Understanding the Concept of Tax Planning in Details

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Understanding the concept of Tax PLANNING in
details
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What is tax planning?

• Tax Planning is the analysis of a financial
  situation from tax useful perspective. The
  purpose of tax planning is the use of tax
  exemptions, tax deduction and reducing  tax
  liability . Tax planning aim is to rearrange your
  financial affairs in order to reduce the amount
  of tax you pay. It consider the timing of
  income, purchases and other expenditures.

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Objective of Tax Planning

• The main objective of tax planning that are
  helpful for us are .
• Help in reduction of overall tax liability.
• Stability in economic.
• Useful in economic growth.
• Minimization of litigation.

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Types Of Tax

• Various types of taxes that are we pay..
• Corporate tax
• Inheritance tax

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Corporate Tax
A corporate tax is paid on the profit of a firm
to raise taxes. It is calculated by deducting
expenses include the cost of goods sold and
depreciation from revenue.
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Inheritance Tax
Inheritance tax is a state tax which are paid on
the money or assets which are inherited after the
death of a loved one. The rate of tax is
different and it depend on the relationship of
the heir to the decent .
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Strategies of Tax Planning

• The Tax planning strategies is useful for saving
  tax payment. They are.
• Always estimate your alternative minimum tax 
  effect.
• Must consider a Roth IRA.
• Pay the deductible expenses by using the credit
  card before the end of the year.
• Increase your Flex Spending. 

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