1 rich Libsyn https://www.libsyn.com 90 600 In this episode Janathan Allen discusses the value of, basis for and steps to accomplish tax planning for individuals and corporate entities.&amp;nbsp; Jan explains the primary goal of tax planning: to review sources of income and structure personal and business transactions in a manner which ultimately reduces tax liability within the code and regulations of federal and state tax laws.&amp;nbsp; The best time of year to begin tax planning is at the end of a fiscal or calendar year as you approach planning for the coming year.&amp;nbsp; Tax planning generally involves a review of the previous year(s) tax returns as well as income streams and liabilities in order to evaluate opportunities for tax optimization.&amp;nbsp; The discussion begins with evaluation of active and passive income and the types of taxation which applies to each bucket.&amp;nbsp; An effective tax plan is based upon getting perspective on where things stand and developing a strategy which provides actual steps the client can implement to accomplish their goals while minimizing associated taxation.&amp;nbsp; How can you best accelerate or decelerate income and associated expenses or losses in order to accomplish the best outcome from a tax perspective?&amp;nbsp; How does underlying accounting throughout the year affect the ease and cost of effective tax planning?&amp;nbsp; What should a US expat know about continuing tax exposures and how an effective tax plan will reduce their tax burden?&amp;nbsp; Join us for another substantive episode of ABCast. ABCast's podcast https://allenbarron.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/25054674/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/25054674