Introduction
Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or reduced.
There are countless tax planning strategies available, particularly if you own a small business. Some are aimed at your individual tax situation, some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the transaction to accomplish one or more of these often overlapping goals:
• Provide last year’s tax return;
• Analyze situation and project tax savings;
• Deliver contract outlining fees;
• Gather additional information;
• Research and analysis; and
• Implement tax saving strategies.
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