vjja (11/23/82)
Does anyone out there have any good advice on a strategy to deal with end of year income? I have a large amount of income due to me soon, with a little work on my part it could occur in either 1982 or 1983. Given I need this money in 1983, so that IRAs are out, which year would I be better off in?
smith@umn-cs.UUCP (06/06/83)
#R:houxm:-25900:umn-cs:10500001:000:424 umn-cs!smith Dec 6 16:00:00 1982 I've seen an "old saying" in several tax references that says "Always accelerate deductions and defer income". The more deductions, the less tax you pay when you take them. The less income, obviously the less tax you pay, too. If you take the income this year, you have a couple of weeks to come up with a good strategy for saving on your taxes, if you wait for next year, you have the whole year ahead to plan. Rick.