Todd Schanel, CFP®, CPA, CFA Jackie Goldstick, CFP®, and Douglas Marcello, CFP®, ChFC®

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Financial Planning Essentials: Tax Preparation versus Tax Planning

While tax preparation and tax planning are both critical components of managing your financial health, they serve distinctly different purposes. It’s essential to understand the difference between these two processes. Tax preparation focuses on reporting past financial activities. This involves compiling and submitting tax returns to the IRS to report income, deductions, and credits for…

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