Tax planning is the process of organizing and arranging your financial affairs in a way that minimizes your tax liability. Tax preparation is the process of preparing and submitting your tax return. Tax planning is done in advance of the tax filing deadline, while tax preparation is done closer to the deadline.

There are many ways to minimize your tax liability, such as taking advantage of deductions and credits, understanding tax laws and changes, and planning for retirement. Hiring a professional can also help you find ways to minimize your tax liability.

Some red flags to watch out for include not reporting all of your income, claiming deductions or credits you're not eligible for, and claiming business expenses that are not legitimate.

An expert can help you with bookkeeping, accounting, and financial reporting. They can also help you to stay in compliance with tax laws and regulations, and ensure that your financial statements are accurate and reliable. They can also help you to identify areas where you can save money and improve your bottom line.