What Are the Different Types of Tax Planning Strategies?

The goal of all tax planning strategies is to minimize an individual’s or business’ total tax liability for the year while also meeting personal or business financial goals. In order to achieve these goals, comprehensive research and exacting record keeping are essential elements of all types of successful planning strategies. An individual may not need to use every type of tax strategy, but having a broad knowledge of tax issues will assure that he minimizes his tax liability and prepares an accurate return. Whether it is taking advantage of current education-related tax credits or understanding the intricacies of depreciation, each strategy relies on thorough research and meticulous recordkeeping.

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