How does tax law affect an individual tax payer?
Tax planning refers to process of analyzing the financial profile of an individual and corporate in view of the applicable tax laws for attaining tax efficiency. The tax efficiency is said to have obtained by minimizing the tax liability.
Answer and Explanation: 1
An individual reviews various factors such as applicable tax rate, standard deduction, other itemized deductions and exemptions in order to calculate...
See full answer below.
Learn more about this topic:
fromChapter 3 / Lesson 9
Planning for personal tax comes with various methodologies in keeping track of what expenses are taxable and what to report. Learn more about income tax, the Internal Revenue Service, deductions, and FSA's.