Summer is the season of vacations and fun in the sun, which means it’s a time of year when many households consider or make large purchases. Whether you’re thinking of adding a new car, a boat, or a vacation property to your portfolio, it’s wise to consider the tax implications before taking the plunge. Big acquisitions can mean big tax bills, but there are ways to legally minimize your tax burden while indulging in your favorite summer activities.

Millennials and Gen-Z’ers are facing a financial landscape that is very different from the one their parents and grandparents grew up in. At times it may seem bleak: the cost of living is rising, wages are stagnant, and student loan debt is at an all-time high. But even with these challenges, young people still have plenty of ways to overcome the obstacles they face and they can learn to build wealth at a young age.

Tax planning builds wealth. You may not be familiar with the term, but tax planning is the analysis of an individual’s or business’ financial situation to ensure that all elements work together to allow the payment of the lowest taxes possible. It is generally done towards the end of the year, but its not too late to plan for this year. Proper tax planning can help you retain and make the most of your income to build your assets and wealth.