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Coeur d'Alene, Idaho 83814
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Accelerating Deductions/Postponing Income

Higher Tax Bracket:
You can postpone your deductions into the following year by:

  • Postponing charitable gifts
  • Paying December's deductible expenses on January 1
  • Delaying the payment of deductible interest
  • Scheduling nonemergency dental and doctor's visits for the following year
  • Delaying the realization of deductible capital losses

Lower Tax Bracket:
You can accelerate your income into this year by:

  • Collecting any debts you are owed
  • Taking distributions from your IRA or retirement plan if you will not incur an early withdrawal penalty
  • Collecting accounts receivable if you're self-employed and use the cash method of accounting
  • Arranging to receive dividends
  • Settling lawsuits, insurance claims, etc.
  • Selling any assets that would result in a capital gain
  • Redeeming any Series EE savings bonds (also called Patriot bonds) that you have elected to defer taxes on until they are redeemed
  • Convert a traditional IRA to a Roth IRA

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