Tax planning is a scheme or plan for minimizing your tax liability through legal and ethical measures.

There are no specific rules for tax planning, so it’s up to you to decide what type of scheme will ensure that you pay the least amount of tax possible. But remember: Tax planning doesn’t work if you don’t report your income!

And even though most people think that it’s only big businesses who benefit from the help of lawyers and accountants in making their plans, this isn’t true at all. For example, when an individual decides they want to claim expenses on their rental properties against any rental income earned, they can enlist the help of a professional property manager who can make these claims on their behalf.

This is just one example of how planning for your taxes can help you in the long run.

You must plan for your taxes to claim the deductions that are legally allowed to you by law, and that you have earned!

Planning does not work if it is not reported.

It’s always better to make tax planning part of any financial plan because anything less could result in large penalties or interest charges from the Government when you fail to pay your taxes on time. The key here is asking yourself “What would happen if I do nothing?” If the answer scares you, then take steps now to protect yourself with a plan before it’s too late.