Here’s what it means for a business to engage in good tax planning:
Avoid income recognition by generating tax-exempt income.
Defer income recognition by postponing the sale of assets, doing a 1031 exchange.
Maximize deductions by keeping receipts for business meals, using a portion of your home exclusively for business (home office deduction).
Accelerate deductions by using § 179 expensing, bonus depreciation, cost segregation.
Maximize tax credits by hiring individuals who face obstacles finding a job (work opportunity tax credit).
You can also reduce your effective tax rate by:
• Shifting income from high-tax jurisdictions to low-tax jurisdictions
• Shifting income from high-bracket taxpayers to low-bracket taxpayers
• Shifting income from high-bracket tax years to low-bracket tax years
• Converting ordinary income to capital gains
• And avoiding double taxation
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