Young families, particularly those with children, face a variety of taxes. These taxes must be taken into consideration when formulating your financial plan. While some may be automatically taken out of your paycheck such as your income taxes, others you must pay at the point-of-purchase (such as sales taxes) or yearly (such as property taxes).Your spouse, your sister, and her husband aren't clear on the variety of taxes a family may pay throughout the year, and they have asked you to create a PowerPoint presentation to show them over dinner one evening.In your PowerPoint presentation, provide an explanation of each of the following taxes and how they could impact a family budget.Property taxSales taxPersonal income taxLocal income taxState income taxNational income taxCapital gains taxGift taxEstate taxIn the second half of your presentation, include the fundamentals of tax planning. The main objective of tax planning is to maximize the total after-tax income by reducing, shifting, or deferring taxes within legal limits. Taxpayers can reduce the income tax, for example, by contributing to a 401(k) plan. Tax planning also involves the life cycles. What you do in your 50s will be different from what you do in your 20s. Research tax strategies and in your own words, indicate what you would do in the life cycle you are in currently and give at least three examples. How would those strategies change in the future?Instructions for the presentation:Length of PowerPoint is up to the student.Use the notes area on each slide and include citations.Include a slide that provides links to 3-5 resources for anyone wanting more information.Your final slide should be the reference page for sources cited in the notes.NOTE - APA formatting for the reference list and proper grammar, punctuation, and form are required.