The primary goal of tax planning is to strategically arrange the affairs of a business or other asset owner in such as way as to reduce or eliminate a tax liability. Tax liabilities are debts owed to a government of a country, state, federal, local or other legal jurisdiction. The three primary tax planning strategies used to mitigate, reduce or eliminate tax liabilities include:
- 1Reduce taxable income
- 2Increase allowable tax deductions
- 3Increase or take advantage of future and/or current existing tax exemptions, and credits
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