Tax Strategies Checklist for Individuals and Businesses

Are you doing everything possible to save on taxes? Use this checklist to see what strategies you might be missing.

October 20, 2011

Keeping tax liability to a minimum is key to your overall financial health. Fortunately, there are some tried-and-true ways to help you achieve that goal. You may already be aware of some common tax-saving strategies such as setting up a retirement plan, but there are many other ways to help you or your business reduce tax liabilities.

Whether you are an individual or a business, this checklist offers quality tax-reduction strategies that can put you on the path to becoming financially sound.

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BUSINESS STRATEGIES ___ Selecting a tax-advantaged business structure ___ Claiming employment and research credits ___ Deducting all eligible business expenses ___ Accelerating or deferring income ___ Using a tax-smart depreciation method ___ Considering a cost segregation study ___ Qualifying expenditures as repairs ___ Taking advantage of the expensing provision ___ Evaluating the merits of leasing ___ Choosing an inventory method that saves tax ___ Donating appreciated property ___ Setting up a retirement plan ___ Making timely estimated tax payments ___ Incorporating tax planning into your exit plan	PERSONAL STRATEGIES ___ Accelerating or deferring income ___ Maximizing or bunching deductions ___ Watching out for AMT triggers ___ Contributing to a retirement plan ___ Donating to charity ___ Claiming all possible exemptions and credits ___ Taking child-related breaks ___ Timing capital gains and losses ___ Planning for retirement distributions ___ Participating in a flexible spending plan ___ Taking advantage of education savings plans ___ Making timely estimated tax payments ___ Tapping into home energy tax credits ___ Incorporating tax planning into an estate plan
To put these and other strategies to work, contact us at 1-866-805-6312
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This publication contains information in summary form and is intended for general guidance only. It is not intended to be a substitute for detailed research nor the exercise of professional judgment. Neither BPM nor any member of the BPM firm can accept any responsibility for loss brought to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.