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Tax planning is essentially the assessment of the existing tax burden and the creation of an expected taxable base that takes into consideration prospective company activities over a specific time period. Learn more here https://boonestockyard.com/why-is-tax-planning-important/ This is significant since it is not always feasible to forecast with certainty what taxes will be collected while engaging in any economic activity. It is not always apparent, even to an experienced auditor, and you must work hard to determine this amount of tax.