Tax Management Tax management considers the tax implications of individual, investment, and business decisions, usually with the goal of minimizing tax liability. While decisions are rarely made solely on a tax impact, it’s important to have a working knowledge of the income or estate tax issues and costs involved. A major goal of tax planning is minimizing federal income tax liability. This can be achieved by reducing taxable income, investment tax planning, and year-end planning strategies. Petrochem Retirement Advisors and LPL does not provide legal or tax advice or services. Please consult your legal or tax advisor regarding your specific situation.