Loose Leaf for Personal Finance
Loose Leaf for Personal Finance
12th Edition
ISBN: 9781259720680
Author: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Publisher: McGraw-Hill Education
Question
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Chapter 4, Problem 4.1PQ1
Summary Introduction

To discuss:

Tax in financial planning.

Introduction:
Financial planning includes the planning to achieve a particular financial goal. It may be the goal to save tax or to buy home or can be other things too.

Expert Solution & Answer
Check Mark

Explanation of Solution

One should always keep in mind taxes while doing financial planning because taxes take major part of one’s income and one should be mindful of reducing tax while doing financial planning. One can do several investments for tax savings and one can also claim tax deduction for some expenses. This will helpful in reducing tax and increase the disposable income.

Conclusion

Hence, one should try to minimize taxes while doing financial planning.

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