Question

1. Describe how taxes have an impact on financial planning.

2. What are the benefits of paying taxes?

3. Explain how tax credits, deductions, and exemptions affect the amount of income
tax you pay.​

Answer 1

Answer:

1. the impact of taxes isn't taken into consideration while making financial decisions throughout the year, you could be paying more in taxes than you would otherwise. ... Incorporating tax planning into your financial plan improves the probability of meeting your goals, especially when planning for retirement.