TAX PLANNING1


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TAX PLANNING

Systematic analysis of differing tax options aimed at the minimization of tax liability in current and future tax periods. Whether to file jointly or separately, the timing of a sale of an asset, ascertaining over how many years to withdraw retirement funds, when to receive income, when to pay expenditures, the timing and amounts of gifts to be made, and estate planning are examples of tax planning.

Strategy of minimizing tax liability for an individual or company by analyzing the tax implications of various options throughout a tax year. Tax planning involves choosing a filing status , figuring out the most advantageous time to realize capital gains and losses, knowing when to accelerate deductions and postpone income or vice versa, setting up a proper estate plan to reduce estate taxes, and other legitimate tax-saving moves.

Minimization of tax liability through personal financial planning , investing in tax deferred investments, tax-exempt securities, or tax shelters offsetting capital gains from passive investments, such as real estate investment trust. Contrast with tax evasion, the willful nonpayment of taxes legally owed.

Arrangement of discretionary income, expenses, and investments in a way that enhances after-tax wealth. Insurance policies can be used to increase after-tax income through the tax-deferral features of cash value life insurance and to reduce estate taxes through the preferential tax treatment of the life insurance death benefit .

Systematic analysis of differing tax options aimed at the minimization of tax liability in current and future tax periods. Whether to file jointly or separately, the timing of a sale of an asset, ascertaining over how many years to withdraw retirement funds, when to receive income, when to pay expenditures, the timing and amounts of gifts to be made, and estate planning are examples of tax planning.