**Accounting for Tax Planning Strategies**

Tax planning strategies in accounting involve the proactive and strategic management of financial activities to minimize tax liabilities within the bounds of the law. Businesses employ various techniques to optimize their tax positions, taking advantage of available deductions, credits, and exemptions. Effective tax planning aims to maximize after-tax income, enhance cash flow, and ensure compliance with applicable tax regulations.

**Key Points:**

1. **Deduction Utilization:** Businesses identify eligible deductions such as business expenses, depreciation, and research and development costs to reduce taxable income.

2. **Credits and Incentives:** Utilizing tax credits and incentives provided by tax laws can significantly reduce a company's tax liability. These may include credits for hiring certain employees, investing in renewable energy, or engaging in specific business activities.

3. **Timing of Income and Expenses:** Adjusting the timing of income recognition and expenses can impact taxable income. Strategies such as deferring income or accelerating deductions can be employed to optimize tax positions.

**Objective Type Question:**

Which of the following is a common strategy in tax planning for businesses?

A) Maximizing taxable income B) Delaying deduction utilization C) Minimizing after-tax income D) Utilizing available tax credits and incentives

Please select the correct option and provide a brief explanation for your choice based on the information provided.