Importance Of Tax & Revenue Planning For Companies
Tax planning is the process of continually identifying potential tax credit opportunities during the course of conducting regular business as a means to reduce—or even eliminate—a business’ tax liability. Tax planning is a vital aspect of conducting business. Not only is it required at multiple levels (local, state, and Federal), proper tax planning can be highly beneficial for your company—maximizing returns and reducing your tax bill.
Unfortunately, it is common practice for most individuals as well as business owners to neglect the importance of tax planning until tax season rolls around and their accountant calls to make an appointment to obtain the records needed for filing.