What is tax planning? Tax planning is the process of arranging your business' finances to legally keep your tax liability, i.e., the amount you pay in taxes, to a minimum. Through effective tax planning, you can increase the amount of capital within your business, which you can reinvest in its growth, and improve short-term cash flow. Not to mention, by keeping on top of your tax obligations, you can make better strategic decisions and won't feel rushed or pressured come tax season. With this in mind, this post explores five fundamental tax planning strategies for businesses. Effective tax planning strategies..