It is the process of reviewing previous year expenses and revenues and creating a plan for the current year.
The main goal of tax planning is to ensure there are no over payment of tax and the current accounting practice does not violate any tax law which could lead to tax penalties and interests. Tax planning can also be strategic when the business has an option to choose between different tax models, there will always be a variance between the options. With tax planning you will be able to identify which mode will result to lesser tax.
Every business can benefit from tax planning. Even those that had just opened business in the current year. It is even better for a newly started business to have a tax plan from the start.
CPA BP Online is currently offering free tax planning consultation. Get a feel of how it works and if it would be beneficial for your business. CPA BP Online is headed by two CPAs who have spent the past ten years helping their employers in tax audits, tax planning, accounting and business partnering.
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