Tax Planning Tip - Deferring Income
Deferring income today can be a good tip as long as you are actively managing the big picture; whether you are a business owner or a W-2 employee.
It is true - we know today only what we know today; tomorrow is only a guess. So many times, we wish we had a crystal ball to predict the future.
By deferring income today, you pass the taxed dollar to the future and the future tax rates. Will rates be as low as today's when that income is added to your gross income?
Deferring money into retirement accounts or speeding up expenses can help you manage net income today. By being proactive, you can take control and manage your tax liabilities to work to your advantage.
Our goal is to maximize the lowest tax brackets and defer income when it makes business sense.
Call today for a review of your current situation and find out more on how to manage the big picture.