How to do a correct annual fiscal planning

31 March 2022


fiscal planning

Tax planning is a key process for any business or individual who wants to minimize their tax obligations, since it allows reducing the impact of taxes on the company's finances. We will show you how to do correct annual tax planning and avoid problems with the tax authority, in order to maximize your benefits and reduce your tax obligations.

Next, we will explain some of the steps you must follow to do a correct annual tax planning.

Analyze the income and expenses of the company

The first step to make a correct fiscal planning is to know the financial situation of the company. You should review your income and expenses from the previous year, and take into account the projections for the current year. This will allow you to identify possible deductions and tax credits that can reduce your tax burden.

Identifies tax obligations

Once you are clear about your income and expenses, it is important that you identify the tax obligations and tax laws to which your business or your personal situation is subject. Check the taxes you must pay and the due dates of each one. This will help you identify opportunities to legally reduce your tax liability.

Defines a fiscal strategy

Based on the information collected, you can design a tax strategy that allows you to reduce your tax burden. For example, you may choose to invest in tax-deductible assets, or make donations to non-profit organizations.

Check current regulations

Tax regulations are constantly changing, so it is important that you review the current laws and regulations. In this way, you can ensure that you comply with your tax obligations effectively.

Consult with a tax specialist

If you are unsure about tax planning for your business, it is recommended that you consult with a tax specialist, accountant or tax advisor. This professional can guide you through the process and help you identify tax savings opportunities and ensure that you comply with all your tax obligations and therefore make the best decisions based on your business objectives.

Set up a fiscal calendar

You should establish a tax calendar to ensure that you comply with all tax obligations and avoid fines or penalties. This includes filing tax returns and paying taxes.

Use fiscal software tools

There are tax software tools that can help you simplify the annual tax planning process and ensure that you meet all of your tax obligations. These tools can also help you identify tax savings opportunities.

Check your investments

If you have investments, whether in stocks, mutual funds, real estate, or other assets, it's important to review them regularly to make sure they're generating the expected return. You should also consider the impact of capital gains or losses on your taxes and how you can maximize tax deductions related to your investments.

Identify and maximize tax deductions

There are many tax deductions that businesses can qualify for, but it's important to identify the ones that apply to your business and maximize them. Some common deductions include travel and entertainment expenses, advertising and marketing expenses, employee training and education expenses, and office supply expenses.

Keep good financial documentation

Maintaining good financial documentation is essential for proper annual tax planning. Make sure you keep accurate and up-to-date records of all your financial transactions and expenses. This will help you identify potential tax deductions and credits, as well as help you comply with tax obligations and avoid problems with the tax authority.

In addition, it is also important to have a good accounting system in place and to ensure that all employees responsible for the company's finances are trained and up-to-date on tax matters.


Annual tax planning is essential to minimize tax liabilities and avoid problems with the tax authority. Follow these steps to do proper annual tax planning and ensure that your business or personal situation is in compliance with applicable tax laws.