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.

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.


___ 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


___ 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


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.