Income Delay or Acceleration. Depending on whether it’s better for you, tax-wise, to delay or accelerate income, you can decide to bill clients or customers sooner (before year-end) or later (after the year-end) to accomplish your tax planning goals.

Life insurance proceeds are generally not taxable and do not need to be reported as income.  If you receive interest income then the interest income would be taxable.  Realize, that if the policy was transferred to you for a cost, then the exclusion of the proceeds is limited to the amount you paid, along with other amounts.  There are exceptions to this rule.  Please contact SS&C for assistance. 

Expensing. Businesses can elect to expense (deduct immediately) the cost of most new equipment up to a fixed amount. For 2007, expensing is allowed up to $125,000 (subject to a dollar-for-dollar reduction in that $125,000 for such purchases over $500,000). To get the benefit for a tax year beginning in 2007, the equipment should be put into use before the end of that tax year. 

Retirement Plan Contributions. Maximize your retirement plan contributions. If you own an incorporated or unincorporated business, consider setting up a retirement plan if you don’t already have one. (It need not be actually funded until you pay your taxes, but allowable contributions will be deductible on this year's return.) 

Minimize taxes on investments by judicious matching of gains and losses. Where appropriate, try to avoid short-term gains, which are usually taxed at a much higher tax rate (up to 35%) than long-term gains (15%). You might consider, where feasible, trying to reduce all capital gains and generate short-term capital losses up to $3,000. 

Pay a state estimated tax installment in December instead of at the January due date. However, the payment should be based on a reasonable estimate of your state tax.