Tax planning involves conceiving of and implementing various strategies in order to minimize the amount of taxes paid for a given period. For a business, minimizing the tax liability can provide more money for expenses, investment, or growth. In this way, tax planning can be a source of working capital. A business should attempt to defer taxes when possible. Deferring taxes enables the business to use that money interest-free, and sometimes even earn interest on it, until the next time taxes are due.

It is our firm's belief that an individual should not pay "needless" federal and state estimated taxes. Individual tax planning can provide additional cash to enhance one's lifestyle.

We recommend formal tax planning be conducted in the middle of each tax year. This approach will allow more time to apply strategies to the current year as well as allow for an early start on the following year.