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Description
Mind Map by Lucille Lamberson, updated more than 1 year ago
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Created by Lucille Lamberson
over 2 years ago
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Chapter 3- Tax Planning Strategies and
Related Limitations
- Tax avoidance
- Legal act of arranging your transactions to minimize taxes paid
- Legal act of arranging your transactions to minimize taxes paid
- Tax evasion
- Willful attempt to defraud the government by not paying taxes legally owed
- Willful attempt to defraud the government by not paying taxes legally owed
- Future value = Present value x (1 + r) ^n
- Present value = Future value / (1 +r) ^n
- Tax-related timing strategies when tax rates are constant
- Accelerate tax deductions
- Deduct in an earlier period
- Deduct in an earlier period
- Defer recognizing taxable income
- Recognize in a later period
- Recognize in a later period
- Accelerate tax deductions
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