“The avoidance of taxes is the only intellectual pursuit that carries any reward.” John Maynard Keynes
AssuredGain can help you to formulate strategies to reduce the amount of income taxes, thereby making funds available to allocate toward long term dreams. Tax Planning is an ongoing process that should be reviewed every year. The criteria of selection of investments are Risk & Return, Liquidity, Protection from Inflation and Tax exemption.
Tax planning is a vital part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions rebates and allowances while ensuring that your investments are in line with your long term goals.
Tax planning is the duty of every responsible citizen of the country. Simply paying all the taxes as applicable is the one option and minimizing the Taxes through proper Tax planning is the other. Most people choose second option as it is a fundamental right of every citizen to avail all the tax incentives provided by the government.
Importance of business tax planning
Tax planning strategies are typically employed to help a business achieve their financial and business goals. There are benefits of tax planning for both large and small businesses and planning plays an important role in:
- Lowering the amount of taxable income
- Reducing the tax rate
- Allowing greater control of when taxes get paid
- Maximising tax relief/tax credits available
There are always new laws and changing allowances, so regular reviews are important.Overall, there are many reasons why tax planning is important. If you would like to know how you can begin to manage your tax more efficiently, whether you own a business or are a private individual, speak to a solicitor or a financial advisor today.
Types of Tax Planning
There are a few different types of tax planning that are useful for individual people, companies and organisations.
Some of the tax plans include; short term tax plans, long term tax plans, permissive tax plans and purposive tax plans. The short term planning allows you to reduce taxes at the end of the income year. Long term plans allow you to plan at the end of the beginning or end of the year, permissive tax plans are permissible under different law provisions. The purposive tax plan gives you the chance to make different investments.
Helpful for Businesses
There are different types of taxes which can be hard to keep up with especially if you own a business. Tax planning is important for both small and large businesses because it can help them to achieve their business goals. When you have a tax plan as the owner of a business, you can lower the amount of taxable income, gain more control of when taxes are paid, and also reduce the rate of tax.
Depending on the type of business you have, you can find many different benefits. For example, if you have a business that is international, you can manage the timing of tax bills and can avoid double taxation.
To get a Best comprehensive Tax Planning solutions please contact Narendar Kumar at 9962439282 OR Contact us
Together, we begin to explore your tax planning needs. If we think we may be able to help you, we’ll schedule a complimentary in-person consultation to evaluate your needs in more detail and determine what AssuredGain can do for you.
Whether it’s to ask for more information about our service or just to say hi, we love to hear from people so please get in touch! Contact us for any queries!!