Which of the following components are true about tax planning?<br>1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.<br>2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.<br>3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.<br>4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.<br>5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.

Correct Answer: All of the above