What is tax planning?

Tax planning refers to the analysis of a financial situation with the purpose of reducing tax liability. By keeping your tax liability low, you increase the ability to make contributions to retirement plans and add additional savings which are vital for financial and retirement success.

Tax planning consists of various considerations such as

• taxable income

• filing status

• adjustments

• tax deductions

• tax credits

• major purchases and investments

Tax planning is crucial for businesses and individuals to help achieve financial goals and objectives.