You aspire to a successful career? Make sure to understand Tax 👉 Let me help you with my framework: Timely compliance Appropriate deductions Xpert consultation Entity structure Strategic planning Here is how it articulates (feel free to bookmark it for yourself): T - Timely Compliance: Timely tax filing and payment can avoid penalties and interest - Develop a tax calendar to track deadlines - Prepare and file tax returns promptly - Ensure timely payment of tax liabilities A - Appropriate Deductions: Claiming all appropriate deductions can reduce tax liability - Identify all potential tax deductions - Maintain proper documentation for deductions - Claim all applicable deductions in tax returns X - eXpert Consultation: Professional advice can result in significant tax savings - Engage a tax consultant for complex issues - Implement advice on tax planning strategies - Keep up to date with tax law changes via expert guidance E - Entity Structure: The right business entity can optimize tax obligations - Evaluate tax implications of different business structures - Consult with a tax advisor to choose the right entity - Review and update entity structure as needed S - Strategic Planning: Proactive tax planning can optimize tax efficiency - Develop a strategic tax plan - Implement tax-efficient investment strategies - Monitor changes in tax laws and adjust the plan as needed Source: Nicolas Boucher, LinkedIn www.nicolasboucher.online