There is a certain mystique, or confusion, with regards to business tax planning and business tax-cutting techniques. We are here to put tax planning in plain English for you. There are numerous basic tax-cutting strategies and most plans involve: Splitting Income among several family members or legal entities (Multi-Entity Tax Planning); Shifting Income - from one year to another in order to have it taxed at a lower rate; Shifting Deductions - from one year to another where the tax benefit will be greater; Deferring Tax Liability - through certain investment choices; Structuring Your Affairs - obtaining certain tax deductions for some expenses for things you enjoy (vacation home...); and Investing Your Money - to produce tax exempt income.

Financial Planning for Your Business Guide