It is important to consider all angles of your tax situation—not only available deductions, but when it is best to receive income.
For instance, if you expect to be in a higher income tax bracket next year, it is usually a good idea to accelerate income into the current year. If you expect to be in a lower tax bracket next year, then you would defer the receipt of income.
Be sure to contact us. We can help determine if accelerating or deferring income will bring you tax benefits.
Accelerating or delaying the receipt of a bonus or commission check or timing the sale of property may produce significant tax savings.