Difference between Tax planning and Tax management Understanding the Distinctions: Tax Planning vs. Tax Management When it comes to managing finances, particularly in the realm of taxation, two terms often come up: tax planning and tax management. While they might seem similar at first glance, they serve different purposes and are crucial in their own… Read More »
Tax planning strategies Tax planning strategies involve various techniques and approaches to legally minimize tax liabilities and optimize a taxpayer’s financial situation. Here are some common tax planning strategies: Income Deferral: Delaying the receipt of income to a later tax year, such as deferring bonuses or income from investments, can help lower your taxable income… Read More »
Terminal tax It refers to the ultimate tax payment that must make by an individual or entity prior to the conclusion of a tax period. This scenario commonly arises for businesses or self-employed individuals who obligate to pay provisional tax throughout the year, estimated based on their projected income. When the tax year concludes, the… Read More »