Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible.
It aims to reduce one's tax liabilities and optimally utilize tax exemptions, rebates, and benefits as much as possible.
Proper tax planning makes it easier to build your personal finances and afford the things you want. Additionally, by anticipating taxes when you create your financial plan, it's possible to significantly boost how much money you will have in retirement.