A company has a temporary difference due to depreciation. The book depreciation is $30,000, while the tax deductible depreciation is $50,000. The tax rate is 30%. Calculate the deferred tax asset or liability. Discuss how changes in tax rates might affect deferred tax assets and liabilities and the company's financial statements. Analyze the implications of a potential increase in the tax rate to 35% on the deferred tax balances and the company’s net income. Additionally, consider the impact of other temporary differences, such as warranty expenses and bad debt provisions, on the deferred tax calculation. How should the company manage its deferred tax assets and liabilities to optimize its tax position and financial reporting? Discuss the role of tax planning in mitigating the risks associated with changes in tax laws and regulations.