Manipulating income for tax purposes

Are you in a position to affect the flow of income into your possession and the timing of the payment of expenses? This gives rise to your ability to impact the net tax result for the applicable tax year. As a general proposition, you may have the opportunity to accelerate or postpone income to or from a subsequent year concurrently with the ability to do the same thing for expenses. This may reduce the net amount of that taxable income and/or at a minimum, postpone the payment of the tax for a period of at least twelve months from April 15th (in this case) 2007 until 2008.

Think about it, and consult your financial advisor for advice regarding your particular situation.

By: Bruce M. Fogel, Esquire

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