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What's the Difference Between Tax Planning & Tax Preparation?

With tax season quickly approaching, “getting my taxes done” is something on everyone’s mind. Obviously filing annual tax returns is important, and there are strategies that can help you manage your taxes that can be applied during that process. But for the most part, a tax return is just a formal record of events that have already happened and can’t be changed.

Tax planning, on the other hand, is the process of making decisions throughout the year to legally shelter your income, tax advantage of tax laws that benefit you, and maximize opportunities for tax efficient growth in the future. In this video, Joshua Duvall, CFP®, RTP discusses these differences, and provides some insight into strategies that may be worth pursing in your own financial life. Click the video above to learn more.

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Joshua Duvall, CFP®, RTP launched his own Registered Investment Adviser in 2017 after more than a decade in the financial industry, working for some of the world’s largest and most successful firms including LPL Financial, New York Life, and State Farm Ins. Co. Married with two children, Josh resides in Tabernacle, New Jersey and is an engaged member of his community. Josh enjoys coaching youth sports, rooting for The Ohio State Buckeyes, and sharing his passion for Jesus through biblical ministry and community service.