Tax considerations

Tax considerations involve understanding how various financial decisions, such as earning income, investing, or gifting, affect the amount of taxes you owe. It includes planning to minimize tax liabilities legally through deductions, credits, and strategic timing of income or expenses. Being aware of relevant tax laws helps ensure compliance and optimize your financial situation. Essentially, it's about managing your finances in a way that recognizes tax implications to retain more of your earnings and avoid surprises during tax season.