Defer Income For Tax Purposes

As the end of another year nears, it’s time once again to think about that dreaded topic – Income Taxes.

One of the key things you can do before the year ends, is looking at deferred income.

Unless you have reason to believe that next year will bring you higher income and move you into a higher personal income tax bracket, then you may want to strongly consider deferring any income until after the first of the year.

If you are self-employed, for example, send the last invoices out late in December so you will more than likely receive that payment in January of the next tax year.

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