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Essay / Research Paper Abstract
A 4 page paper that begins with brief comments on the purpose of tax planning. The essay describes the four maxims of tax planning, reports tips for reducing taxes and comments on the value of the sources used. The writer comments briefly on the importance of ethics when tax planning. Bibliography lists 7 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGbtxpl.rtf
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Unformatted sample text from the term paper:
taxes than necessary. There are many legal ways to accomplish this goal. These strategies to minimize the amount of taxes paid are implemented from the beginning, when the business is
first established. Other strategies need to be practiced throughout every year. Besides understanding the types of strategies that might me used, business owners need to be aware of certain
maxims regarding taxes. The tax planning maxims are often referred to by an acronym JETC, which stands for Jurisdiction, Entity, Time Period and Character (Garreis, 2006). Garreis (2006) explains that
tax liabilities decrease when an entity with a lower tax rate generates the income, when the business is located in a jurisdiction that has a lower tax rate, when the
character of the business meets the criteria for a preferential tax rate and when the business can defer the taxes until a later year. The type of entity is
most often determined when a new business is founded although small businesses can change this after it is established. Corporations have a lower federal percentage cap for tax rates than
individuals, which means the corporation entity may have a lower tax rate, depending on the type of business it is (King, 2006). An established business can take steps to lower
taxes, such as shifting income, which would require the company to have more than one entity and by shifting deductions (King, 2006). The business can also defer income by receiving
it after the first of the year thus lowing the taxes for the current year (King, 2006). The jurisdiction has to do with the location of the business (King, 2006).
Some states do not impose state income taxes, thus decreasing total tax liability (King, 2006). These are the general maxims for tax planning but there are many different strategies a
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