The following link is for educational and illustrative purposes only and should not be considered as either individual advice or as a substitute for accounting, legal and other professional services. Always consult a competent professional for answers specific to your questions and circumstances.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.