On TaxDay, think twice about deferring taxable income past 2020
Taking steps to defer your current individual federal income-tax bill is often a good idea, especially if you expect to be in the same or lower tax bracket in future years.
If you are not a small business owner, you can defer taxable income by prepaying expenses that give rise to higher itemized deductions, making installment sales of property, and arranging for like-kind exchanges of real estate. The Message: Think twice about deferring income past 2020. Work with your tax adviser to formulate projections about what would happen to your future tax bills in various scenarios.
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