Tax planning is most commonly done to:

Question

Quizplus · Accepted Answer

Tax planning is done to minimize taxes legally by taking advantage of tax deductions, credits, and allowances offered by tax laws. It aims to reduce the tax burden on individuals or businesses by optimizing their financial affairs. Evading taxes is illegal and can result in hefty fines or penalties. Paying extra taxes is not desirable as it reduces the available funds for other purposes. Learning the tax code is important but not the primary objective of tax planning. The focus is on using the tax code to one's advantage while complying with the law.

Tax Planning Is Most Commonly Done To