More Yearend Tax Tips Karen Jou, CPA-Owner
Accelerating Income
D emo c r a t s i n
C o n g re s s h av e
proposed legislation that would,
among other things, increase tax
rates on corporations and highincome
individuals. It is unknown
what shape any final legislation
might take.
With these potential rate increases
in mind, and depending on the
contents of any final legislation,
taxpayers may be looking for
strategies to accelerate income or
defer deductions into 2022.
As of this writing, there is no
certainty that proposals to increase
taxes will be enacted.
Strategies to accelerate income
Once a taxpayer decides he or she
would like to accelerate income,
the next step is to identify available
strategies, estimate amount of
income the taxpayer could accelerate
with each strategy, and select those
strategies that work best for the
taxpayer’s circumstances. Here are
proven acceleration strategies.
Strategy 1: Accelerate collections
and defer payments
Strategy 2: Defer equipment
purchases
Strategy 3: Roth conversion
Strategy 4: Alter compensation plans
Strategy 5: Change to full-inclusion
method for deferred revenue
Strategy 6: Elect out
of installment method
Strategy 7: Capitalize
expenses
Careful planning is needed
The proposed change in tax rates
presents a one-time opportunity for
some taxpayers to achieve permanent
tax savings by accelerating income
into lower-rate years. Of course,
there is no one-size-fits-all approach
to tax planning.
Karen Jou, CPA-Owner of HR Block
offices located at 41-18 Crescent
St. and 47-46 Vernon Blvd., LIC. If
you have any questions or require
additional information, please call
Karen at 718-707-0295.
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