Why "buy" a put when you can "sell" a call. Then you get paid no matter what and if you think this is the top then you will have downside protection as well from the premium collected. The problem with the puts is that the volatility premium will evaporate once earnings come out and even if it dips you will see a minimal return and probably not enough to even cover commissions. I've always been much happier selling calls. You will get taxed on anything you make on the puts so I think that angle is irrelavant and you shouldn't make trading decisions based on taxes anyway.
taxes are very important. Calif and Fed 55% short term. I made several million in cme last year and if i sold i would have locked in at least a million in taxes. I bought some puts and never sold. The puts worked a couple of times but the point is i never sold and now cme is 580 and i would have been out long ago.