Save With These 8 End-of-Year Tax Tips

This is part of an ongoing series of posts of financial tips that may be useful to cancer survivors and their families.

The key to tax planning near the end of the year is simple – defer income and accelerate expenses if either is going to save you money on your taxes. Income is taxed in the year it is earned,…

Income is taxed in the year it is earned, so if additional income is going to put you in a higher tax bracket and cause you to pay more taxes, you may want to get paid on January 1st and not December 31st.

Expenses are deducted in the year they are paid, so if paying tax-deductible expenses early helps lowers your tax liability pay your expenses on December 31st rather than January 1st.

With that in mind, what are some flexible income and expense items you can defer or prepay? Check out the below year-end tax tips that you can take advantage of until December 31st to help you save on your taxes!

Save With These 8 End-of-Year Tax Tips: