A well-crafted tax strategy aligns with the overall financial goals of the entity while ensuring conformity with applicable tax laws. It encompasses a range of activities including the timing of income, deductions, and the selection of financial instruments, and may involve investment choices that maximize after-tax returns. Businesses often engage in tax strategies to benefit from incentives, credits, and deductions as outlined in domestic and international tax law, while individuals may pursue tax-advantaged accounts and deductions.