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Tax planning: what is the purpose and how is it done?

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What is the purpose of tax planning? How do we conduct tax planning? How could tax planning lead to unethical behavior?

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The 351 word solution answers the questions in clear and concise responses with examples to illustrate the concepts.

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What is the purpose of tax planning?

Tax planning serves the purpose of trying to minimize the amount of income tax that will be due for a company as a whole or for a contemplated transaction.

How do we conduct tax planning?

Tax planning usually involves a meeting with a client prior to year end, or sometimes quarterly meetings to help determine the amount of estimated payments that are required to be paid. Businesses must pay their estimated tax liability on a quarterly basis.

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