- Tax Planning
- Introduction
- Understand What Our Leaders Have Said Regarding Taxes
- Understand How Tax Planning Can Help You Attain Your Personal Goals
- Understand the Tax Process and Tax Strategies to Help You Lower Your Taxes
- Understand How to Minimize Tax Payments for a Given Level of Income
- Understand How To Be More Efficient With Your Taxes
- Understand the Major Tax Features of the US Tax System
- Summary
- Assignments
- Investments 1: Before you Invest
- Investments 2: Your Investment Plan
- Investments 3: Securities Market Basics
- Investments 4: Bond Basics
- Investments 5: Stock Basics
- Investments 6: Mutual Fund Basics
- Investments 7: Building Your Portfolio
- Investments 8: Picking Financial Assets
- Investments 9: Portfolio Rebalancing and Reporting
- Retirement 1: Basics
- Retirement 2: Social Security
- Retirement 3: Employer Qualified Plans
- Retirement 4: Individual and Small Business Plans
- Estate Planning Basics
Understand What Our Leaders Have Said Regarding Taxes
Regarding the laws of the land, the Lord, through the prophet, has said the following:
Let no man break the laws of the land, for he that keepeth the laws of God hath no need to break the laws of the land. Wherefore be subject to the powers that be, until he reigns whose right it is to reign and subdues all enemies under his feet (D&C 58:21–22).
The twelfth Article of Faith states:
We believe in being subject to kings, presidents, rulers and magistrates, in obeying, honoring and sustaining the law.
Some citizens have tried to minimize their obligation to pay income taxes. In 1973, President Harold B. Lee instructed us on this matter: "There seem to be those among us who are as wolves among the flock, trying to lead some who are weak and unwary who are taking the law into their own hands by refusing to pay their income tax" (Ensign, January 1973, 106).
Later that same year, the Church reaffirmed its position on taxes: "We ask priesthood leaders to be on guard against such persons. Priesthood leaders should teach the necessity of abiding the law according to the revelations" (Priesthood Bulletin, April 1973).
We are all under command to obey the laws of the land; this includes obeying the laws that require us to pay taxes. However, we should learn to be wise stewards so that we pay all the taxes we legally owe—and not a dollar more.
