06/05/2026
TAX PLANNING:
Social Media tax pro's promote Tax Planning over tax preparation. Giving the impression that taxpayers actually have a choice or, you can do one without the other. In reality, planning and preparing go hand in hand. Tax planning may garner higher revenue, but tax filing/reporting is a compliance requirement.
I guess a better question is...WHAT IS TAX PLANNING?
In simple terms: Tax planning means organizing your income, expenses, and investments so that you pay the least amount of tax, legally while achieving your financial goals. The real benefit in planning is reducing your Tax return outcome through tax return filing.
Tax preparation is the process of gathering financial information, completing tax forms, and filing a tax return with the appropriate tax authority.
