Seeking legal ways to reduce,eliminate or defer income taxes is called

Question

Seeking legal ways to reduce,eliminate or defer income taxes is called​

Quizplus · Accepted Answer

Tax planning involves legally finding ways to minimize the amount of income taxes paid by an individual or business entity. This can include strategies such as maximizing deductions and credits, utilizing tax-advantaged investment accounts, and structuring income and investments in a way that reduces tax liability. Financial planning is a broader term that encompasses a variety of strategies for managing money and achieving financial goals. Income maximization is a goal, not a strategy, and contributing to an employer-sponsored 401(k) plan is just one example of a specific tax planning strategy.

Seeking Legal Ways to Reduce,eliminate or Defer Income Taxes Is