Tax Planning

The main objective of tax planning is to reduce one's tax liability. Authorities, like the IRS, implement legal measures and regulations to ensure citizens pay the required tax amount. Effective tax planning helps individuals and businesses save more money while adhering to legal and regulatory requirements

Tax planning revolves around the planning of taxable income and investments of the taxpayer and tax management on the other hand deals with systematic maintenance of financial records, timely filing of returns, audit of accounts, timely filing of returns, payment of taxes and appearing before the appellate authority