BUS215 – Week 1 discussion 3 – Tax Planning
1st Posting Due by Day 3. Tax Planning. Read David J. Marotta’s article, “Seven Tax-Planning Strategies to Dodge the Tax Bullet.” Based on the information presented in the article, discuss the following: a. What is tax planning? b. What is the difference between tax avoidance and tax evasion? c. Which tax planning strategies will work for you? Respond to at least two of your classmates’ posts
Tax planning is an exercise that is undertaken to ensure that there is no tax liability through the best use of allowance, deductions and exemplification. For instance, you are supposed to ensure that while paying up for taxes, people do not evade the taxes.
Tax avoidance is legally refusing to pay up the taxes through means that will ensure that you have paid the government as little amount in taxes as possible. For instance one can open an off-shore company which they can use as their small…