For Tax Financial Planning you need to consider on following strategies:-
- Take full advantage of the standard deduction or itemized deductions and personal exemptions.
- Accelerate retirement distributions when you have excess deductions.
- Plan to take the Credit for the Elderly.
- Maximize tax-free income.
- Defer retirement plan distributions until needed.
There are many other potential tax planning strategies so I encourage you to speak to your tax professional for ideas and suggestions. Tax preparation is nothing other than “documenting history.” Tax planning is where the real money is saved. I encourage you to take some time before the end of the year to see how you can proactively plan to reduce your 2010 tax liability.