taxes.
| Your Short Term Financial Planning
Activities | Resources |
| 1. Develop a system for filing and storing various tax records related to income,
deductible expenses, and current tax forms. | See Exhibit 4–2 (p. 111)
www.turbotax.com
www.taxcut.com
www.taxsoft.com |
| 2. Using the IRS and other Web sites, identify recent changes in tax laws that may affect your financial planning
decisions. | www.irs.gov
www.1040.com |
| 3. Using current IRS tax forms and tax tables, estimate your tax liability for the current year. | PFP Sheet 20
www.irs.gov
www.taxadmin.org |
| 4. Compare the cost of tax preparation services. | PFP Sheet 21
www.ey.com/us/tax
www.hrblock.com |
| Your Long-Term Financial Planning Activities | |
| 1. Identify saving and investing
decisions that would minimize future income taxes. | PFP Sheet 22
www.taxprophet.com |
| 2. Develop a plan for actions to take related to your current and future tax situation. | Text pages 126–131
www.taxlogic.com |
