As a single, young professional, I've taken a big hit at tax time in the past. But not this year! I've started working with a professional financial adviser who's helping me structure my investments to take maximum advantage of the latest tax laws. Plus, I'm getting a head start on investing for my future. I enjoy that sense of independence, so planning's paying off for me.

Tax planning involves evaluating how to best position your assets to minimize the amount of taxes you pay on an ongoing basis. If your assets have been repositioned, tax planning helps to minimize the tax impact on your annual income. Tax planning will also help you to maximize your investments. Your financial adviser will inform you about what you can do to pay less tax on your investments and capital gains. For example, if you own a large amount of company stock, you'll need to be careful not to sell too much of the stock in one year, or you may incur a huge tax liability. The key to successful tax planning is ask yourself what tax-related decisions will be best for you considering your long-term goals. A financial adviser can help you to evaluate tax credits, deductible business expenses and how many exemptions you should claim. Search our database for information about 10 Questions to Ask in Finding Your Financial Adviser - someone who can help you develop a tax plan.

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