What do people really mean when they talk about tax planning? In this episode of Elevate Wealth, Deanne Rosso sits down with Ben Hall, Director of Tax Services at Elevate Wealth Advisory, to break it down in simple terms.Tax planning isn’t about complicated loopholes or last-minute stress. It’s about making a few intentional decisions throughout the year—like setting paycheck withholding, contributing to retirement accounts, timing income and deductions, and checking for credits—so you don’t pay more than you legally have to.If you want help putting a simple, proactive tax-planning checklist in place, our team is here to help. Visit elevate-wealth.com and click Let’s Talk.#ElevateWealth #TaxPlanning #PersonalFinance #FinancialEducation #TaxSmart #WealthAdvice #FinancialPlanning #Taxes

What do people mean by the term "tax planning?" Find out today on Elevate Wealth. Hey there, I'm Deanne Rosso, president and CEO of Elevate Wealth Advisory and your host today. And I am joined by our director of tax services, Ben Hall. Welcome, Ben. Thank you, Deanne. So, Ben, tell us in simple terms, what is it that tax planning really means? Sure. Yeah. So tax planning in simple terms is really just about making a few smart moves during the year before you file your taxes. So you legally end up paying no more in taxes than you you're required to. It's all about being proactive and not reactive throughout the year. Some examples of that might be things like setting your paycheck withholdings correctly so you're withholding the proper amount throughout the year before you get to tax season, and so that way you don't end up with a large tax bill when you file your taxes. Also, putting money into retirement accounts can help. So, if you do that throughout the year, that could potentially lower your taxable income throughout the year. Timing income and certain deductions. You may decide to claim certain income or deductions in one year versus another year to kind of manage your taxable income during those years. And then also checking whether certain credits might apply to you. There's a lot of tax credits out there for all sorts of different situations. It's just being aware of which ones are out there and which ones might apply to you and making sure you take take advantage of those when you file your taxes. So taking small steps throughout the year like that always beats trying to scramble at the last minute to save on taxes, because if you wait till the last minute, chances are you run out of time to really make a meaningful impact on your taxes. So I would say, in summary, tax planning is really just deciding when, where, and how you want to pay tax on your income so that over your lifetime you keep most of what you earn over your lifetime. Yeah. And I think that that's a very important statement there. Keep most of what you earn. And some of those simple steps that you just mentioned, sound easy enough. They just take a little bit of time and attention, in order to save yourself some taxes, some tax dollars. So, I think overall key takeaway here is tax planning doesn't have to be complicated, right? Just taking those small steps that you need can help you be more tax efficient and keep more of those earnings that you've worked so hard for. So, thank you again, Ben, for joining me today and for those tips. And if any of you watching have any questions about your tax plan or if you can be more tax efficient, we're here to help. Visit us at elevate-wealth.com and click let's talk. Thanks for watching and we'll see you next time.