Tax planning is a year-round process that takes into account the client’s past tax filings, current financial situation and regulations, and future financial goals, and their year-round activity. Successful tax planning strategies therefore require ongoing communication between a business or individual and their tax planner. This often involves an initial onboarding meeting, as well as regular communication between the tax planner and client, as both the applicable tax laws and the business’s situation evolve. Tax planning is a more long term process and sets plans for immediate as well as long term benefits.