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Accounting Articles > Tax Planning:
What is tax planning?
There are many ways to legally take money out of a business. Tax planning is the orderly process of determining if and how the money of a company or individual will be taxed.
Few accountants actually take the time to give any taxation advice to their clients in the first place. Few clients have any idea at the end of the year whether or not they will be responsible for any tax. Tax planning is, first, determining whether there will be a taxable event in the first place, and second, looking at any tax planning ideas that might reduce the tax in question.
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