Accelerating your property tax deduction to reduce your 2016 tax bill

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why? Because it will defer tax, which usually is[ … ]

Save tax – or at least defer it – by carefully timing business income and expenses

The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end timing strategy for your business. If you expect to be in the same or lower tax bracket in 2016, consider: Deferring income to 2016. If your[ … ]