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Accelerating Deductions/Postponing Income

Higher Tax Bracket:
You can accelerate your deductions into this year by:

  • Making next year's charitable contributions this year instead
  • Prepaying deductible interest
  • Paying estimated tax installments in December instead of January
  • Accelerating capital losses
  • Taking advantage of flexible spending accounts, Archer MSAs, and cafeteria plans
  • Making January's alimony payment in December
  • Prepaying next spring's college costs in December (if it qualifies you for added Hope/Lifetime Learning credit)

Lower Tax Bracket:
You can postpone your income into the following year by:

  • Delaying the collection of any debts that you are owed
  • Deferring compensation
  • Deferring year-end bonuses
  • Delaying the exercise of incentive stock options (ISOs)
  • Transferring funds to bank certificates and Treasury bills in order to delay tax on the interest
  • Setting up a tax-deferred annuity or retirement account
  • Deferring the sale of capital gain property, or taking installment payments rather than a lump-sum payment
  • Postponing receipt of distributions that are over the required minimum from retirement accounts
  • Increasing your contributions to your company's 401(k) plan or other tax-deferred plans

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