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TAX PLANNING

Tax planning is a strategic approach used by individuals and businesses to minimize their tax liability within the legal framework. By analyzing financial situations and transactions, taxpayers can take advantage of deductions, exemptions, credits, and timing of income or expenses to reduce the overall amount of tax owed.

Effective tax planning may involve choosing the right investment options, utilizing retirement accounts, and structuring business operations efficiently.

While it doesn't involve evading taxes, which is illegal, tax planning ensures compliance with tax laws while maximizing savings, thereby improving financial stability and long-term growth.

Check the below techniques that can used in tax planning to minimize the tax liability within the legal framework