Paying Tax Later Usually Better Than Paying Now

Your accountant or CPA
can help you with your tax planning.

Deciding whether you are better off with 2013 v. 2014 income can itself be imprecise.

How can you figure what to buy, receive, pay, settle or deduct before the end of the year?

Conventional wisdom says you should accelerate tax deductions and defer income. Thus, paying tax later is usually better than paying now. That means you should delay income into January when you can, but get ready to crunch some numbers. Even if the tax system were static, the changes between 2013 and 2014 rates and rules—let alone the economy—make it tough. Add to that the many expiring tax provisions and you’ll find that calculators or software are all but essential.

READ MORE >> FORBES.COM: Compare 2014 v. 2013 IRS Tax Rates Before It's Too Late

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