Tax planning is a logical analysis of a financial situation or plan from a tax perspective, to align financial goals with tax efficiency planning. The purpose of tax planning is to discover how to accomplish all of the other elements of a financial plan in the most tax-efficient manner possible. Tax planning thus allows the other elements of a financial plan to interact more effectively by minimizing tax liability.
BASNCO accounting personnel supports our clients for their efficient plan of tax managing and suggesting based on timing of both income and purchases and other expenditures, selection of investments and types of retirement plans, as well as filing status and common deductions. Our accounting personnel are always in high alert regarding not let the "tax" tail wag the financial "dog." This can ultimately be counterproductive, as virtually all courses of financial action will have some tax consequences, and they should not be avoided solely on this basis.