Retirement and Estate Planning Do Not Need to Be Addressed

question 41

True/False

Retirement and estate planning do not need to be addressed until you are closer to retirement age.

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Definitions:

IFRS

International Financial Reporting Standards, a set of global accounting guidelines for preparing financial statements.

Valuation Allowance

Valuation Allowance is an accounting procedure that reduces the value of a deferred tax asset if it is unlikely that the business will use the tax asset in the future.

Deferred Tax Asset

A tax reduction amount that can be used to offset future tax liabilities.

Income Tax Rate

The fraction of income that individuals or businesses must pay as taxes.