Use of a Partnership Formation to Yield Greater Tax Advantage As a CPA advising, it is recommended to the client to use an appropriate tax planning. The partnership client should

include some significant items in the tax planning such as reducing taxable income, tax-deductible business expenses and other expanses. There are some other expenses that must be included for the purpose of tax planning in partnership such as general and administrative expenses, travel and entertainment expenses of business, automobile expenses, and employee benefits.

Tax planning is an essential element to prepare tax strategy for minimizing the current as well as future tax liabilities of the partnership firm. The client also recommended that he/she should keep eyes on current and new tax laws and legislation. It is because new laws and legislations provide more relaxations in the tax. The change in laws and regulations related to tax are applicable yearly, because these change mostly every year. Along with this, the client should also review the financial statements of the partnership form quarterly that would help to identify any adjustment. If there is any requirement of adjustment for its estimated tax payments that can be adjusted to reduce the future tax liabilities. In addition, the client also advised that he/she should use computerized tax preparation and appropriate software. This would be significant to prepare returns accurately and efficiently that may have made mistakes manually. The computerized system is quite significant to include returns of various types of entities such as individuals, corporations, LL corporations, LLP and partnerships.

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