The following are fundamental areas of tax management

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Income splitting, marginal tax rates, and deductibles are fundamental areas of tax management as they directly impact how much tax an individual or entity owes. Income splitting can reduce overall tax liability by distributing income among several parties. Marginal tax rates are crucial for understanding how additional income will be taxed. Deductibles reduce taxable income, thereby affecting the amount of tax owed.

The Following Are Fundamental Areas of Tax Management