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Waiting until just before April 15 to start thinking about your taxes may prove to be a costly mistake. Advance tax planning is especially important if your circumstances have changed over the past year due to events such as marriage, divorce, the birth of a child, or the death of a family member.
Deferring income into the next tax year and accelerating deductions into the current year can reduce your adjusted gross income (AGI). Lowering your AGI could make you eligible for certain tax breaks that phase out at higher income levels, such as personal exemptions and education credits. Now that the tax reform has passed, here are some strategies that may help you trim your tax bill:
