The Advantages of Fiscal Planning • Tax Reduction: this allows taxpayers to minimize their tax liabilities legally. By identifying and applying tax deductions and other available tax benefits, you can reduce your taxes and keep more money in your pocket. • Maximize savings: By managing your taxes effectively, you can save money for the future. That especially applies to saving for retirement, where retirement savings accounts offer tax advantages that can increase savings over the long term. • Increase in net income: Reducing taxes increases the net income available for spending and investment.