Fact vs. Fiction Archive

Fiction: If you’re on the threshold of a tax bracket, you should stay on the higher end and enjoy the higher-income status.

Fact: If you’re on the threshold of a tax bracket, deferring income or accelerating deductions may help you reduce your tax exposure. It might make sense to defer some of your income to the next year if doing so will put you in a lower tax bracket. Accelerating deductions, such as medical expenses or charitable contributions, into the current tax year may have the same effect.






Back to Archive


© Copyright 2017 Commonwealth Financial Network