What Are 3 Basic Tax Planning Strategies? ShareThere are a number of ways you can go about tax planning, but it primarily involves three basic methods: reducing your overall income increasing your number of tax deductions throughout the year taking advantage of certain tax credits Read FAQs on Business Taxes – Read FAQs on Personal Taxes. Frequently Asked Questions - Business Taxes5 Steps To Take Before You Prepare Your TaxesAre Employers Required To Report The Information That Employees Claim On Their Form W-4 To The Irs?Can I Deduct My Home Office On My Business Tax Return?How Do I Choose The Right Accounting Software For My Business?Do I Have to File Taxes If My Business Made No Money?Do I Need To Make Quarterly Estimated Tax Payments?Need An Employer Identification Number (EIN)?