A company has an income before taxes of $500,000 and an income tax expense of $150,000. Determine the effective tax rate. Compare this rate to a statutory tax rate of 35% and analyze possible reasons for the difference between the effective tax rate and the statutory tax rate. Discuss the impact of factors such as tax credits, non-deductible expenses, deferred tax assets/liabilities, and changes in tax laws on the effective tax rate. Additionally, consider how changes in the composition of the company's revenue streams, such as an increase in tax-exempt income or changes in the geographical distribution of income, might further affect the effective tax rate. How should the company strategically manage its tax planning to optimize its tax obligations and effective tax rate?