Financial Management::Perform Regulatory & Tax Accounting::Plan Tax Strategy

<span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Lato, "Helvetica Neue", Helvetica, Arial, sans-serif;font-size:15px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">Plan Tax Strategy process involves analyzing and arranging the organization's financial situation to maximize tax breaks and minimize tax liabilities legally and efficiently. Following are some key concepts:</span></span><br/><br/><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Lato, "Helvetica Neue", Helvetica, Arial, sans-serif;font-size:15px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">1. Understanding applicable Tax Brackets</span></span><br/><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Lato, "Helvetica Neue", Helvetica, Arial, sans-serif;font-size:15px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">2. Using Tax Credits and Deductions</span></span><br/><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Lato, "Helvetica Neue", Helvetica, Arial, sans-serif;font-size:15px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">3. Choosing between Standard Deduction and Itemizing</span></span><br/><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Lato, "Helvetica Neue", Helvetica, Arial, sans-serif;font-size:15px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">4. Leveraging Tax-Advantaged Accounts</span></span><br/><span style="background-color:rgb(255,255,255);color:rgb(0,0,0);font-family:Lato, "Helvetica Neue", Helvetica, Arial, sans-serif;font-size:15px;"><span style="-webkit-text-stroke-width:0px;display:inline !important;float:none;font-style:normal;font-variant-caps:normal;font-variant-ligatures:normal;font-weight:400;letter-spacing:normal;orphans:2;text-align:start;text-decoration-color:initial;text-decoration-style:initial;text-decoration-thickness:initial;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;">5. Keeping Good Records</span></span><br/>