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36 THE QUEENS COURIER • QUEENS BUSINESS • NOVEMBER 11, 2021 FOR BREAKING NEWS VISIT WWW.QNS.COM �� Usually, it makes sense for you to defer income into later years and to accelerate deductions into the current year. This strategy can help you lower taxes this year and can also help you avoid crossing the threshold at which you are subject to the net investment income tax or subject to losing all or part of certain deductions, such as the dependency exemption. For example, if you have money to donate but do not know which charity you want to contribute to you can consider donating money to a donoradvised fund. You can then take the deduction in the current year while deciding which charities to parcel the donation out to over the next couple of years. Here are other various strategies that can help postpone income or �� income is close to these thresholds, you should consider deferring income �� Defer a bonus �� Prepay certain expenses using a credit card �� charged to your credit card rather than when you pay the credit card bill. �� suspended passive losses �� you are carrying suspended passive losses, you might want to dispose of �� income for the year, are no longer treated as passive losses. �� You can currently elect to deduct the costs of certain tangible property used in the client’s business rather than depreciate the costs over a period of �� out when qualifying property placed in service during the year exceeds �� you should consider selling the appreciated investments. You need to be �� /WWW.QNS.COM