What is tax planning?
Tax planning is the process of arranging your financial affairs to minimize your tax liability and maximize tax benefits, while fully complying with tax laws and regulations. It involves analyzing your income, expenses, investments, and other financial activities to identify potential tax-saving opportunities.
The main objectives of tax planning are to:
- Reduce your overall tax burden
- Maximize tax benefits and deductions
- Increase your disposable income
- Achieve your financial goals
- Ensure tax efficiency
- Facilitate legal tax savings