4. Make sure that you calculate your tax liability

Calculating your tax liabilities and working accordingly is one of the important things to do while working on your tax planning exercise.  However, for in

On the other hand, individuals who have a relatively fixed income like salaried employees, understanding and computing the tax liability need not be a difficult task. In order to find out how much to invest and save tax, then compute your tax liability well in advance. Furthermore, if you don’t know how to compute your tax liability then it is practical to engage the services of a tax expert.

5. Fix an appointment with a professional in case of change in your financial situation

It is always good to have an advice for tax planning from a professional in case if you plan to get married or divorced, buy or sell a home, start a family, or experience any other financially-altering event in 2014. But if you schedule a planning session at the height of tax season then your tax professional will likely get out of control.