Web Extra: Tax-planning strategies

November 8, 2017 -  By

In his November 2017 column about yearend tax-planning strategies, Dan Gordon summed up tax planning in four words: “Postpone income; accelerate deductions.”

Here are his suggestions to do just that.

Strategies to postpone income include:

  • Pushing a large job from this year to next, if there is flexibility with the customer;
  • Pushing the sale of a gain-generating asset into the next year; or
  • Using the like-kind exchange provisions (Section 1031) to defer recognizing gain on dispositions of business or investment property.

Strategies to accelerate deductions include:

  • Making fourth-quarter state estimated tax payments in the current year;
  • Prepaying property taxes due the following year;
  • For cash basis taxpayers, prepaying certain expenses; and
  • Making contributions to retirement plans.
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Daniel S. Gordon

About the Author:

Gordon is a New Jersey-based CPA and owner of Turfbooks, an accounting firm that caters to land care professionals throughout the U.S. Reach him at dan@turfbooks.com.

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