Wednesday, 26 March 2014

how can I reduce my tax liability?

“how can I reduce my tax liability?”

There is nothing which hurts more than payment of taxes. One question that goes through every tax payer’s mind is “how can I reduce my tax liability?” Reducing tax liability is not always a bad or illegal exercise. There are legitimate ways to reduce taxes through proper tax planning and such methods are always encouraged. But unfortunately, there is also a tendency to reduce tax through illegal methods. They are not accepted practice and can invite problems. 

There are three methods which are commonly used by the taxpayers to reduce their tax liabilities

Tax Evasion,
Tax Avoidance and
Tax Planning

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