Tax Planning
WHAT IS TAX PLANNING?
Tax planning, an important element of any financial plan – personal or corporate, is an analysis of a financial plan from a tax perspective. Its goal is to minimize tax liability while ensuring that all taxes owing are paid in a timely manner. It focuses on the application of current tax laws to the revenue that is received during a given tax period.
Individual revenue sources may include:
- Salary
- Tips
- Bonuses
- Interest accrued on bank accounts
- Investment profits
Business revenue sources may include:
- Revenue from sales to customers
- Stock and bond issues
- Interest accrued on bank accounts
There are many aspects to tax planning that include but are not exclusive of:
- Establish tax-friendly business structures
- Manage tax implications
- Minimize your tax exposure
- Take full advantage of federal and state tax laws in the U.S.
- Take full advantage of federal and provincial tax laws in Canada
- Cross-border tax issues
- Assist in the choice of entity
- Assist in the choice of jurisdiction
- Determine which expenses are tax deductible
- Selection of investments
- Selection of retirement plans
- Preserve assets
- Business succession planning
- Filing status
- Ensure that the amount of tax due is paid in a timely manner
C2 Global Law's tax practice is focused on tax planning in Canada and the U.S. We can help you establish a tax-friendly business structure, take full advantage of federal, state and provincial tax laws in Canada and the U.S. and minimize your tax liability. Contact us today for a consultation and peace of mind from knowing that you will have a tax plan to take care of your needs today and in the future.