Tax planning is a term used to describe financial preparation for tax efficiency. It aims to reduce one's tax obligations by maximizing the utilization of tax exemptions, refunds, and benefits. Making financial and economic decisions to decrease the tax burden is what tax planning comprises. This allows you to maximize your tax savings by appropriately utilizing all tax-advantaged options. Furthermore, rather than waiting until the last minute, it allows you to think about your finances and taxes from the start of the fiscal year.
