tax strategy

Tax strategy refers to the planning and actions taken to minimize tax liability legally and efficiently. It involves understanding tax regulations, identifying deductions and credits, and timing income and expenses to optimize tax outcomes. Individuals and businesses may leverage retirement accounts, tax-loss harvesting, and investment choices to reduce the amount owed to the government. The goal of a good tax strategy is to keep more of your earnings while complying with tax laws, making informed decisions to maximize savings and avoid unnecessary penalties or audits.