There is little to gain from over-paying more tax than the law demands. Whether you earn a paycheck, invest, own a business or a combination of the 3, use this checklist to see in there are any tax breaks you may be overlooking.

Roth IRA
Rollover to Roth IRA
Tax-deductible IRA
401(k) through work

The above 4 plans provide income after age 55. Pension plans are not as promising as they once were, and saving early is key.
Child tax credit
Income shifting to children (if you are a business owner)
Child care credit
Earned income credit
Lifetime gifts (keep your estate taxes lower)
Education savings accounts
Education Expenses (tax deductible)
Hope scholarship credit
Lifetime learning credit
Bunching deductions (schedule “A” every other year)
Flexible spending accounts (tax write-offs from work)
Health savings account (tax deductible)
Donating appreciated assets instead of cash (saves estate taxes)
Qualify property for personal residence gain exclusion
Best filing status
Shifting income or deductions from year to year (wait to pay some bills, i.e., medical, etc.)
Adoption expense credit

Tax-free municipal bonds
Long-term capital gains and dividends
Rental property (help get your started)
Tax-free exchange (new tax laws to help defer gain)
Low-income housing credit

Home office deduction
First year expensing of business equipment
Bonus depreciation
Year-end bonuses
Bad debt write-off
Disabled access credit
Other business tax credits
Tax-free exchange

The 4 following plans are deductions and items that all small businesses should consider.
Keogh plan
SIMPLE plan
SEP
401(k) plan