Discuss the various basic tax planning, timing strategies, income shifting, judicial doctrines, and the difference between...

Discuss the various basic tax planning, timing strategies, income shifting, judicial doctrines, and the difference between tax avoidance and tax evasion. please help me do this. Thanks

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tax planning is a strategy in which there is appropriate measures taken regarding planning of taxes so that there would be proper matching of income with expenses and there will be a synchronisation of the ability of individual to pay taxes.tax planning is done through legal means as it will be done by capitalising upon discrepancy in tax laws.

Timing strategies will be related to timing of various events in advance so that there would be lesser additional tax obligations and avoiding any kind of penalty and additional taxes so that the overall tax liability is lower

Income shifting will be relating to shifting of income to such jurisdiction that would be lower taxes associated with those incomes and the overall tax liability would be lower due to shifting of the income

Tax avoidance is relating to avoidance of taxes by proper planning so that individual will have to pay lesser and these tax avoidance are motivation for tax evasion.

Tax evasion will mean evading taxes through illegal means and there is a completely illegal involvement of of the laundering of money so that there will be improper advantage related to lower taxation and it is illegal in nature.

jeff jeffy answered 1 year ago

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