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Have you ensured the future of your business by developing a succession plan? If the answer is no, you are not alone.

There are no great secrets where tax planning and tax cutting are concerned. The principles around which all tax-cutting strategies revolve can be reduced to six basics.

Like your financial strategy, your tax strategy operates in two time frames—now and later. “Now” covers the 12 months of the current tax year, such as income tax preparation and filing.

Here are two common situations and innovative solutions that might help if you have no clue about effective tax strategies.