Managing Receipt of Income

When considering how to best manage your taxes, keep in mind that deductions are only part of the story. Income must also be considered. For example, if you expect to be in a higher income tax bracket next year, it may be a good idea to accelerate income into the current year. If, on the other hand, you expect to be in a lower tax bracket next year, then you would defer the receipt of income. However, tax brackets are not the only consideration.

Be sure to contact us before the end of the year if you have questions about your situation. We can help you determine if accelerating or deferring your income can provide tax benefits.

Accelerating or delaying the receipt of a bonus or commission check or timing the sale of property may produce significant tax savings.